Min. Walrond chairs 51st Meeting of COTED
The 51st meeting of the Council for Trade and Economic Development (COTED) opened on Thursday under the Chairmanship of Guyana’s Minister of Tourism Industry and Commerce Hon. Oneidge Walrond.
The meeting was conducted via video conferencing and among the items on the agenda was the strategic response to the economic impact of COVID-19 on the region: under the sub headings ‘Economic update and strategic opportunities’ and ‘Traversing the new normal: a blueprint for recovery.’
Minister Walrond encouraged her colleagues to use the opportunity to make concrete decisions in shaping trade issues in the Community.
Making his presentation on Guyana’s behalf Foreign Secretary Mr. Robert Persaud said that since COVID-19 was declared a pandemic in March this year, Guyana implemented a series of measures to provide some relief to citizens.
He noted that discussions were also held with the banking sector and they agreed on a moratorium on loan repayments, reduced interest rates until the end of this year and general concessional reduction of interest rates among other measures.
Mr. Persaud highlighted that the Government had adopted several tax relief measures, including the removal of VAT on water, electricity and even internal transportation, to support businesses and individuals at this time.
The COTED meeting continues tomorrow.