Finance Secretary: Forex an issue in Tobago

THA Secretary of Finance and the Economy Joel Jack has admitted to having received several reports of a lack of foreign exchange on the island.

Jack said several importers and manufacturers whose products are sold on the local market have told him the shortage is constricting operations and growth in the business community and has led to the closure of several businesses.

He said he is trying to address the situation and spoke with Minister of Trade and Industry Paula Gopee-Scoon during her recent visit to the island.

“I have also been in discussions with the Minister of Finance on this. As you know, the government has established a window through the Exim Bank and recently some funds were provided to provide support for businesspersons wishing to import for critical sectors.”

He said he was committed to continuing discussions “to ensure that Tobago’s businesses can be included in the forex queue and that they can also be considered.

"A very important point that I made is that once we don’t have the level of exports as we did in the past, from, primarily, the energy sector, this will be a challenge that we continue to grapple with, and nationally, both the Minister of Finance and myself, we would continue to work on it in this regard.”

He said it had also been raised in a previous meeting with the governor of the Central Bank.

“Prior to the pandemic, we indicated that Tobago was an earner of forex, given the fact that our international tourist arrivals. We were seeking to have the data in terms of the forex deposited or generated within the Tobago context and to ensure that that forex remains on the island to serve the Tobago business community.

"So we are looking at it and we’re addressing the issue.”