Imbert must seize the day

THE NATIONAL Awards have been put off and that is fitting, because in a pandemic it is hard to celebrate.

But unlike the awards, Finance Minister Colm Imbert must soon unveil the budget.

The Prime Minister has already given hints.

“The last lockdown cost us billions,” said Dr Rowley last month. “If we have to go back to another lockdown such billions are not available.”

In April, Mr Imbert told the House the budget deficit had tripled from $5.3 billion to $15.5 billion. A great proportion of that was lost revenue due to soft economic activity.

The backdrop was not just covid19. There was a dramatic slump in oil prices too.

Even before 2020, things were not looking rosy. Annual revenues were not ideal while deficits remained substantial, though the Government touted turning the economy around even as businesses, workers and the newly-unemployed grumbled.

Mr Imbert’s budget needs to inspire. It cannot be a rehash.

It must spell out a bold, persuasive vision for the transformation of the economy. In other words, it needs to diverge dramatically from presentations past and go where no budget has gone before.

Because of the general election, a lot of the details may have already been fixed in stone even before Mr Imbert took his oath and returned to his ministry. The resultant measures may well bear a cautious tone.

The presentation, however, cannot be old hat. There is a time and place for blaming past governments. Having been five years in office imposes a particular duty on the Government to tailor something specifically for this historic moment. The minister must seize the day.

This is not a moment for a stale repeat of the diluted and somewhat unfocused approach seen in the recent Tobago House of Assembly budget.

No one denies there is cause for doom and gloom. While we take hope in the public health measures adopted this week, which could assist a return to steady commercial activity, the minister will have to temper expectations.

Either way, he needs to boost consumer confidence.

One way Mr Imbert could balance things is by introducing truly innovative budget processes.

If Parliament declines to hold a virtual sitting or debate – why must MPs be present in a chamber to hear one speaker, then leave? – at the very least heightened participation should be encouraged through digital channels.

We agree that economic diversification, energy-sector reform, digital transformation, national security, ease of doing business and debt management should be priorities, as stated this week by commercial chambers.

But there is clearly need for emphasis on the social safety net and education.

In these areas in particular, the budget must go brave.