Finance Minister Colm Imbert’s 2019 Budget on Monday can’t simply state T&T is in for “good times” because of the increase in gas production and revenue from this since reports on the situation show every local sector apart from gas is in steep decline, says Opposition MP Dr Bhoe Tewarie.
“Increased gas production and revenue from that alone doesn’t indicate any good news for T&T in light of prevailing circumstances and reports available on our situation, including from Central Bank,” Tewarie further told reporters after yesterday’s launch of the Fourth session of Parliament.
Imbert refused appeals to speak to reporters. His 2019 Budget presentation at 1.30 pm on Monday is the first order of business for the new session.
It’s the Prime Minister Dr Keith Rowley administration’s fourth Budget after the 2018 Budget of $50.5 billion. Since assuming office amid oil price lows, the administration has focused on austerity, cost cutting and increased revenue-streaming budgets.
Tewarie yesterday expressed concerns about any “good times” (or similar) theme for the 2019 Budget, based on the recent International Monetary Fund report on T&T projecting certain growth.
He explained, “The fact that the report has only one line on Petrotrin means therefore that none of the numbers used by the IMF in their report takes into account the impact of the Petrotrin refinery closure and the consequences of Government’s decisions about Petrotrin.
“Also, if the numbers are wrong and the Petrotrin decision is going to affect the numbers adversely, then the one per cent growth projected for 2018 isn’t likely to emerge and we’re likely, in fact, to be in minus numbers as far as growth is concerned for 2018. I also note that the numbers in the IMF’s report are 2017 numbers by and large.
“.... So I hope the Minister won’t come to the country and tell us he can ‘see clearly now’ or some modification of that.”
Commenting on Rowley’s alert to members on Wednesday that general election preparations begin early next year, Tewarie said, “It was a move to stave off a call for elections. If you’re saying ‘prepare for elections’, there’s no sense others calling for it.”
Yesterday’s launch of the Fourth session was short, with largely silence among MPs. While PNM MPs headed by Rowley were present, Opposition Leader Kamla Persad-Bissessar was absent, as were Opposition MPs Roodal Moonilal, Ganga Singh and Prakash Ramadhar. Brief business involved referring proposed legislation on Tobago self-government, the Cybercrime Bill, Gambling/Gaming bill, Revenue Authority bill and Tax Information Exchange (Global Forum) bill to Joint Select committees, reporting back by December 31.