The association made this call in its Quarterly Economic Review report for the second quarter of the year 2020.
While commending the recent decision to suspend the proposed hike in electricity tariff,
"Most importantly, government should as a major policy during this COVID-19 recovery period suspend any imposition or increase in taxation instead such shortfalls that might have emerged between national budget adjustments and expenditures should be covered by various financial support to COVID-19 from foreign and local contributors.
"In line with this observation, all current increases on in tariffs and taxes could be deferred until when the economy recovers from the effects of the pandemic," the association stated.
"One of the evident consequences of COVID-19 crisis is the potential to trigger a food security crisis in
"Thus, there should be more emphasis on saving lives and protecting livelihoods through strengthening health systems and taking quick actions to minimise disruptions in food supply chains.
"There should also be faster implementation of social protection programs, including cash transfers, food distribution and fee waivers, to support citizens, especially those working in the informal sector."
In the same vein, the association called for a paradigm shift in the foreign exchange market with the
"The present unification of exchange rate should also be supported by new techniques and redefined trade policies particularly to mismatch import duties where duties on raw materials are sometimes higher than imported finished goods."
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