00:00Confederation Chairman Vivek Charan says anticipation is high as the government prepares to unveil
00:07its fiscal package, describing it as a major first move of the current administration.
00:12Speaking on the morning edition, Charan notes that many needs were unmet under the previous
00:18government and there is now an expectation that the current government will address them.
00:24When we look at what are ones in the budget, I really have to go towards what some of the
00:29member chambers of the Confederation have wanted. One of them is the Maritime Association,
00:35which, you know, have been working for a very, very long time, Jesse James and these guys,
00:39asking for a digital first clearance system for yachties, which is something that we have in
00:45Grenada, which for some reason we cannot get off the ground in Trinidad. Charan adds that banks'
00:52decisions to slash credit card limits by 50%, including corporate cards, has resulted in
00:59panic and forced sudden lifestyle changes. He describes the move as a bitter medicine
01:05to swallow, but says he remains cautiously optimistic that brighter days lie ahead.
01:12Looking at it in terms of the glass is half full, what I would hope is that by cutting credit
01:21cards by the credit card limit by 50%, the bank now has 50% more ability, in a sense, right,
01:31to provide forex through the bank directly, in which case cutting the credit card limit means
01:40that they're going to take on more responsibility upon themselves for the distribution of forex.
01:45Charan hopes the business community will have the opportunity to engage with government
01:51on strategies to retain foreign exchange within the country and a boost foreign exchange generation.
01:58There are many inefficiencies on the ground. There are many bottlenecks on the ground.
02:01And I would hope that the government would have discussions with us and we can point out
02:06what some of these bottlenecks are.
02:07Nicole M. Romany, TV6 News.
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