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Wednesday, 15 June 2016 18:22

Imbert again defends HSF withdrawal

Written by C News
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Government will be looking to borrow money from other countries and that process should begin next month.

This, from Finance Minister Colm Imbert as he sought to explain the decision to draw $2 .5 billion from the Heritage and Stabilisation Fund.

Speaking at a Public Meeting in St. Joseph on Tuesday night, he said when the People's Partnership was in government, its debt increased from $45 billion to $70 billion, putting them in a position now to have to borrow to pay wages among other things.

"As part of our planned borrowing programme, we intend to go and raise some much needed US dollars in the overseas markets, in North America in particular, so that we can put some US into our foreign reserves and we would be able to have the kind of buffers we need to run this country."

Minister Imbert went on to explain why the government went into the Heritage and Stabilisation Fund to draw down TT$2.5 billion.

He said government had reached the maximum overdraft amount for the month of May, therefore it couldn't conduct any business.

"The shortfall was 40% for 2015 so we say fine. So from October 2015 we could have dipped and drawn down from the Stabilisation Fund because that is what it is there for. It is for the following year."

Minister Imbert noted government had the option of taking $4.5 billion but settled for the lesser amount.

"We looked at what we think will carry us until we start to get revenue coming in at the end of June. We in May eh, so we know that tax revenue coming in in June. So we say let's see what we can take to carry us and keep the overdraft well below the limit so that we won't have any problems and out of the $4.5 billion that we are entitled to draw down, we drew down $2.5 billion Trinidad and Tobago dollars."

Minister Imbert assured government knows what it's doing with the management of the country.

Read 449 times Last modified on Tuesday, 21 June 2016 09:17
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