A promoter and developer of diversification projects was how former Central Bank’s deputy governor Dr Terrence Farrell described the Economic Advisory Board as members were handed their instruments of appointment by Prime Minister Dr Keith Rowley at the Office of the Prime Minister, St Clair, yesterday.
The board would also be looking to “attack” the dependency syndrome and promote education reform in terms of providing quality education to ensure productivity and promote competitiveness .
The board, which is chaired by Farrell, include Trevor Lynch, Alison Lewis, Dr Rolph Balgobin, Dr Selvon Hazel and Dr Ronald Ramkissoon.
Absent were Movement for Social Justice (MSJ) political leader David Abdulah, Professor Karl Theodore and Dr Marlene Attzs.
The board has been mandated to advise the PM on matters of economic policy and spearhead the economic development of strategies, plans, programmes and policies towards the implementation of an economic development framework.
Identifying the earning of foreign exchange as one of the critical issues facing the country at this time Farrell added:
“It relates to the earning or the saving of foreign exchange, innovation or entrepreneurship and the generation of high productivity jobs.”
He said the promotion of evidence-based policymaking was also critical as it related to the remodeling of certain issues, including tax reform matters.
“There is also the question of the reform of the Central Statistical Office, which is a very critical issue, and ensuring our social programmes are more targeted and more effective,” Farrell said.
Describing the board as a “think tank”, he said economic development was not only about economics but also human development and therefore involved the application of human, social, cultural and technological resources for the improvement of human welfare.
“Economic development is too important to be left up to economics alone,” Farrel added.
He said the board also intended to be inclusive as it sought the best minds and would also adopt the concept of “ideas without boundaries”.
“We want a situation where we receive the thoughts and ideas of the public. We want to engage the private sector, the labour movement, civil society organisations and we want to engage the diaspora for markets for capital, for ideas,” Farrell added.
In terms of the board’s resourcing, he said that was not discussed in any great detail with the Prime Minister but there had been several offerings.
The board, Farrell added, merely played an advisory role and it was up to the Government to implement the initiatives. (GK)