Economy

Economy committee processing ideas

  • Curtis Dickinson, the Minister of Finance (File photograph)

The group tasked with developing ideas for economic rejuvenation has been processing dozens of “quick win” suggestions.

The Economic Advisory Committee, formed by Curtis Dickinson, the finance minister, two months ago includes representatives from local and international business, as well as unions and regulators.

Asked about the EAC’s progress, a spokeswoman for the Ministry of Finance said some of the ideas had already been activated.

“The Economic Advisory Committee has been meeting regularly and they have prioritised ideas for the retention of existing business, growing existing sectors, and attracting new industries,” the spokeswoman said.

“There have been over 50 short-term ideas, prioritised by industry which are considered as ‘quick wins’ to assist individuals and businesses to survive during the initial impact of Covid-19. The ideas focus areas include taxes, jobs, immigration, tourism, technology and new-sector growth.

“All ideas have been submitted to the Government for evaluation and approval.”

Some of the short-term ideas the Government has already acted upon include extension of unemployment benefits, extension of payroll tax deferral for restaurants and bars, an amendment to the Employment Act in reference to redundancies and opening up travel for long-stay business visitors.

The spokeswoman added that the committee was “developing medium-term strategies which can be implemented over the next year to three years in order to stabilise and grow the economy”.

The strategies were being “refined and assessed for impact before final submission to the Government”, she added.