Prime Minister Baldwin Spencer is giving the assurance that work continues apace although no replacement has been found for Joan Underwood.
Last December, Underwood traded her hat as an ambassador to Argentina, Brazil, Chile, Colombia, Mexico and Venezuela as well as the post of chief implementation officer to take up the job as regional project manager with the Caribbean Leadership Project (CLP). The CLP is a Canadian .6 million Canadian International Development Agency funded project.
Among her tasks as chief implementation officer, Underwood oversaw the Energy Desk and State Insurance Corporation divestment plans.
“The work is still moving forward,” the PM said of all of Underwood’s tasks. Specifically referencing the SIC divestment, he said, “the whole State Insurance Corporation divestment issue is a matter that is under review. Yes, Ambassador Underwood played a role in that regard, but she was not the only person dealing with it.”
Spencer also sought to debunk concerns that divestment is a fait accompli, saying that “a final determination” is yet to be made.
“In the final analysis, what will make this thing a done deal is if the government is satisfied that we are going to get the best out of it. So it is not a case where some people are of the view that it is a done deal and State Insurance Corporation is divested,” Spencer said.
“We have always said, ‘yes, we as a government, we are proceeding along these lines in terms of divestment, not only as it relates to State Insurance Corporation, but other entities.’ We started with State Insurance Corporation, but I have always stated clearly and unequivocally that we are not going to divest just for divestment’s sake,” Spencer said.
The PM said government “would back away” from divestment plans if the “package presented is not beneficial.
“We have not reached that stage yet. We are almost (at the point) of making a final decision,” he said.
Government’s announcement in 2010 that, following a review, it would divest State Insurance was met with consternation in opposition and other quarters.
Government reasoned that while State Insurance was market leader in Antigua & Barbuda, its statutory corporation status restricted the company from developing to fullest potential outside of the country.
The government announced then that it had signed a financial advisory mandate with the International Finance Corporation (IFC), which is an organ of the World Bank.
The release issued back then said the objectives of the project are to ensure the long term sustainable development of the company through a partnership between the government and a reputable private sector insurance investor; to provide fiscal revenues to the government which will be allocated to priority sectors, thereby stimulating economic activity; and to give staff, policy holders and other interested Antiguan and Barbudan investors the opportunity to purchase shares in State Insurance Corporation.
