By Sue-Ann Wayow
THE US$644 million from the International Monetary Fund (IMF) Special Drawing Rights which increases the Foreign Exchange holdings to US$7 billion is nothing to boast about from Finance Minister Colm Imbert.
Member of Parliament for Oropouche West Davendranath Tancoo said that Imbert continued to engage in “statistical conmanship” even though in 2015 he met $11 billion in roreign Reserves, which has now dwindled to half that amount in 2021.
In a statement on Wednesday, Tancoo said, “This figure means that despite several drawdowns from the HSF (Heritage and Stabalisation Fund) , he has not created the enabling environment to attract foreign direct investment.”
He continued, “Imbert refuses to acknowledge his failures and the fact that the FDI has fallen as well as foreign reserves from $11 billion to $7 billion in 2021. This is nothing to celebrate as the impotence and incompetence of the Minister of Finance to manage the economy has resulted in the economy contracting by $25 billion under his tenure.”
Tancoo added that Imbert by his decisions continued to sabotage the economy and the situation will only worsen.
See related story below:
