Period: April – June 2009 (Second Quarter).
Author(s): Frank Bowen
1. The operating environment:
The operating environment was impacted by several issues, including:
1.1 The negative social and economic fall-out affecting Antigua and Barbuda resulting from the troubles of the Stanford Empire. These have now been exacerbated by the recent criminal charges laid against Sir Allen Stanford and Officers of the Stanford International Bank, and also against the Head of the Financial Regulatory Authority in the Antigua, by US Government.
1.2 The serious challenges faced by CARICOM in advance of its 30th Heads of Government Summit in Guyana, in relation to immigration issues. There are allegations of discriminatory treatment meted out to CARICOM Nationals, in some member countries of the Community. It would appear that the current global economic recession has forced some countries to impose restrictions to intra-regional migration, a key element in the implementation of the CARICOM Single Market and Economy.
1.3 The serious concerns about the possible negative effects to tourism and other regional events of any increase in the number of persons contracting the A H1N1 Virus. This pandemic has already resulted in a premier regional sporting event being cancelled.
1.4 The continuing economic decline resulting from the global economic recession has forced several countries to explore areas of support through International Financial Institutions (e.g. International Monetary Fund). These measures have apparently become necessary to finance budget deficits, prevent job losses in the Public Sector and to ameliorate hardships among vulnerable populations.
1.5 The Atlantic Hurricane Season commenced on June 1st and will last until November 30th. Given the destruction wrought by several storms and hurricanes last year, particularly to Haiti, and, to a lesser extent Jamaica, there is guarded optimism that the region would be spared further devastation this season.