Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694819373969.pdf (Antigua and Barbuda)
Page 1 of 4 MEETING OF THE ECONOMIC RECOVERY COMMITTEE THURSDAY, 30TH APRIL, 2020 (VIA VIDEO CONFERENCING) IN ATTENDANCE Hon.
Gaston Browne - Prime Minister and Minister of Finance and Corporate Governance Konata Lee - Secretary to the Cabinet Ambassador Daven Joseph - Lionel Hurst - Chief of Staff Martin Cave - Antigua and Barbuda Chamber of Commerce Michael Spencer - Bankers Association David Massiah - Antigua Workers Union Sherrie-Ann Brazier - Employers Federation William Dorsette - Ecclesiastical Commission Dr. Errol Cort - Ralph Potter - Antigua Trades and Labour Union Victor Michael - Vernon Jeffers - Antigua and Barbuda Hotels and Tourism Association The meeting commenced with the invocation of God’s blessings, proffered by Mr. Konata Lee, Secretary to the Cabinet CHAIRMAN’S REMARKS - PRIME MINISTER BROWNE Prime Minister Browne welcomed everyone to the inaugural meeting of the Economic Recovery Committee (ERC) and proceeded to outline its aims and objectives, a committee created to bring together a wide cross section of persons from within both the public and private sectors.
The main aim is to address the economic challenges created by the COVID-19 pandemic.

The Prime Minister informed members that there has been a sixty per cent (60%) reduction in government revenue as a result of the sudden closure of the tourism industry.

This has resulted in the government being only able to pay salaries and wages of public servants; all debt payments to both domestic and external creditors have been discontinued.
The Prime Minister took the opportunity to outline the government’s efforts at diversifying the economy.

Inter alia, the Prime Minister identified medical services, development of the light manufacturing sector, additional investment in the agriculture sector, and self sufficiency in the Page 2 of 4 energy sector as areas of major concern.

There is also a need to leverage the potentialities of the digital economy, particularly the use of cryptocurrencies.
Recent developments in the marijuana industry would also have to be considered as part of the diversification process.

The aim is to create linkages between these sectors and others in order to maximise the benefits.

Prime Minister Browne also highlighted the need for greater productivity in both the public and private sectors, in light of the serious challenges posed by a contracting revenues.
There will be a need to retrain and redeploy persons within the public sector in an effort to increase productivity.

The Prime Minister stressed that the effort will not be one to either displace or retrench public sector workers.

He encouraged representatives of the Trade Unions to cooperate with the government in this regard.

The need for more domestic ownership, using government concessions as impetus, was also highlighted as there is a need for increased local investment.
Added to this would be the development of a local bond instrument.

It is important to encourage strategic investment in order to maximise the benefits.

SECTORAL REPORTS VERNON JEFFERS - ANTIGUA AND BARBUDA HOTEL AND TOURISM ASSOCIATION (AHTA) The hospitality sector has been dealt a severe blow by the abrupt closure.

Up to eighty-five per cent (85%) of employees have been laid-off.
However, Association has been engaged in a number of activities to help in alleviating the economic hardship faced by workers.

For example, the Association has been working with the Antigua Workers Union to deliver care packages to affected workers.

In addition, workers have been given access to their thrift fund and will able to access up to 50% over the next two months ($608.00 fortnightly, over two months).
There is also ongoing dialogue with the Minister of Tourism and other technocrats within the ministry in an effort to establish protocols for when the industry reopens, recognising that there will be fundamental changes when tourists are allowed to return to the country.
Moreover, the AHTA believes that the transition from fossil fuels to renewable energy holds much promise for the tourism industry and encourages the government to retool and retrain persons employed by APUA so that they can be beneficiaries of the transition.

DR. ERROL CORT - Page 3 of 4 A reopening plan becomes immediately critical to the future of the country.

Included in this is the very important commercial travel sector, including the cruise tourism sector.
The question of funding the payroll of public sector workers, at least over the next three months, becomes primary.

