…as part of comprehensive COVID-19 relief measures

The Government, through the Human Services Ministry, has launched a childcare subsidy for essential workers. Frontline workers who are providing an essential service or key public services during the COVID-19 pandemic can apply to the Ministry for the subsidy programme.
This latest subsidy is among a slew of measures announced by President Dr Irfaan Ali geared towards easing the burden of Guyanese as the world battles the COVID-19 pandemic.
Among some of the measures announced by the Head of State are agreements with the local banking sector to extend the moratorium on loan payments until this year end and to cut interest rates. This means that customers with mortgages and other loans will be spared the financial burden of servicing these loans during the pandemic. In addition, their loans will not be classified as non-performing, ensuring that they do not default.
“Commercial banks have agreed to waive all bank charges, including ATM and Merchant Bank charges to encourage more out-of-bank transactions, as well as charges for transactions by senior citizens,” President Ali had previously said.
Additionally, the Bank of Guyana will relax certain requirements that will allow banks to cushion their losses and increase liquidity by $9.4 billion. These requirements are set out in the 13 guidelines that the Bank uses to regulate financial institutions.

Dr Vindhya Persaud