Subhas: TT not out of the woods

Stockbroker and former independent senator Subhas Ramkhelawan says the 2018-2019 budget is “an improvement” from the 2017 fiscal package.

Speaking to Newsday, Ramkhelawan said: “We are not out of the woods yet. But it is an improvement because our key energy driver– gas and oil have been kind to us.”

He said on the oil side, there was a deterioration in production output but a significant improvement in price.

“So, all in all, my take is that it is a budget that has shown improvement and that, I think, is a positive for the country.”

Ramkhelawan, founder and managing director of Bourse Securities Ltd, added: “I am not speaking about the specific initiatives because one of those initiatives, the increase in fuel price, will have some sort of negative impact on the economy in terms of spiralling down.

“But it was a good move to focus on the super rather than the diesel which is more heavily aligned towards transportation of goods as well as mass transportation.” Ramkhelawan admitted he was concerned about fuel prices and its impact on average citizens, given the impending closure of Petrotrin.

“It was one of the areas I was a bit concerned about and I think he (Finance Minister Colm Imbert) addressed it well in giving some sort of support while at the same time, not allowing the price to be fixed at what it was last year.

“That would be useful in keeping the economy from heading into some sort of spiral downwards in terms of transportation.”