Tancoo: Imbert Retreats but Dodges Key Transparency Questions

Opposition Shadow Minister of Finance, MP Dave Tancoo says that although the Government was forced to extend its special Forex window, Minister Colm Imbert still has not answered the questions about how he got customer information from the EXIMBANK.

“He has still not answered the questions as to under what authority he acted to access private banking information. The EXIM BANK Chairman and Board of Directors must also clarify how this PNM Minister was able to gain access to the Bank’s internal information.”

MP Tancoo said that additionally, having put a proverbial chokehold on the necks the 110 importers using the facility over the last two months by refusing to provide them with USD currency, these importers now face accumulated interest charges as well as an adverse trade and credit reputation.

“Notwithstanding his boldfaced accusation that importers were holding the public to ransom, it is obvious that the mounting public pressure has gotten to Minister Imbert, causing him to retreat from his previous insulting and combative position. I congratulate the media, the few businesses who dared to speak up and the Opposition United National Congress for leading this battle to avert the risk of food shortages and higher prices.”

However, according to Tancoo, Imbert’s reduction of the allocation to the EXIM Bank window raises several questions which he puts to the Minister of Finance:

§ Why did he block access to the EXIM Bank without proper assessment in the first place creating panic and financial losses to these 110 businesses?

§ On what basis has he (Imbert) now reduced the allocation?

§ What analysis informed his decision to reduce the access to foreign exchange by $5 million?

§ Will any company that previously accessed the EXIM Bank facility now be left out, given the reduction in available funds? If so, on what basis will that decision be made?

§ Given that the window was originally intended for the importation of essential foods and medicines, how would this reduction impact the quantity of goods imported and what would be the resultant effect on prices of said essential items?

The Oropouche West MP says that these importers and the country as a whole are now fully aware of how Colm Imbert views these businesses engaged in importing essential food and medical supplies. They know that the Minister simply cannot be trusted to do the right thing.

“Which importers or which products will now be left out or reduced, and how was this determined? Given the high apprehension expressed by those businesses who complained, would they now be subjected to victimization by the Minister?”

Finally, the Opposition MP says, “While today’s headlines screamed ‘Forex ease’, nothing has been done or said about the promised facility for Micro Small and Medium sized Enterprises (MSME), or for other importers of raw materials or for nationals seeking to travel abroad or make small purchases online etc. There remains a deafening silence with regard to the establishment of a transparent and open system of access to foreign exchange. The unacceptable status quo which favors certain businesses, houses and individuals with secretive access to foreign exchange, established by Mr. Imbert and this PNM regime continues to exist. “