MP Tancoo Rebuts Prime Minister’s Allegations, Blames PNM Government for Economic Decline and Adverse Business Climate
Responding to allegations by Prime Minister Keith Rowley that the Opposition was driving away foreign investors, UNC Chairman MP Dave Tancoo says that the Prime Minister’s statement was a feeble, predictable attempt to distract from the fact that his PNM Government is the sole culprit in destroying our economy and creating an adverse business climate.
“Who else would the Prime Minister blame if not the Opposition? Keith Rowley would do well to remember that it is the role of the Opposition to hold the Government accountable for its actions, because the Government is supposed to act on behalf of the people. In that regard, the integrity of the persons and/or companies that the executive wants to do business with is of concern not just to the Opposition, but to every citizen. If the Prime Minister as head of Government thinks otherwise, then he is acting against the best interest of the people.”
The Oropouche West MP said that when doing their homework researching the prevailing T&T business climate, it was obvious that investors would be deterred by the collapsed state of the economy under the Keith Rowley administration. “The undisputed facts are that the PNM have been in charge since September 2015, and what we have seen from then till now is a severely worsening business climate because of this Government’s mismanagement and cluelessness.
Take for instance, the several travel advisories by foreign governments urging their citizens to stay away from T&T due to the Rowley-led Government’s inability to reduce crime, which has become progressively worse under his watch. The toxic trio of Imbert, Hinds and Rowley have undermined the foundations of the economy and every single component required to facilitate an effective environment for business.”
The UNC Chairman noted that citizens are grateful that there is a concerned Opposition under the caring leadership of Mrs. Kamla Persad-Bissessar, whose only interest is in protecting the country. Tancoo stated that if the Prime Minister truly believes the Opposition is responsible for threatening and deterring investors from Trinidad & Tobago, he may need to get more than his facts checked.
“It is PM Rowley’s failure and incompetence that have led to a foreign exchange crisis where businesses have to resort to a currency black market in order to do trade. Prior to September 2015, there was no problem getting foreign exchange; investing in T&T was attractive to foreign companies. Our ratings by Moody’s and Standard & Poor’s were much better then, compared to now (from A1 to Ba1 and A Stable BBB-). Our national debt was a fraction of what it is now. Inflation was lower (and manageable), our HSF withdrawals were zero with a contribution of US$1.18 billion across our term in Government.
MP Tancoo is calling for greater accountability on the part of the Government, for however long it remains in office. “Aside from the many declining macroeconomic indicators, what we see now is a very disturbing and dangerous willingness by this Rowley-led Government to bend the rules, and to facilitate secret deals as their way of doing business. While the Opposition continues to encourage and welcome foreign investors, the PNM’s mode of operation promotes a toxic business environment that repels investment of the right type, that is so badly needed at this time.
The Prime Minister’s accusation that the UNC Opposition is, “creating an environment of hostility” to deter investors is regretfully trite and disingenuous, but not surprising, as we know he will not depart from that tired mantra. Our country has tremendous potential for economic growth and transformation. What it lacks is a government that is people-centered and progressive. After nine years and more than half a trillion dollars spent, the government must stop blaming others for its failures. It is clear that they lack the intellectual capacity and political will to undertake the kind of developmental initiatives this country needs. No amount of political distraction, blame-game or hysteria from the Prime Minister or his colleagues can change those facts. We need change and we need change now.”