PSC sets up COVID-19 response fund

In a bid to mitigate the financial fallout from the coronavirus, which is expected to hit some households hard, the Private Sector Commission (PSC) has moved to set up a COVID-19 response fund.
According to a notice, the fund is being set up to assist persons in financial hardships and also to provide critical supplies to the population. It acknowledged the closure of several businesses and the growing public panic, which could lead to a large number of persons becoming unemployed.
“As such, the PSC has taken the initiative to coordinate with its stakeholders and the wider public to gather donations to assist persons experiencing financial hardship,” the notice said, adding that monetary donations can also be made to a Demerara Bank account number 4023420, in the name of the Private Sector Commission of Guyana Limited-COVID-19 fund.
In an interview with this publication, executive member of the PSC Ramesh Dookhoo explained that the PSC has been working with its members to galvanize donations and the production of essential products to help fight the coronavirus, which has up to press time afflicted 19 persons and claimed three lives.
“We’ve started the process. And we have two bank accounts, one at Citizens and one at Demerara. And we’ve made an appeal for persons to donate money, as well as items for care packages. We have doctors advising us.”
According to Dookhoo, they have also been liaising with the National Task Force tackling coronavirus, through the Civil Defense Commission (CDC). In addition, he explained they are in contact with the Ministry of Finance and Business.
“We’ve put a number of recommendations to them, including economic measures for persons who may not be working at this time because of COVID-19 and may not be drawing a salary. So, we plan to develop a list of those people, to be able to assist,” Dookhoo further explained.
“The fund is going to be used initially to purchase and distribute masks and equipment, uniforms, anything that can mitigate the risk of COVID-19. We’ve appealed to companies all over the country, to donate… we’re galvanizing the private sector, the suppliers and manufacturers, to be able to feed into the national effort and ramp up their production.”

Preparedness
The International Monetary Fund (IMF) had recently released an assessment in which it ranked Guyana among the few countries in the region least prepared to deal with the effects of the Coronavirus epidemic, particularly the negative effectives it will have on the economy and tourism.
In the assessment, the IMF rated countries in the Americas from red (least prepared), to green (most prepared). Countries like the United States and Canada were in the green zone. However, Guyana, Guatemala, Belize and Honduras were not so lucky.
Neighboring Brazil was considered more prepared than average, while countries like Columbia were rated as less prepared. According to the IMF, the virus is likely to have immediate economic impacts in the region, including financial restrictions, declining commodity prices and reduced tourism.
Some measures have been taken by authorities in Guyana to slow the spread of the virus. These measures include closing schools and the Bank of Guyana interceding with local banks to make conditions favorable to allow customers to stay home and practice social distancing without a financial blowback.
In addition, the Finance Ministry had disbursed $120 Million from the consolidated fund to the Ministry of Public Health. This money was expected to go towards purchasing medical equipment to outfit quarantine sites and also to procure masks and oxygen tanks.