00:00 While the government runs deficit budgets, there are many in this country whose accounts
00:05 are in surplus.
00:07 It's the observation of Prime Minister Dr Keith Rowley who believes these idle resources
00:12 can be put to better use for the benefit of all.
00:15 Even as the Minister of Finance is telling you that the overdraft is up to 80% and 90%,
00:20 there are people in this country with significant cash reserves in the banks of this country.
00:27 Money sitting in the bank belonging to A, B, C or D is not helping us.
00:33 But if that money is put to work on projects, it creates a multiplier effect and is put
00:39 to work.
00:40 It doesn't matter who owns it.
00:43 It is not only the government that owns money in this country.
00:46 As a matter of fact, I'm going to take a guess here because I haven't read the documents
00:50 on that for a little while, I'm sure the private sector owns much more money in this country
00:53 than the government.
00:55 And many of them make significant profits every year.
01:00 And you ask yourself, really, what do they do with those profits?
01:05 Dr Rowley notes that over the last several years, his administration has undertaken several
01:10 developmental projects in the capital city alone, including the Parliament Building,
01:17 Government Campus Plaza, the new central block at Port of Spain General Hospital, the new
01:21 Ministry of Health building, the assessment center and temporary shelter facility.
01:27 And only today turned the sod for the Ministry of Social Development's new headquarters,
01:32 with sod turnings for new quarters for the EBC and the Ministry of Housing scheduled
01:38 in the near future.
01:39 Dr Rowley stresses that substantial sums of money are being and will be saved by the state
01:45 no longer having to pay rent to house these facilities.
01:49 That ministry itself is in rental premises, substandard as it might be.
01:55 I know it personally.
01:56 I used to be minister of housing there.
01:59 We are paying half a million dollars a month in rent with no car park.
02:03 But while many in the said private sector no longer have the status tenants in many
02:07 instances, the prime minister says with partnership, the opportunities are many.
02:13 Very soon in Port of Spain on Memorial Park, Udicot is currently working on proposals for
02:20 improvement of Memorial Park South for high end occupancy, for sale to the public.
02:32 I expect there will be a tremendous response to that.
02:36 You go and find the finance.
02:39 We'll agree on the terms because finance is not free.
02:44 Find the finance.
02:45 We'll examine the terms.
02:47 You will finance the construction.
02:50 You will hand over the complete building to the government after the government would
02:54 have paid you in increments over 15 years.
02:58 And after 15 years, the cost of constructing the building by the private sector would have
03:03 been amortized and the government gets the building for a dollar and owns it going on
03:08 for many decades after that.
03:10 The prime minister says in spite of the state's limited finances, the government remains the
03:14 largest driver of economic development and as such, if it were to withdraw, this country
03:20 would face economic contraction.
03:23 Renessa Cutting, TV6 News.
03:25 [BLANK_AUDIO]
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