Treasury Minister Alfred Cannan MHK has today written to the President of Tynwald to outline how the Treasury is intending to act in relation to the Isle of Man Government's response to the coronavirus.
'Our foremost consideration is the health and security of our people, closely followed by a need to act appropriately to help and support our economy,'
wrote Minister Cannan.
'We currently have £7m of contingency funding available to immediately support our Health and frontline services in tackling any Covid-19 outbreak on the Island. The Treasury will act immediately and decisively if we consider it necessary to ask Tynwald for further funds to protect the health of our people.
'Economic concerns are growing, particularly with businesses associated with tourism and leisure. We are in daily contact with our colleagues in the Department for Enterprise to assess the economic impact from Covid-19 on local businesses.
'As we get clarity on these impacts, we will work in conjunction with the Department for Enterprise to bring forward appropriate supporting measures and again act decisively if we consider it necessary to ask Tynwald for further funds to protect our economy.
'Finally we may need to take enhanced social security measures to provide additional support to those who may in due course be suffering directly from Covid-19 and these options are under consideration.'
Minister Cannan added:
'We will work with urgency to tackle these matters, but calm and considered decision-making is also needed. We simply do not know at this stage for how long and to what extent Covid-19 may impact on the economy.'
For the latest information, including frequently asked questions and travel advice, visit the dedicated page on the Isle of Man Government website.