“Massive job losses will occur in both the public and private sectors in the coming year if we do not act now to implement plans and protocols to restart businesses and the wider economy. It is economically ignorant to not put plans forward to reopen our businesses. Without their operation who will generate income for the country considering how low oil and gas prices are currently?” Opposition Leader Kamla Persad Bissessar asked, as she appealed, for a second consecutive day for the economy to be opened up.

“Most of my proposals set off alarm bells yesterday (usually among people who have not bothered to think carefully about how our economic systems work). However, the proposals I have put forward at least take seriously that the upcoming economic fallout will be worse than the current COVID-19 virus if plans are not put in place now for reopening our businesses and economy when the shutdown is over,” the Siparia MP, and former Prime Minister, predicted.

 “Expenditure for Budget 2020 was based on an oil price of US$60.00 per barrel and a gas price of US$3.00 per MMBtu. We have seen prices of WTI oil dip into negative territory and gas prices all year have been much lower than projected. 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,”  Mrs Bissessar warned.

“These circumstances will lead to businesses, as well as Governments, 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?” Mrs Bissessar asked, again.

 “I am again repeating my call 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. The protocols and infrastructure can be put in place immediately so we can reopen the economy sooner rather than later. We can couple this with staggered working hours for different sectors, continue social distancing measures and limit recreational activities to an acceptable minimum,” the Opposition leader explained.