Prime Minister Kamla Persad-Bissessar has instructed Finance Minister Larry Howai, Trade Minister Vasant Bharath and Planning Minister Dr Bhoe Tewarie to convene urgent talks to develop a sustainable plan for managing the country’s foreign exchange supply. The three ministers are expected to meet with Central Bank Governor Jwala Rambarran, who is currently out of the country, on the matter
Persad-Bissessar issued the directive after her three-hour meeting with private sector representatives on Thursday evening at the Diplomatic Centre in Port-of-Spain. At that meeting, which was held to discuss budget adjustments in the wake of falling oil prices, business representatives identified ongoing problems with the supply of foreign currency as one of the critical issues affecting their operations. No time frame was set for the ministers’ intervention up to late yesterday.
Another challenge identified by the private sector officials was the labour shortage, with respect to which the T&T Manufacturers’ Association (TTMA) and American Chamber of Commerce T&T (AmchamTT) agreed to partner with Government to devise a workable solution. One of the initiatives being considered is transforming the Community-Based Environmental Protection and Enhancement Programme (Cepep) into a public/private sector initiative
AmchamTT president Hugh Howard told the T&T Guardian the programme could be a transition initiative where people who needed to develop themselves and earn a living could use Cepep as a stepping stone. He said the private sector could then hire workers once they had acquired the qualifications and skills needed in the private sector.
“I can tell you that the process would involve meeting with the governmental agencies, sitting down and working out a mutually acceptable process. We don’t want to just jump into it,” Howard said. He added that a structure needed to be put in place to monitor and assess workers and the programme.
Commenting on the talks with the prime minister, Catherine Kumar, CEO of the T&T Chamber of Commerce, said she welcomed the government’s decision to meet with stakeholders, but there was need for more details on the topics tabled at the meeting. Kumar said everyone got the opportunity to present their views on the issues facing the business sector. In a statement released after the meeting, the British-Caribbean Chamber of Commerce (BCCC) described the talks as “the right approach.”
“It was useful and productive, providing the opportunity for participants to better understand government’s perspective on the current situation and to put forward suggestions for addressing the shortfall in energy revenues.