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The prime minister says the state has already provided guarantees on lines of credit of the order of five billion euros and argues that banks should take a demanding role in protecting taxpayers’ money.
António Costa’s statements came after the signing ceremony of the declaration of commitment of the social partners for economic recovery and the signing of the cooperation protocol between AHRESP (Association of Hospitality, Restoration and Similarities of Portugal) and DGS (Directorate General) da Saúde) that took place at the Ajuda Palace in Lisbon.
The Prime Minister considers that the measures taken by the government mitigating the economic and social damage of the covid-19 pandemic “is surely having an effect.”
“To date, of the set of defined credit lines, the State has already approved guarantees in a worth more than five billion euros. We are beginning to approach the maximum limit of the lines of credit that we approve, ”he declares.
With respect to dismissal regime, the Prime Minister maintains that all applications valid until the 1st of that month have already been paid at the end of April. At this point, António Costa reiterates the commitment to pay at the end of this week all the valid requirements that have entered until the end of April.
“It was a gigantic effort asked to Social Security“He emphasizes.
However, in this chapter, the Prime Minister also takes the opportunity to defend the role of banks in the intermediation of credit granting processes to companies.
“No one likes bureaucracy and I am among those who least like bureaucracy. I really like Simplex, but I also know that state guarantees mean the guarantees that taxpayers are giving to loans, ”he warns.
António Costa goes even further in these messages, stressing that “loans are not distributed money, but rather, they are hired money“
“It is very important for the recovery that we all have confidence in the destination of public money and in taxpayers’ money guarantee. Banks are the vehicles to transmit this money to the economy, and we want banks to be demanding when granting credit, because it is make viable companies, companies that are in crisis because they have been affected by this covid-19 pandemic, “he argues.
In other words, according to the executive leader, it is not about making “companies that will cost taxpayers money tomorrow, because, not having economic viability, later it will be the taxpayer to replace him in the payment of the credit“
“Therefore, it is natural to want to know what companies they are, what their economic situation is and what their economic viability is. OR the money has to be distributed with discretionBecause it is taxpayers’ money, and taxpayers will be here tomorrow asking us for accounts of that money, “he emphasizes.
Even at this stage of his speech, António Costa argues that the allocation of credit should be made with transparencyTherefore, “the government should not decide which company it supports or not.”
“IS good that banks do this assessment and to be able to make that decision, “he adds.
“It was very easy to close, it will be very difficult to open”
The Prime Minister also warns that “it was very easy to close, but it will be very difficult to open” all the commercial establishments. Costa predicts what will happen until consumer habits resume.
“In times of uncertainty, the only certainty is that we have to move on, and that is why I need trust“The government official also points out, pointing out that it is necessary” to join forces for a fast and safe recovery. “
“If the economy closes on a European and global scale, the recovery will be difficult,” says António Costa, calling for a cohesion at European level. “The bottom line is saving household income, jobs, and businesses,” he says.
“In 48 hours, the Portuguese locked themselves in their houses, distanced themselves from theirs and deprived themselves of everything to combat the pandemic. They will show the same capacity to recover from this tragedy ”, he considers.
“With masks and gloves, we will win everything: not only the virus, but the economic crisis. We will be able to get to the other side of the tunnel ”, he concludes.
