Tancoo: Imbert Defends Troubling Forex Policies, Deepening Crisis

Despite an hour-long press conference this morning, it is abundantly clear that Finance Minister Colm Imbert has no intention of providing relief to those who have been hoping for fair and transparent access to foreign exchange in Trinidad and Tobago. As a result, the hegemony of the Forex Cabal remains, and the status quo is unchanged. Imbert offered absolutely nothing new to address the concerns of business owners and ordinary citizens over the Forex crisis facing the nation, giving no indication that his government will take any action.

UNC Finance spokesman MP Dave Tancoo, responding to what he termed “a vacuous media briefing,” said that Minister Imbert’s statements did not inspire confidence among existing small, medium, and micro entrepreneurs who continue to struggle for access to much-needed forex capital. Nor did it assuage the concerns of average citizens who are still being frustrated by challenges in purchasing forex to fund travel, education, and medical expenses.

“What is worse is that the only initiative Imbert offered was that he now intended to meet with stakeholders, including businesses, chambers, and the Central Bank. However, this is the same minister who, one year ago, told this country that he was meeting with these same groups to develop a foreign exchange plan going forward. Was the minister lying then? Were there no meetings? If there were, how is it that one year later he is making the same promise? Is the foreign exchange crisis which is affecting every citizen not important to any of the three current PNM ministers of finance? After a decade as Minister of Finance, Imbert is clearly comfortable maintaining the status quo for the access and distribution of foreign exchange, which is obviously discriminatory, clandestine, subjective, and corrupted. The question is whether this is deliberate or incompetence—neither of which is acceptable. What is clear, however, is that the minister’s lack of action only serves to maintain the discriminatory and elitist status quo at the expense of MSMEs and average citizens.”