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Jul 17, 2020

Government Asks Ministries to Cut Down on Rental Cost

Government continues to cut costs as it struggles with the economic effects of the COVID-19 pandemic. Its latest austerity measure is cutting down on rental costs. A memo dated July fifteenth states that “as part of the cost saving measures related to the effects of COVID-19 pandemic, a decision has been taken by the Ministry of Finance with support from the Ministry of Public Service, Energy and Public Utilities to initiate a percentage cut in rental of office space and dwelling quarters upon renewal for the fiscal year 2020/2021”. Government intends to reduce payments by five percent for spaces in the one thousand to two thousand dollars range, seven percent on office spaces which cost five thousand dollars and nine percent on spaces that cost up to eight thousand dollars. Ministries are being asked to request that office space which cost up to ten thousand, five hundred dollars monthly be reduced by eleven percent and anything above ten thousand, five hundred dollars be reduced by twelve percent. Government ministries are asked for their cooperation in negotiating these reductions and if landlords do not agree, the ministries are asked to seek alternative locations.

 


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