Opposition MP Rushton Paray has expressed deep concern over what he described as the Government’s continued neglect of the difficulty in accessing foreign exchange (forex).
The Mayaro MP is one of five UNC MPs calling for the party’s national executive elections to be held in June when it is due. Paray, who confirmed his interest in the leadership of the UNC, has said that if called, he would lead. Since his announcement, he has been at odds with the UNC’s political leader Kamla Persad-Bissessar.
Yesterday, in a statement to the media, he moved away from internal issues in the UNC to address what he said was the “forex crisis.”
Paray said recent remarks by Omar Hadeed, the chief executive officer of First Retail Inc, highlight the worsening situation faced by businesses due to forex constraints, with companies struggling to obtain adequate forex for operations, is concerning.
He said if larger entities like First Retail Inc are facing challenges due to foreign exchange issues, then small and medium-sized enterprises (SMEs) are undoubtedly experiencing severe hardships. He added SMEs constitute approximately 75 per cent of the private economy, and their survival is critical to preventing economic collapse.
“It is alarming that despite clear signals of distress from businesses like First Retail Inc, the (Dr Keith) Rowley Government continues to ignore the alarm bells of the growing forex crisis. The inability to access foreign exchange is crippling businesses across the board, and if SMEs fail, we’re heading towards an economic disaster,” Paray explained.
Paray called on Government, “to move beyond mere public relations efforts and enact real policy measures to address the forex crisis.” He emphasised the urgent need for tangible solutions that prioritise the needs of businesses, especially SMEs, to ensure economic sustainability and facilitate easier foreign exchange access.