UNC unimpressed by $2.35b deposit into HSF for 2022

THE Opposition does not think that over $2 billion being deposited into the Heritage and Stabilisation Fund (HSF) for 2022 is worth boasting about as the government is just obeying the law.

In a Twitter post on Thursday morning, Finance Minister Colm Imbert said the government deposited $1.23 billion into the HSF on December 23, "preserving wealth for future generations in TT."

This, he said, brought the total deposits for the year to $2.35 billion.

When asked where the funds came from, Imbert said "higher than estimated revenues from petroleum."

Asked about this by Newsday during a press conference in Port of Spain on Thursday, Opposition Senator Wade Mark said the HSF Act includes "a formula," which says that once crude oil is budgeted for, "once it comes above the level that you budgeted for, there's a time frame at which you have to adhere to to make that sum of money in excess that you have budgeted for and put it (in the HSF).

"Legally, he's bound by law to place into the HSF that excess sum of money that he would have gained as a result of higher oil prices."

Opposition MP Dr Roodal Moonilal said Imbert is "seeking to boast about following the law.

"He's not doing anything special. This is not kindness, this is not a favour."

Instead, Moonilal said, Imbert should tell the country he withdrew US$900 million from the HSF in fiscal 2021.

"Now he boasting that he's depositing...If he doesn't do that, he's breaking the law.

"There's no need to go and put up a poster on a website and say you're putting money into the HSF."