Tobago chamber: Trinidad and Tobago not in good place

CHAIRMAN of the Tobago Business Chamber Martin George is calling for an economic roadmap towards a sustained fiscal recovery for the country.

In a WhatsApp video on June 19, George said the reality was that Trinidad and Tobago was not in a good place. He made the statement following the mid-year review presented in Parliament on June 18 by Finance Minister Davendranath Tancoo.

The government, George said, has recognised that and is now telling of the true state of the economy.

"We need to see how we are able to navigate our way out of this crisis because that's what true leadership gives – not only are you able to identify the problem but you are also able to put together a package of solutions."

He said the current foreign exchange (forex) crisis remained a challenge, noting the chamber continued to call for an immediate solution to address that.

"To do that, you must immediately repeal that foreign investment act which has crippled the direct foreign investment into Tobago. I have been calling for this for years. If we repeal that legislation and we invite persons to start doing direct foreign investment into Tobago, then you would see all the trickle downs and all the flows into the Trinidad economy also."

He said that would also vastly increase the flow and circulation of foreign exchange in TT, "it can also help to navigate us out of this current forex crisis."

Meantime, in bringing clarity to Tobago's allocation, THA Minority Leader Kelvon Morris said Tobago was to receive only $32 million in supplementary funding from the $3.143 billion government allocation.

"Just one per cent of the overall adjustment, or one cent of every additional dollar approved to be spent nationally."

He added: "The loan of $15 million USD – approximately $102 million TT – is a separate arrangement which the Tobago House of Assembly must repay from future allocations. This is by no means a gift, nor should it be portrayed as part of government support."

Efforts to contact the Tobago MPs via cellphone calls on June 19 were unsuccessful.