00:11President of the Trinidad and Tobago Coalition of Services Industries, Diane Joseph, says
00:18as TNT navigates a complex economic environment, leaders must focus on solutions to ensure
00:26the survival of local enterprises. Her comments follow statements from Finance Minister Davindranath
00:33Tanku, who attributed recent business closures to policies under the former People's National
00:39Movement Administration. In an email response to The Express, Joseph said, quote,
00:45It is a well-known fact that these economic challenges did not start today. It started
00:51several years ago. Therefore, our leaders may be in a good place if they move away from casting blame
00:59to one-out working together to ensure the best for our country, end quote. She added that business
01:07stakeholders are increasingly anxious over rising operating costs, ongoing foreign exchange shortages,
01:14and a visible trend of SME closures. The coalition is now calling for immediate government intervention
01:21including faster VAT refunds to improve liquidity for struggling firms, along with a more efficient
01:29public service and a fairer system for forex allocation. Joseph said, quote,
01:35Primary among these is the acceleration of outstanding VAT refunds to provide a critical injection of liquidity
01:43for struggling firms. Furthermore, we advocate for enhanced public service efficiency and a more equitable
01:51system for forex allocations. Small businesses require prioritized access to foreign exchange to
01:59maintain supply chains and prevent further starvation of the SME sector, end quote. While noting cautious
02:07optimism around upcoming gas projects such as the Dragon and Manatee Fields, she warned that these are
02:14medium-term solutions, with first gas not expected until 2027 or 2028. Meanwhile, the chairman of the
02:24Confederation of Regional Business Chambers, Vivek Charan, says recovery in the retail sector has remained
02:31slow since the COVID-19 pandemic. He expressed concern over what he described as a contraction among SMEs,
02:40noting that many family-run businesses are relying heavily on overdraft facilities to stay afloat.
02:48Charan also questioned the path forward for small businesses, pointing out that one year into the
02:54government's term, anxiety is growing as banks become less supportive. He is proposing the
03:01creation of an SME production finance ladder, allowing businesses to scale gradually rather than relying on
03:09traditional loan programs. Former Finance Minister Kalm Imbert is also weighing in, calling for a thorough
03:16assessment of the situation. In a post on X, he said, business owners have identified foreign exchange
03:23shortages, job losses, and reduced government spending as key factors behind the closures.
03:30For Shauna Pogu, for inside business.
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