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  • 3 months ago
In leading off the Budget debate this morning Opposition Leader Penelope Beckles launched a scathing attack on Finance Minister Davendranath Tancoo's maiden budget, calling it a "con job on the people of Trinidad and Tobago." She says the fiscal plan is reckless, deceptive, and risks pushing the country toward the International Monetary Fund.
Transcript
00:00In a blistering response to Finance Minister Davindranath Tanku's fiscal package delivered on Monday,
00:06opposition leader Penelope Beckles minced no words as she tore into what she described as a deceptive and damaging budget.
00:15Cutting through the fluff, deceptive and flowery language, decepting this fake and fraudulent budget,
00:22so as to expose the harsh, stark reality of this con job to the people of Trinidad and Tobago.
00:29Beckles labelled the Finance Minister's maiden budget wild, scandalous and self-serving,
00:35accusing him of taking credit for PNM-led programmes.
00:40It gave no rationale for its myriad of harsh and oppressive backward measures.
00:44It provided no analysis of the economy and gave no plans for job creation or economic stimulation
00:52other than a pie in the sky for most childish rhetoric.
00:56It provided no hope or blueprint for the future.
01:01According to Beckles, the UNC has already revealed what she says would be its five-year record in just five months in office.
01:09This government in only five months has caused our economy to collapse and has brought pain, grief, victimisation and misery
01:18to the bulk of our population.
01:26Only the favoured few have benefited.
01:28The opposition leader also criticised what she called a lack of new revenue streams,
01:34saying the government's plan to raise $2 billion in 2026 rests on a draconian 100% tax increase on locally produced rum and beer.
01:45No government in the history of Trinidad and Tobago has imposed this level of punishment on ordinary people
01:52whose only relaxation is often the occasional drink on a Friday night after a hard week's work
01:58or a river line or at the beach on a weekend or at a gathering at a friend's home.
02:05Beckles also questioned the government's fiscal math,
02:08saying the projected deficit of $3.86 billion just doesn't add up.
02:14This government intends to borrow $18.9 million.
02:20$18.9 billion.
02:23$18.9 billion in fiscal 2026.
02:27This is $8 billion more in borrowing than in 2025.
02:33More shocking is that $10.8 billion out of this is foreign borrowing
02:38to be paid back with our precious foreign exchange.
02:43She claimed that approximately $5 billion in mandatory expenditure to service debt
02:49was quote-unquote deceitfully removed from the presentation.
02:53The true deficit in 2026 is likely to be closer to $10 billion.
03:04And this does not include the money of the 10% increase in salary for public servants,
03:08which if paid will push the 2026 deficit to over $11 billion,
03:15with another $5 billion looming in unpaid back pay.
03:19The opposition leader warned that the government's fiscal policies
03:22could lead Trinidad and Tobago straight to the doorstep of the International Monetary Fund.
03:28She went further, cautioning that the measures could pave the way for a devaluation of the TT dollar.
03:35We warned Mr. Speaker about the irresponsibility of their promises and the expectations they were creating.
03:43We specifically warned the country that the only way they can do this would be if they devalue the dollar.
03:49Almost 10 to 1.
03:52Mr. Speaker, watch them carefully because this is where they are taking us.
03:56Beckles cautioned government over a growing liquidity crisis already resulting in delayed salary and pension payments and spending freezes.
04:05She concluded by saying the administration's estimated termination of 50,000 workers is creating a humanitarian crisis,
04:14one that could trigger a $1.5 to $2 billion decline in GDP over the next year.
04:22That's what they would do.
04:24So stupid is that
04:25Convention should pay vacation into the United States to the capital of 10 to so,
04:28because this is an extension to trade in its 1990,
04:29so it can take us down to a number of data.
04:32Now in 2020, we said,
04:34we shall not let the
04:37kuopine are staying in the Solo 8,000 location.
04:39Let's pray theislate fund.
04:40So we allow
04:41you guys to pray.
04:42We shall have the one day.
04:43So we don't have to hold dear money because of course,
04:45a suspect could be elementos,
04:47how do I get the monster all really good for us?
04:49Since then the blood that we know
04:50has myейscola bank in the tutaj States to the property.
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