It has to be noted that laying off public workers is not an option at this time.

Moreover, attention must also be paid to the private sector as they face similar challenges with regard to salary and wages.

In terms of the structure of the sub-committees of the ERC, it was suggested that careful consideration should be given to ensuring that duplication of function is kept to a minimum.
Therefore, while it might be helpful to structure the sub-committees by Ministries, it might be helpful to combine them in such a way that they become more broad-based, for example, Economic Planning Committee; Tourism and Wellness; Food Security; Infrastructure Development; Science, Technology and Innovation; Law Reform and Governance; and Healthcare.
MICHAEL SPENCER - ANTIGUA AND BARBUDA BANKERS ASSOCIATION (ABBA) The Bankers Association recognises the need to reorganise the economy such that it becomes a leader in the Caribbean.

As part of that thrust, there is a need to engage in long-term planning, with actionable items to guide that process.

The successful management of the COVID-19 pandemic can send a strong signal to the foreign community that the country is responsive and innovative.
As part of the reopening plan, a strong communication component has to be established.

The immediate shutdown has also afforded the banking sector the opportunity to successfully test its business continuity plan over the last three weeks.

Critical services to customers were provided remotely with some staff members working from home.
It is also recognised that there is a need to encourage more customers to utilise bank cards, such as ATM, debit, and credit cards as there is a move towards a cashless society.

The Association has also been able to offer moratoriums to customers on the payment of loans.

In addition, the banking community has offered a $100 million bond to the government to assist, at a rate of between 3 or 4 per cent with responding to the COVID-19 crisis.
The ERC was informed of the ECCB’s Partial Credit Guarantee which is presently being piloted in St. Kitts/Nevis.

This allows businesses to access loans of $300,000.00.

After the pilot stage, the programme will be deployed in all member states of the ECCU.

In addition, the Association will hold discussions with the Government concerning its policy decision to guarantee loans for Page 4 of 4 businesses in Antigua and Barbuda.
It was suggested that the domestic Partial Guarantee mirrors the one that is being piloted by the ECCB in St. Kitts/Nevis.

SHERRIE-ANN BRAZIER - ANTIGUA ABD BARBUDA EMPLOYERS FEDERATION (ABEF) The Employers Federation believes that the ease of doing business needs to be addressed as this can contribute significantly to the investment climate.

The regulatory framework has been observed to act as a hindrance to businesses attempting to amalgamate.
Churches and service organisations need to find a way to communicate with each other to ensure that care packages are being distributed in a manner that ensures an equitable spread.

It has been observed that in some instances recipients of care packages would be receiving from more than one organisation, while there are needy persons who did not receive any.
The question of regional travel was also addressed with LIAT playing a more active role in the expansion of regional travel to countries, such as Cuba and Jamaica, and the Dominican Republic, that are not usually a part of its itinerary.

DAVID MASSIAH AND RALPH POTTER - TRADE UNIONISM A main point of discussion centred on the need to develop strategies to help workers cope with the economic shock occasioned by the sudden closure of the economy.
In addition, it was suggested that a permanent advisory committee be established in order to periodically review aspects of the economy, particularly in light of the needs for public sector reform.

The Trade Union movement stands ready to partner with the government to develop the country’s human resources.

The Unions have been in discussions with employers in an effort to ensure that workers interests are protected and that businesses can continue to flourish.
MARTIN CAVE - ANTIGUA AND BARBUDA CHAMBER OF COMMERCE The cost of regional air travel needs to be addressed, especially in light of the fact that international airlines are the beneficiaries of a minimum passenger guarantee.

Perhaps a similar mechanism can be put in place for LIAT as it is the primary link in inter-island travel.

In addition, perhaps there is a need for a regional ferry service to transport both people and goods.
Agro-processing is an areas of primary concern and the Chamber of Commerce is ready to provide assistance in helping businesses to source the necessary machinery.