THE Trinidad and Tobago Chamber of Industry and Commerce yesterday said Prime Minister Kamla Persad-Bissessar had missed the opportunity to engage the country in a “forthright discussion” on the way forward for Trinidad and Tobago in light of the dramatic decline in oil prices over the last several months when she delivered her Address to the Nation on Thursday night. The comment was contained in a statement commenting on the Prime Minister’s Address to the Nation in which she announced that the Government will manage the economy through the fall in oil prices without making any major spending cuts. However, she said the State will moderate some areas of expenditure although some “selected ministries” will have their funding cut by as much as 15 percent. She said the Government’s social projects will remain untouched including support grants, pensions for senior citizens and the grant to provide milk for the babies of indigent parents. The Chamber said the short-term measures announced by Persad-Bissessar “lacked economic substance” and called on her to “be more open and transparent in sharing the key underlying assumptions and their likely impact on balance of payments as well as inter alia, foreign exchange availability, the exchange rate, interest and wages. These are the details that businesses and households need to make informed decisions for their sustainability. The Prime Minister also missed the opportunity to impress upon the population the need for restraint in these uncertain times,” the Chamber added. The Chamber said the Prime Minister had acknowledged the serious situation that faces the country as a result of the sharp decline in global crude oil prices and the immediate, negative impact on Government’s revenue. “However, it would appear that the Prime Minister opted to avoid key issues or disclosure of the need for possibly tougher adjustments,” the business body said.
Posted on: Sat, 10 Jan 2015 14:19:18 +0000
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