Opposition Leader Kamla Persad-Bissessar says massive losses will occur in both the public and private sectors in the coming year, if Government does not implement plans and protocols to restart businesses and the wider economy.
On Tuesday, Health Minister Terrence Deyalsingh said any talk about reopening businesses at this time, is premature.
Deyalsingh said Prime Minister Dr Keith Rowley will consult with the medical experts before making any decision.
However, in a statement on Tuesday, the Opposition Leader said it is economically ignorant to not put plans forward to reopen our businesses.
She said the latest developments in the global energy market will affect Trinidad and Tobago.
"These two low commodity prices will have massive effects for us going forward. The reduced income from these commodities will have to be replaced with increased income from the private and non-energy sectors.
If we keep these sectors closed for much longer, we risk losing as much as six months of production. This is due to the additional time it will take to restart production and supply chains as well as reduced demand from consumers. Also, our exporters will be forced to compete with low priced dumping of products for other countries who will get rid of backed-up inventories," she said.
Persad-Bissessar added that these circumstances will lead to businesses as well as Government being unable to carry their existing wage bills.
"What will occur is unemployment will increase as everyone attempts to cut losses to stay afloat? As soon as this shutdown is over, some persons may not have a job to return to, they just don’t know it yet. Those who believe they are protected because they earn government salaries are mistaken.
Government’s credit ratings are just above junk status, debt is at an all-time high and it will become more and more expensive to borrow money. Combined with decreased foreign exchange inflows, and decreased income from the private sector, where is the money going to come from to pay Government salaries?"
He is therefore calling for the immediate implementation of enhanced health, hygiene, sanitation and occupational safety protocols at all places of business and government offices so that they and the wider economy can be reopened without endangering people’s health when the shutdown is over.
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April 22, 2020 at 01:34AM
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Kamla: Massive layoffs will occur without plan for resuming businesses - Loop News Trinidad and Tobago
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