(Trinidad Guardian) The Government’s intention to split and utilise a portion of the multi-billion Heritage and Stabilsation Fund is a cause for concern to the Opposition.
In a statement on Wednesday Opposition leader Kamla Persad-Bissessar picked apart Prime Minister Dr Keith Rowley’s Tuesday night address to the nation and said that it was evidence that the Government does not have an economic plan.
“The use of the Heritage and Stabilisation Fund creates more anxiety and questions. If Dr Rowley intends to withdraw US$1.5 billion he must immediately explain how he will use this to achieve stabilisation and a balance in expenditure and revenue and how he will meet requirements for utmost transparency and scrutiny,” she said.
She said Rowley needed to give the country the assurance that funds from savings will not be used for consumption, but for investment spending and creating value within the economy.
The former prime minister said Rowley’s speech did nothing more than “exacerbate anxiety and instability” as he failed to address how he intends to fix the ongoing shortage of foreign exchange. She said her government was operating in a time of low energy prices and had already outlined several plans to reduce government spending.
Persad-Bissessar said that Rowley demonstrated that he “has no understanding or idea of how to manage the present economic challenges”.
“We were clear and specific that budget adjustments would focus on maintaining a healthy level of investment and protecting jobs, incomes and the vulnerable,” she said.
She said since taking office in September, Rowley and Minister of Finance, Colm Imbert used “every possible opportunity to complain and misinform the public on the nation’s finances” adding that neither seemed “ready or able” to take the reigns.
Persad-Bissessar sought to make political hay of Rowley’s trip to Miami to attend a private wedding, his fourth abroad since taking office four months ago.
