ANTIGUA: Government dismisses concerns about article

ST JOHN'S, Antigua (CMC):

The Antigua and Barbuda government has dismissed speculation by the main opposition Antigua Labour Party (ALP) that a recent article by an international business and financial publication, Euro-money, would adversely affect the island's credibility.

In a statement, the Ministry of Finance said that it was aware of the June 7 publication by Euromoney of its country risk survey and "the fact that Antigua and Barbuda placed 178 in this survey has been the source of wide speculation as to the possible causes for this ranking".

It said that in order to "properly respond to this matter" Finance Minister Harold Lovell had mobilised a number of resources, "including ministry technicians and the Financial Services Regulatory Commission (FSRC), to assess the methodology and process by which this publication derives its country ratings.

"The minister wishes to point out that contrary to statements attributed to Leader of the Opposition Lester Bird, there is no conflict of interest here."

Bird had in his weekly radio broadcast questioned why the government was using the FSRC to probe the article by the internationally respected magazine.

"Instead, he urged the government to establish with the authority of Parliament, a committee made up of Labour Party and UPP (United progress Party) officials, to deal with this matter internationally.

"The committee should be a select committee of Parliament and should be allowed to co-opt to its membership, as ex-officio members, representatives of the banking community who would be able to give expert and professional advice," Bird said.

The former prime minister warned that the island's financial service's image would "continue to suffer in the international community, affecting jobs and revenues", reiterating that an independent committee sanctioned by Parliament be appointed to carry out the investigation.

"Such a committee should be given the authority and funding to look into the government policy failures and correct them, and once such correction occurs, send out a team of persons to try to salvage our country's reputation, which was extremely high up to March 1994," Bird said.

But in the statement, the Ministry of Finance said that, together with the FSRC, they are engaged in an information-gathering exercise, following which Lovell will issue a statement to the Parliament.