By Sylvester Peter Ramquar

The Governor of the Central Bank, Mr. Ewart Williams indicted the PNM Government led by Patrick Manning for the Social and infrastructural deficiencies, for bad planning and economic mismanagement, when he addressed the South Trinidad Chamber of Industry and Commerce at the Petroleum Conference at Hilton Hotel on Monday, February 6, 2006.

Mr. Williams expressed serious concern for the Capital Flight and for what he termed “unidentified capital outflows”. How could he not know when there are certain procedures in place to identify all purchases of foreign exchange? The Central Bank Governor pointed out that the Foreign Exchange demand increased from $25M Dollars to $110M Dollars for the month of January. He further pointed out that consumer imports within one (1) year increased by 30%. In fact, Governor Williams, in his address, only confirmed what we on the Finance Forum had been saying on our programme “Good Morning T&T” on 97.5 FM. for the last six (6) months.

His statement with reference to our gas and oil resources was clearly damming to the Manning Regime. He pointed out, that needed at this time was “good planning and economic management”. The lack of planning has become the norm under the PNM rule. One will recall that during the first oil boom the Chairman of almost everything in Trinidad and Tobago, Professor Ken Julien, pointed out in one of his public lectures that “planning had lost its mystiques”, which resulted in billion of Dollars from the first Oil Boom being spent with little or nothing to show for it.

We the Citizens were forced to suffer and carry the burden of adjustment because of their reckless behaviour when they sought assistance from the IMF to rescue us from PNM squandermania. With almost $100 Billion Dollars being spent by this regime without any serious planning, during their present term, we are now reaping the whirlwind and are forced to inject $106Million Dollars in two (2) days to avoid the depreciation or devaluation of the TT Dollar.

The Governor of the Central Bank criticized the PNM when he pointed out the “social and infrastructural deficiencies” we face in Trinidad & and Tobago which can be manifested almost on a daily basis and can be seen when one examines the proposed action taken by our citizens of burning tyres, blocking the roads throughout the length and breath of Trinidad and Tobago from Sangre Grande to Point Fortin from East Port of Spain to Tabaquite. When the people complain about the lack of infrastructure they are faced with baton, tear gas and rubber bullets.

The Governor of the Central Bank, Mr. Ewart Williams expressed concern for what seems to be the reckless squander mania of the natural patrimony when he pointed out that we need to “find the correct balance between spending and saving the energy windfall”. Clearly, the Governor of the Central Bank was questioning the economic policies of the present regime who was throwing away money as if it was going out of style. CEPP and URP and the Tsunami Shelter to be situated in Marabella are clear indication that this Government is not concerned about saving; but eat, drink and be merry. You collect money on Friday, spend all on wine, women and song; and on Monday morning, beg for money to travel to work. To me the biggest indictment was when he chided the PNM Government for “the non-energy fiscal deficit at its current level of 13% of GDP”, which he strongly condemned as “unsustainable” and demanded that “it should be reduced”.

Citizens of Trinidad and Tobago, we are facing with another period where hundreds and billions of dollars of our God given patrimony will be feted away and our citizens continue to squalor in poverty. The evidence is clear for all to see. 40% of our people live below the poverty line with less than $12.60 per day and 21% of them with less than $6.30 per day to live on. The devaluation of the dollar. Food prices increased by 26%, vegetables by 72%, electricity increase by 73%. Trinidad and Tobago is fast becoming a police state.

It is clear, the writing is on the wall, this country is on the verge of an economic collapse. As a people, could we allow this gross mismanagement of our economy to continue?. The responsibility to serve Trinidad and Tobago is in your hand!.