i. c) Recently the government of Kenya undertook the following policy actions to prevent the COVID-19 health crisis from becoming a severe economic and financial crisis: The government lowered the Pay-As-You-Earn (P.A.Y.E) from 30 percent to 25 percent ii. They reduced the Value Added Tax (V.A.T.) to 14 percent from 16 percent, which resulted to The National Treasury losing a tune of KES. 172 billion a year. This aimed to cushion citizens that are distressed as a result of COVID-19. Discuss the economic impact of this policy stance as well as developments in the domestic and global economy. (6 marks) i. c) Recently the government of Kenya undertook the following policy actions to prevent the COVID-19 health crisis from becoming a severe economic and financial crisis: The government lowered the Pay-As-You-Earn (P.A.Y.E) from 30 percent to 25 percent ii. They reduced the Value Added Tax (V.A.T.) to 14 percent from 16 percent, which resulted to The National Treasury losing a tune of KES. 172 billion a year. This aimed to cushion citizens that are distressed as a result of COVID-19. Discuss the economic impact of this policy stance as well as developments in the domestic and global economy. (6 marks)