The Government must now budget with a price of crude at US$45 a barrel. Not to do so would bring tears to thousands of citizens with mortgage, debt and investments.Knowing that oil fluctuated from $13 to $110, the budget should have been balanced, but greedy politicians can be predicted like the prevailing winds.
Secondly the bailout of Clico, except for the $75,000 offer, should not have taken place. Even now the Government must drastically cut payouts claiming inability with oil at half of price when commitment made. This could begin in one year, avoiding shock treatment.
The Government should expedite the growth of agriculture, tourism and entrepreneurial industries. Partnership with foreign agricultural companies should be sought because the local industries like sugar have failed repeatedly with corruption, inefficiency and government interference.
All contracts by government greater than $10,000 should be scrutinised by a business, legislative and people-permanent committees, for the greatest loss in the budget is from corruption–the oxygen of politicians.Saudi Arabia produces oil at $10 to $15 a barrel. It is trying to destroy American oil industries to preserve its monopoly on cartel mafia price oil, so we may have to wait for some years for oil to resume $100 .The people and government must be prudent. Carnival expenditures should be limited.
Roopnarine Singh, MD,