Despite Moody’s Investors Services downgrade of T&T bond and issuer ratings, Housing Minister Dr Roodal Moonilal says there will be no cutbacks in the Government’s social and housing programmes.
Speaking at a key distribution ceremony at HDC’s Cypress Hill community at Union Hall, San Fernando, yesterday, Moonilal said the Government would continue its accelerated housing programme in partnership with the private sector as it could not bow to the dictates of the international financial community. He said his ministry proposes to construct 20,000 homes per year.
Responding to T&T’s downgrade from a Baa1 to Baa2, Moonilal said if the Government had adopted recommendation of several international lending agencies, there would have been significant reductions in social programmes, jobs and housing projects.
“It is something that we are very clear on, that had the Government embark on a programme of wholesale adoption of the recommendations of the international lending agencies and other agencies that would have meant a catastrophe for ordinary, poor and underprivileged citizens. “Wage security was a major consideration, wage increases, maintaining pension levels, public assistance levels, and maintaining social programmes.
“We had to choose with the housing programme as well, and we accelerated our housing programme so that in this matter, the Government is very clear that we are on the side of citizens’ rights as oppose to the dictates of the international community.”
He said while he was proud of the Government’s position on public expenditure, it appeared that Opposition Leader Dr Rowley had adopted the recommendations wholesale.