And while today the country said hello to new vaccines, last week Friday, the Central Bank said "farewell Manuel" to its governor.
In an unprecedented move by the government, Gustavo Manuel Vasquez was fired after less than 5 months on the job. But before Vasquez left, he sent a warning email to his staff saying, quote, "I tried my best to restore the integrity and operational autonomy of the Central Bank and certainly faced stiff opposition from the Ministry of Finance and special financial and economic sector interests." End quote.
That's a damning indictment from a man with stellar international credentials, including 15 years at the world bank.
Today, the PM denied that and, claims that in fact, Vasquez was fired simply because he wasn't getting the job done.
Hon. John Briceno, Prime Minister
"I can't go into great detail because simply there is negotiation between the board and the former governor of Central Bank, as I can tell you, I am the one that recommended Manuel Vasquez as governor of the Central Bank but it just seems that the governor and the board of directors are just not getting along, they couldn't see eye to eye and the board unanimously felt at the end of the day it would be best that we ask the governor to resign."
Courtney Menzies:
"Sir in an email the governor to his staff, the governor insinuated that the ministry of finance is trying to instrumentalize or control the Central Bank. If I can read verbatim, he said that he had to try to restore the integrity and operational autonomy in Central Bank against your ministry of finance and special financial and economic sector interests. Your response?"
Hon. John Briceno, Prime Minister
"He's absolutely wrong because I could assure you that myself as the minister of finance and my deputy minister of finance had no intentions of trying to control the Central Bank but we do have a responsibility to see, the Central Bank in the government's banker, the Central Bank has to be GOB chief cheerleader in trying to get the economy going, in trying to get the banks to reduce their interest rates, in trying to get all that excess liquidity being pumped into the economy, to grow the economy, to create investments, to create job, and the board is feeling that they weren't seeing that and the felt at the end of the day that it's best that we part ways, despite the fact that Manuel is my friend, remains my friend, I'm here to do a job so I had to accept the recommendation of the board."
Reporter:
"So basically he was in opposition to the recent Central Bank amendment?"
Hon. John Briceno, Prime Minister
"That's something different, again that's another example of things not being done. He was not against that, what we did is that we made 50 million dollars available through Central Bank and Central Government that we want to off lend to the productive sector to create jobs and bring in foreign currency so dah noh fi buy car. And that was approved since February and we still can't get it off the ground."
Jules Vasquez:
"Is that his fault? Is it a failure on his part?"
Hon. John Briceno, Prime Minister
"Well he's the governor of the Central Bank, he should see that that gets done."
Courtney Menzies:
"Sir he had a five year contract worth 1 million US, so will the government be prepared to pay this?"
Hon. John Briceno, Prime Minister
"We are in negotiations and that's something that I can't comment on publicly."
But how will the IMF feel about this move, since Vasquez worked for them for 15 years? We asked the PM if he thinks this will put a black eye on the country:
Jules Vasquez: "Sir how does it look internationally, optically, you have a blue chip Wharton education who's worked at the IMF for all these years and he's leaving your Central Bank saying hey these guys are trying to meddle in my affairs, I understand you're denying that but I'm saying that IMF is a very important partner of the ministry of finance. How will the IMF view this when you have sent home one of your own and he is sounding the alarm as he goes for the exit."
Hon. John Briceno, Prime Minister
"I think, like you said, what the taste in the pudding is when you eat it and the IMF will see the results of the work we've been doing, the projections right now, the economy is going faster than what the IMF expected, our tourism numbers as it is right now we are already at about 85 to 90% of 2019 and by the end of this year, God willing, we continue the projection we're going, we'll be at a 150%. Our exports have increased in cattle, sugar you name it, we've been doing our jobs. And we've been able to cut down the deficit, cut salaries, so the IMF is seeing the work that we're doing and that is where they're going to judge us."
