00:00 The issue of foreign exchange is not an increase in demand of online shoppers.
00:06 It is not as a result of this drastic increase in the requirement of foreign exchange for raw materials to increase manufacturing in this country.
00:18 Senator Damian Ryder during the opposition's media conference on Wednesday,
00:22 as he responded to statements made by Finance Minister Colm Imbott in a media release on Sunday.
00:27 The Finance Minister said that among the several reasons for the increased demand of foreign exchange in Trinidad and Tobago
00:34 is the growth in the economy and an explosion in online shopping over the last several years,
00:40 which is driving up the usage of US dollar-dominated credit cards.
00:44 Our current shortage is due to a collapse of supply of foreign exchange.
00:51 A collapse in foreign exchange revenues coming into our country brought about by people's national movement incompetence in government.
01:02 Senator Ryder pointed out one particular policy of the government, which he called a pivotal moment.
01:07 I'll remind you, but it was the closure of the PetroTrain refinery.
01:12 This was a national asset that was earning upwards of over US $350 million in revenue per annum until its closure, Senator Mark.
01:24 This is a proven revenue earner for the Trinidad and Tobago economy, a regular foreign exchange earner wiped out by the PNM.
01:34 During last week's post-Cabinet media conference,
01:37 Prime Minister Dr Keith Rowley said the government's decision to close down the oil refinery at Pointe-a-Pierre
01:42 was examined during the Cabinet's working retreat.
01:45 The Prime Minister said that in August of 2018, there was a check to be written for US$820 million,
01:52 which the government did not have and which the then PetroTrain could not service.
01:57 And you could imagine, if we didn't go as far as default, what about downgrade?
02:04 Because if you have a debt that you can't service like that, or you're struggling with, who's going to lend you money?
02:11 The Prime Minister defended the government's decision to close down the refinery, which it has yet to lease or sell.
02:17 He recalled the one option then being suggested to the government was to devalue the Trinidad and Tobago dollar.
02:23 But it wasn't going to give us a single additional US dollar.
02:28 But of course, the book like this that you were buying for $5, before the devaluation, the same book will cost $12.
02:36 And you think you're better off?
02:38 Senator Leiter said the nation's current foreign exchange dilemma is not affecting the multinationals and large conglomerates that operate locally.
02:47 They are the ones that are getting preference today for US dollars in the banks.
02:53 When they're getting millions of dollars in foreign exchange from the banks,
02:59 it is the small, micro, and medium enterprises in this country that will continue to feel that squeeze.
03:06 Jule Brown, TV6 News.
03:09 [BLANK_AUDIO]
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