Kamla: PNM's high withdrawals from HSF 'undermined its purpose'

OPPOSITION Leader Kamla Persad-Bissessar believes the government's withdrawal of US$1.9 billion from the Heritage and Stabilisation Fund (HSF) since it assumed office has "undermined its purpose."

She said this in a press release on Monday afternoon.

Saying the fund's resources have been depleted under the PNM, Persad-Bissessar said government's withdrawals stand "in stark contrast to the previous UNC-led government which diligently followed the law governing the HSF and contributed to its growth."

She added, "It is important to note that my UNC-led government, in accordance with the law, made deposits to the HSF whenever surplus revenues from petroleum were generated. Under my UNC government, TT recorded the highest foreign reserves in our history. This has been consistently depleted since the UNC demitted office in 2015."

She also spoke of the HSF's 2022 annual report which showed a loss of US$913.5 million as at September 2022.

Finance Minister Colm Imbert has since said that as of June 9, there has been an increase of US$754 million
.

Persad-Bissessar said the loss shows incompetence and negligence by the government.

"This government has collapsed and is trying to wastefully spend as much as it can before they demit office," she said.

"The government's failure to protect the HSF, which represents the savings of our nation is a grave dereliction of duty.

"The fact that the incompetent Ewart Williams (HSF chairman) presided over this historic loss is not surprising...He sat in the Central Bank and looked on...while the CL Financial group imploded and thousands of citizens suffered losses. Only the Rowley government could reward such incompetence and uselessness with a promotion."

She added that the government seeks praise for "sunshine" but "recuses itself from blame when there is a rainy day."