Though the health and economic impact of COVID-19 has dominated discussions on mainstream and social media, the Government of St. Lucia has been planning for the upcoming hurricane season which officially commences on June 1st. The government, under its disaster risk financing policy, has increased St. Lucia’s coverage with the Caribbean Catastrophic Risk Insurance Facility (CCRIF).
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One of the largest sectors impacted by COVID-19 is the education sector. For the first time ever, students at all levels are being tutored virtually for an entire school term. Teachers have also been forced to retool and upskill to embrace the technological change brought about by e-learning.
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Despite the devastating impact of COVID-19 globally and locally there here been some unintended positives, which have emerged, from this new normal. While many persons have lost jobs due to this pandemic, others have been forced into a new reality, working from home for the protection of themselves and their loved ones.
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The Government of St. Lucia and continued its collaboration with the World Bank in the implementation of the Caribbean Digital Transformation Project. This project aims to deliver a dynamic, inclusive, and safe digital economy requiring a comprehensive ecosystem approach that simultaneously builds on several interlocking foundations namely the: Digital Infrastructure, Digital Platforms, Digital Financial Services, Digital Skills and Digital Entrepreneurship and Innovation.
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Infrastructural planning on island will now have an increased focus on evidence based decision making, thanks to a pioneering software called NISMOD, the National Infrastructural Systems Model. This infrastructural planning tool is a result of a technical assistance mission with the University of Oxford and the United Nations Office for Project Services (UNOPS).
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The Eastern Caribbean Central Bank has collaborated with the World Bank to formulate a program with will lead to the digital transformation of the Eastern Caribbean. The ECCB is a strong advocate for a vibrant digital economy within the Eastern Caribbean Currency Union (ECCU). To this end a team from the World Bank visited St. Lucia from January 23rd to 24th for a pre-appraisal mission in preparation for the Caribbean Digital Transformation Programme.
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The National Competitiveness and Productivity Council has partnered with the International Finance Corporation (IFC), a member of the World Bank Group, with support from the Government of Canada to develop a modern secured transactions framework to enable increased access to finance for small and medium-sized enterprises (“SMEs”) using movable assets as collateral. Research indicates that approximately 70% of a firm’s wealth is concentrated in its movable assets such as equipment, inventory and account receivables.
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The National Competitiveness and Productivity Council (NCPC) is forging ahead with the online version of its productivity measuring tool called the ‘Protool.’ The NCPC is mandate to identify and analyze issues which affect national competitiveness and productivity and provide solutions to policy makers and other stakeholders to positively impact productivity and economic growth. Measuring national productivity is therefore one of the core activity of the NCPC.
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