Oropouche West MP and Opposition Shadow Minister for Finance, Dave Tancoo, again slams the government for its catastrophic mishandling of the nation’s resources.
According to Tancoo, who is also an economist and attorney at law, the current administration’s reckless fiscal policies are bringing this country to the brink of disaster.
“Our foreign reserves are bleeding out, and yet the administration remains in denial,” Tancoo says.
According to the latest statistics from the central bank, as of December 2023, net foreign reserves have plummeted to a distressing US$6,257.9 million, the lowest since 2006, beckoning real concerns of a severe foreign exchange shortage. Tancoo says, despite such reports, the PNM administration remains in denial.
“The country’s combined domestic and external debt hits an all-time high. The external government debt alone stands at a colossal US$5,116.65 million, a staggering 82% of the net foreign reserves. This is not just mismanagement; it’s a full-blown catastrophe. The government’s failure to address this issue is pushing our economy towards a cliff,” he explains.
Noting that Small and Micro Enterprises (SMEs) remain in turmoil, and according to a recent Trinidad Guardian article, are being forced to tap into the black market for forex, Tancoo says this is a direct result of the government’s incompetence, bias, and lack of transparency in forex allocation.
“The disparity in forex allocation is scandalous. While large corporations squander millions of US dollars on executive luxuries, our SMEs are left to fend for themselves in a lawless market. This is not just mismanagement; it’s moral bankruptcy,” Tancoo notes.
The Oropouche West MP further warns that while the country’s economy spirals downwards, with banks clamping down on credit card purchases, the Minister of Finance and the Governor of the Central Bank keep telling citizens that all is well and that the economy is “rebounding”.
“This administration isn’t just leading us into an economic abyss; it’s pushing us off the edge with a blindfold on. The evidence is damning. We have spiralling debts, depleting foreign reserves, a forex shortage strangling our SMEs, crime that is uncontrollable, and collapsing foreign investment,”
“The time for sugar-coating words is over. We demand urgent, transparent, and effective measures to avert this looming catastrophe,” the MP states.
Speaking to the domino effect of a failing economy, Tancoo also highlights the soaring crime rate as a compounding factor, affecting foreign direct investment.
In conclusion, Tancoo issues this appeal: “This is not a partisan issue. It’s a national one. It speaks to our survival as a country. The people of this nation deserve a higher standard of living and I am calling on stakeholders and citizens to speak up and demand that this government enacts responsible fiscal policies that would benefit the entire nation, and not just a small, privileged section.”
Mr. Davendranath Tancoo, MP Oropouche West
31st January, 2024
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