Paray calls on Imbert to include SMEs in forex talks

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Paray calls on Imbert to include SMEs in forex talks

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.