Imbert knocks financial 'gurus'

FINANCE Minister Colm Imbert on Monday criticised financial "gurus" who claimed Standard and Poor's (S&P) latest economic outlook for TT was bad news. In his Twitter feed, Imbert said: " A person in the ICU has to stabilise first before he can recover. The same logic applies to the economy after the collapse of oil prices in 2014.

"We have to walk before we can run."

Imbert said the country's financial "gurus" should remember this and "also admit that TT is still investment grade."

Last Wednesday, Imbert noted S&P had lowered TT's credit rating by one level from BBB+ to BBB, and had upgraded the outlook from negative to stable.

BBB is still an investment grade rating but TT is still two levels into the S&P investment scale grade.

Imbert said the ratings reflected TT's solid level of government financial assets that "mitigate the effect of economic performance cycles on TT's fiscal and external performance."

This morning, former energy minister Kevin Ramnarine, responding to questions, claimed TT was heading towards a recessionary environment if natural gas and oil production are declining.

Ramnarine suggested an adjustment of the country's oil and gas fiscal regime. Last week, TT Chamber of Industry and Commerce CEO Gabriel Faria said it is important for Government, business and labour to work together to move the outlook from stable to positive.

Former government minister Mariano Browne and economist Dr Vaalmiki Arjoon did not share the Prime Minister or Imbert's optimism about the S&P outlook.