Mayaro MP, Rushton Paray, says it is imperative that Finance Minister Colm Imbert urgently prioritize the inclusion of the Small and Medium-Sized Enterprises (SME) sector in his upcoming foreign exchange stakeholder engagements.
In a statement on Monday, Paray says Imbert’s intended dialogues with the Central Bank, commercial banks, and broader business community, while significant, cannot sideline the acute challenges confronting SMEs.
According to Paray: “Pre-pandemic, SMEs numbered over 20,000, employed upwards of 200,000 workers, and contributed a substantial 35% to our GDP – undeniably underpinning our economic growth.”
However, he says this core sector now grapples with intensified tribulations, exacerbated by the pandemic’s closures, foreign exchange shortages, a downtrending economy, and protracted VAT refund delays.
He says given their historical significance and future promise, SMEs command and merit a significant voice in these imperative foreign exchange deliberations.