While the Government is now in a position to pay contractors, they must bring documentary evidence in order to get payment, says Finance Minister Winston Dookeran. Dookeran made the point yesterday, while piloting the Finance Bill in the Senate. This validates measures in the 2011 budget. He said in the last four months, the Government had spent about $2.7 billion in meeting contractors' claims.
"They're claiming it is much more, we're saying: sure, let us have the invoices that are properly supportive," he added. Without naming names, Dookeran was also critical of "heart-wrenching" moves via the media by special interest groups who, he said, did not want to share in "the national sacrifice." Adding that the Opposition PNM was also part of that group which was in a "state of denial," Dookeran said: "This is the moment of truth-moving T&T from where it was to where it has to be and we shall do it with or without the support of those self interest groups that want to derail the economic life of T&T." Dookeran also said the Government was working with the Caribbean Development Bank-from today-to formulate plans to assist neighbouring regional states.
He said the Caribbean Petroleum Fund set up by the PNM administration was funded by T&T only.
That held more than $1.7 billion from which $1.6 billion was withdrawn, leaving $65 million only, he added. Dookeran said the Government had spoken to the CDB to be the pivot platform in the issue and provide definite openings and economic financing for islands. He said this was needed since islands were under great stress and since the regional market was important for T&T. Rebuilding the resilience of the region was needed, he added.
A CDB team would be in T&T from today on the issue, Dookeran said. He said the CDB also held $50 million for the Clico issue which was put into force since July 2009. He added that he was "now aware" of the $50 million. Dookeran also said he had recently asked for a performance audit of the rapid rail project (projected by the PNM), but no information to substantiate the project could be found. He said he could supply a performance appraisal that was done on the use of the funding available. Dookeran said: "When the matter came to me for extension, I requested a performance audit on what was done and when I realised what was done could not justify the expenditure, I was caught in a position where I had to extend this loan which I knew was a loan that had produced nothing in T&T."
He said the Government, however, had to bear the costs of initial work on the plan. Dookeran said T&T's economy was now in a stable position, and while T&T was not out of the woods yet, it was beginning to see some of the "light ahead," and over the next year this would be evident. But, he said, T&T was still in a period of uncertainty regarding the world economy. Dookeran said it had been an uphill track for the T&T economy, since restoring the financial balance was critical in current financial times. He said, however, that T&T's systems got a nod of approval recently from two missions, including the IDB.
From the initial position of deficit, he said, there was now a balance of surpluses. Dookeran said six months after taking office, "we're now seeing trends change." He said the Heritage and Stabilisation Fund, for instance, now stood at US$3.6 billion.