West: Paria accessed US $69 million from Central Bank facility

PARIA Fuel Trading accessed US $69 million from a Central Bank facility to cover its shortfall in foreign exchange, reported Minister in the Finance Ministry Allyson West.

She was responding to a question in the Senate Tuesday.

She said for the period December 2018 to May 2019 Paria Fuel Trading sourced its forex internally or through the commercial banks as the company was experiencing difficulty in obtaining the volumes of foreign exchange required for its operations. She reported that Government granted Paria access to the US dollar foreign exchange facility at the Central Bank.

"For the period June 2019-January 2020 Paria used the facility to access US $69 million to cover the shortfall in foreign exchange needed for the procurement of fuel supplies for the local fuel market."

Opposition Senator Wade Mark asked if Paria was in a position currently to generate its own foreign exchange. West said Paria is in the business of trading in energy products and forex needs vary based on the price of energy products at any particular time.

“So at some point it would be self-sufficient, and at other times it may need the support of Government to access foreign exchange.”

Mark asked if Paria was a loss-making entity at this point regarding its capacity to earn foreign exchange for the people of TT, but the Senate President did not allow the question.