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Financing the COVID-19 Crisis in New Caledonia: Timeline, Measures, and Consequences, Study notes of Finance

Richmond, The American International University in London (RAiUL)Finance

An in-depth analysis of the COVID-19 crisis in New Caledonia from 2020 to 2022, including the timeline of events, measures adopted by the government, and the consequences on the financial and budgetary trajectory. It covers health, economic, and social measures, as well as budgetary support and financing details.

Typology: Study notes

2021/2022

Uploaded on 09/12/2022

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Financing covid-19 crisis
in New Caledonia
1°/ Timeline of the COVID19 crisis over the years 2020 to 2022,
2°/ Measures adopted by the Government of New Caledonia,
3°/ Details of grant and loan financing,
4°/ Consequences on the financial and budgetary trajectory of New
Caledonia.
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Financing covid- 19 crisis

in New Caledonia

1 °/ Timeline of the COVID 19 crisis over the years 2020 to 2022 ,

2 °/ Measures adopted by the Government of New Caledonia,

3 °/ Details of grant and loan financing,

4 °/ Consequences on the financial and budgetary trajectory of New

Caledonia.

TIMELINE of the covid-19 crisis

1 °/ March 2020 : 1 st potentially native case detected - implementation of strict containment measures from 20 March to 20 April, 2020 with a very limited number of cases having an impact on the entire economy of New Caledonia - repatriation of residents and organization of SAS sanitary and quarantine measures with requisition of hotels - No more active cases on May 7

2 °/ COVID-FREE strategy maintained based on a health SAS and close monitoring of travelers authorized to come to New Caledonia for compelling reasons.

3 °/ March 2021 : Potential case detected outside the health bubble set up between New Caledonia and Wallis and Futuna - implementation of strict containment measures from March 8 to April 4 , 2021 - New Caledonia remains COVID-FREE after this period.

4 °/ 3 September, 2021 : implementation of mandatory vaccination in New Caledonia and for travelers following legal challenges weakening the quarantine on entry to New Caledonia.

Measures adopted by the Government

HEALTH MEASURES :

  • Setting up of a sanitary SAS with the requisition of hotels,
  • Vaccination and screening campaign,
  • Strengthening of public hospitals and the fight against the epidemic.

ECONOMIC MEASURES :

  • Implementation of a short-time working scheme for companies durably

impacted by the crisis (transport / tourism) and having a significant drop in their

turnover linked to the periods of confinement,

  • Support for the airline company AirCalin and Aircal.

Measures adopted by the Government

SOCIAL MEASURES :

  • Partial unemployment for employees of companies durably impacted by the

crisis and those impacted by the confinement of the population.

  • Deferral or exemption from social security charges owed by companies,
  • Coverage of funeral expenses during periods of confinement.

BUDGETARY SUPPORT MEASURES :

  • Compensation for tax losses by maintaining the operating grants to the 3

provinces and 33 communes of New Caledonia,

  • Support for social schemes to compensate for the loss of social contributions

based on work.

CONSEQUENCES ON THE FINANCIAL & BUDGETARY

TRAJECTORY OF NEW CALEDONIA

In 2022, New Caledonia is currently preparing its budget with 3 constraints:

  • The drop in tax and social security revenues due to the crisis,
  • The increase in the outstanding public debt ( 1. 7 billion Fijian dollars - 88. 4

billion CFP francs) which weighs on its overall balance and financial ratios

  • The need to borrow again to meet current needs and to implement a post-crisis

recovery plan based on public investment ( 404 million Fijian dollars - 20. 88

billion CFP francs currently being negotiated following a new government

guarantee granted in late 2021 )

CONSEQUENCES ON THE FINANCIAL & BUDGETARY

TRAJECTORY OF NEW CALEDONIA

New Caledonia's donors (French Development Agency and local banks) question

the sustainability of New Caledonia's financial and budgetary trajectory:

  • To have the certainty that the current annual installments of about 116 million

Fijian dollars (6 billion CFP francs) will be covered by savings from the

country's own budget.

  • How to finance New Caledonia's budget from 2023 onwards without recourse

to borrowing because its debt ratio is calculated in relation to its own

resources and not in relation to the country's GDP (for information, the latter

fell by 3% between 2019 and 2020 and in the same proportions between the

years 2020 and 2021)

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THANK YOU FOR YOUR

ATTENTION