Ramnarine: TT economy like Venezuela's

FORMER energy minister Kevin Ramnarine said TT has one of the worst performing economies in the world.

He was speaking on Thursday night during a UNC virtual campaign meeting.

He said the main issue in the general election was the state of the economy and its future. He pointed out that the economy last grew in 2015 (by 1.8 per cent) and that was under the Kamla Persad-Bissessar administration.

He said the economy declined 12.75 per cent in the last five years.

"This is one of the worst performing economies in the world. We are in company with Venezuela, Libya, Yemen, Lebanon and Puerto Rico which was devastated by a hurricane."

Ramnarine said under the leadership of Finance Minister Colm Imbert there has been the strangulation of the private sector with taxes while Persad-Bissessar was promising relief from corporation tax and to removes taxes.

He said the Petrotrin refinery was now dark and eight of the 20 plants at Point Lisas had closed. On Petrotrin he said that the party spoke to retirees about the issues of their medical plan which expires on November 2020 and their pension plan. He added that a UNC government will take action to save the lives and livelihoods of the pensioners.

He reported that, between 2015 to the present, barrels of oil went down 28 per cent from 78,600 to 56,700 barrels per day and natural gas declined ten per cent from 3.84 to 3.44 bcf. He added the energy situation would have been a lot worse if the former Cabinet had not provided incentives for exploration.

Ramnarine said in 2015 the previous administration turned the sod for a new methanol plant in La Brea but now methanol plants were being closed. He reported that foreign reserves dropped from $10.8 billion in May 2015 to $6.9 billion in May 2020 and about $3 billion was borrowed money.

He said despite Energy Minister Franklin Khan recent statements that the energy sector was "alive and kicking" he had not given out a square inch of acreage for exploration in five years.

Ramnarine said that while the Government blamed the closure of plants on covid19 it was just a "go to excuse" for the misery in the energy sector and the wider economy. He also spoke of the role of political intrusion with the National Gas Company and suppliers, and pointed out that officials at Proban, Yara and Nutrien have all cited how expensive natural gas in TT has been in the last two years.

He said the PNM plan was "rain dance economics" as they hoped for a turnaround in oil and natural gas which they have been waiting for the last five years. He added that the economic pain because of the policies of the Finance Minister were being treated by the unsustainable "painkillers" of borrowing and draining the Heritage and Stabilisation Fund.

UNC candidate for Laventille West Rodney Stowe said for many years his constituency has been neglected under this administration.

"Years of bitterness and no remorse."

He said there were no social programmes in the community centres, terrible roads, poor drainage resulting in major landslips and poor street lighting. He noted the UNC was planning to set up an East Port of Spain steelpan manufacturing facility.

"This party recognises the need to continue culture."

He said biggest downfall of this Government was that there was no job creation.

UNC candidate for Arima Flora Singh said the constituency has had continued neglect and despite the former MP Anthony Garcia being the education minister the La Filette Primary School was abandoned and a new wing at the Arima Central Secondary was also abandoned. She added the best period for the constituency was between 2010-2015 (under the previous administration) and the projects included Mt Pleasant bridge, a new police station and starting the new hospital. She promised as the new MP she would continue the excellent work started under the last government and foster the resurgence of sport and culture.

"I am ready for less talk and more action."

UNC candidate for D'abadie/O'Meara Maurice Hoyte said he would focus on education and entrepreneurship.