IMF WON'T MANAGE T&T'S FOREX, SAYS GOV'T

CCNTV6

An Opposition M-P says that the legal fees the State pays to its attorneys in the U.S and the U.K. "is where all the foreign exchange is going."  Last week, the Finance Minister said the importation of motor cars is one of the largest consumers of foreign exchange in this country.  And today, the Finance Minister declared the IMF managing and controlling the distribution by the Central Bank of the Government's foreign exchange "will not happen under" the Government's watch.  Juhel Browne reports.

Transcript

00:00Speaking with TV6 News via telephone on Tuesday, Orupuj East MP Dr. Rudan Munilal

00:05made reference to the issue of foreign exchange after the Privy Council ruled

00:10that the state-owned Estate Management and Business Development Company Limited

00:14must pay an outstanding sum of TT $82.8 million to Junior Sammy Contractors

00:21Limited for works carried out on a project.

00:24I call upon the EMBDC and the Ministry of Finance immediately to disclose the fees paid

00:32and monies expended in this outrageous and really scandalous matter of the EMBDC.

00:39Dr. Munilal was referring to the fees the state paid to its attorneys outside of Trinidad and Tobago.

00:46In a country where, as you know, there's a crisis of foreign exchange today,

00:50a businessman cannot get 200 US dollars in the bank.

00:55And this money paid to lawyers and firms in Miami and in London,

01:00they were paid fees in foreign currency.

01:03They were paid in British pounds and US dollars.

01:06And that is where all the foreign exchange is going from this country,

01:10rather than to help small business, to help the manufacturing sector, to, you know, to propel the economy.

01:16Last week, Finance Minister Colm Imbert told the Senate

01:20that the importation of motor cars is one of the largest consumers of foreign exchange in Trinidad and Tobago.

01:26And in an apparent response to a front-page article in the Express newspaper on Tuesday,

01:32Finance Minister Imbert declared on the social media platform X

01:36that Trinidad and Tobago's, quote,

01:38Ex-Im Bank was established to facilitate the growth and expansion of our export

01:43and manufacturing sectors to enhance our foreign exchange earnings and create employment

01:49through assistance to our exporting companies

01:52and not to facilitate wholesalers of imported finished goods.

01:56End quote. On Tuesday, the Express reported that the owner

01:59and founder of Ramsaran Dairy Products wrote to the International Monetary Fund,

02:04the IMF, just over a week ago on October 18th,

02:08calling on the IMF to intervene in what he also called Trinidad and Tobago's foreign exchange of forex crisis

02:15and hold the government to account for what he described as its lack of transparency,

02:21which is severely affecting businesses.

02:24The Express also reported that in subsequent letters,

02:27the business owner also wrote to the Auditor General requesting urgent action

02:31and to the central bank governor asking for information on forex distribution.

02:38Finance Minister Imbert said on X that,

02:39quote, the Express is facilitating a campaign of economic destruction

02:44that the IMF should manage and control the distribution by the central bank of the government's foreign exchange

02:52that will not happen under our watch since it would lead to instant devaluation and massive inflation.

02:59End quote. In his latest post on X,

03:02Finance Minister Imbert said he checked with the Ex-Im Bank on Tuesday and he,

03:07quote, was told that the businessman the paper is promoting has never applied

03:12to the Ex-Im Bank for access to foreign exchange.

03:16Never. End quote.

03:18Jule Brown, TV6 News.

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