By Alicia Chamely
THE Government is currently in talks with the Inter-American Development Bank (IDB) and the World Bank to source funding for vital projects.
This was revealed by Prime Minister Kamla Persad-Bissessar during Thursday’s post cabinet press briefing.
Discussing matters of the economy, she said, Minister of Planning, Economic Affairs and Development Kennedy Swaratsingh was currently in Washington DC attending meetings with both the IDB and the World Bank on behalf of the government.
Persad-Bissessar said, “Again, we are seeking and sourcing funding for Trinidad and Tobago. We are well aware that borrowings are a short-term strategy and that new non-energy revenue streams are needed.”
She said in seeking long term non-energy related revenue streams a series of proposals had been placed in front of cabinet.
Persad-Bissessar said, “Currently we have proposals for projects in manufacturing, in agriculture, in the business process of sourcing IT and financial services of course these are just a few that we have proposals before us for consideration of the cabinet.”
She went on to discuss the internal examination of state enterprises that may drain the economy to reduce national expenditure.
Persad-Bissessar said, “We are also looking at state enterprises and their management. We cannot continue the wastage of some state enterprises, their future is in their hands, but their future is also in our hands. The taxpayers cannot keep bailing out loss-making state enterprises, so we plan to deal with that in the near term.”
She detailed other cost cutting measures being taken by the government to reduce wastage including the reduction of government spending on advertising and freezing all hiring and contractual agreements in ministries.
Persad-Bissessar said the government was also working on repealing property tax and was planning on bringing the CLICO report to parliament.
She said, “That CLICO report will be laid in parliament. I think it was really intolerable that the (previous) government hid that report from the parliament and therefore the people of Trinidad and Tobago.”
Persad- Bissessar added, “That was one of the greatest economic meltdowns that we have had, and we deserve to know, when, where, how and what recommendations there are to prevent such contagion from taking place in our economy.”
She sought to assure the public that while the current economic situation of the country may not look so good, she and her team were going to “fix it.”
Persad-Bissessar said, “I want you all to understand everything will be alright with regard to our country’s finances. I give you the assurance again we will fix it, we will do everything humanly possible to fix it.”
