Chamber: TT living beyond its means

PRESIDENT of the TT Chamber of Industry and Commerce Reyaz Ahamad said one of the takeaways from Monday’s Spotlight on the Budget and the Economy 2021 is that TT has been living beyond its means in some cases.

Ahamad told Newsday given the present economic situation in TT Government took a bold position to try to give the public a clear indication of what the country was facing and present the economic information at hand. He said some of what was presented was known, such as the oil and gas situation, forex issues and most importantly the effects of covid19 on the economy. He also said some direct statements were made, such as that there would be no devaluation of the economy.

“However it is clear (the Finance Minister) indicated that in some cases we have been living beyond our means and there is a need for some tough decisions.”

He said the Prime Minister indicated some of the priority areas which Government needs to focus on. He also noted there was a promise there would be something in the budget for manufacturers and that people who are forex earners would receive something.

“I found the session beneficial and informative.”

Ahamad said the population needs to understand the economic environment the country is in, and he cited the announcement Tuesday by Caribbean Airlines that the company would be letting go staff.

“Everyone has been affected (by the covid19 pandemic) and will continue to be affected until the situation regularises. “