The World Bank Group (WBG) has been invited by the Eastern Caribbean Central Bank (ECCB) to provide technical assistance to address regulatory issues within the OECS Countries. This is in an effort to improve the investment climate and enhance competitiveness of key sectors in an effort to enhance private sector investment in the OECS.
Two Technical Officers from the World Bank Group were recently on island to conduct a scoping mission as part of an advisory project which seeks to address regulatory constrains within the OECS. One of the Eastern Caribbean Central Bank’s strategic goals 2017-2021 is to support OECS Member countries to rank in the top 50 in the World Bank Doing Business Indicators. Lars Grava is the Senior Private Sector Specialist with the World Bank Group.
“We have been invited by the ECCB to look at some of the regulatory procedures and regulatory constrains that affect doing business and private sector development in several of the OECS countries. So we’ve been visiting a number of your neighbouring countries and speaking with both the public and private sector in order to get a more complete picture of what are the challenges that businesses face when they interact with government and learning more about perhaps where we can lend a hand in providing some international good practices and some advice for reforms that some of these countries may want to undertake.”
The National Competitiveness and Productivity Council (NCPC) has been instrumental in coordinating the St. Lucia leg of the visit by the Word Bank Officials. Director of the NCPC, Fiona Hinkson explains.
“So our role at NCPC is basically to facilitate that process, that public/private dialog process where they met with stakeholders within the public services and the private sector as well. And many of the constrains identified included starting a business, getting licenses, accessing concessions, as well as constrains that the private sector has especially when it comes to exporting their products in relation to certification and standards.”
Hinkson noted that this project fits perfectly within the mandate of the NCPC particularly as it relates to the ease of doing business agenda.
“Addressing those regulatory constraints definitely impacts on the business performance so that it helps them to become more productive and also helps them to remove the bottle-necks that they experience on an everyday basis so that they can become more efficient in their business operations.”
The World Bank’s Senior Private Sector Specialist said recommendations emanating from this project would include long term, medium term and short term solutions.
“People are very interested especially in short term solutions what we call stroke of the pen reforms where a leading officer simply by the stroke of the pen decides that this procedure is going to be made faster or this information is going to be posted on the websites. So these are the short term recommendations that we can provide on which government can quickly take action. Then there are the longer term solutions where we may suggest, well your legislation can be improved in order to be in compliance with international best practice but we recognize that may take a longer time.”
The St. Lucia leg of the World Bank project dubbed “Improving business regulations within the OECS for increased competitiveness,” was conducted July 1 – 2, 2019.