Oropouche West Member of Parliament (MP) Dave Tancoo, said that the current administration’s “reckless fiscal policies” are bringing this country to the brink of disaster.
In a media release on Wednesday, Tancoo criticised the government for what he described as its “catastrophic mishandling of the nation’s resources.”
“Our foreign reserves are bleeding out, and yet the administration remains in denial,” Tancoo said.
“According to the latest statistics from the central bank, as of December 2023, net foreign reserves have plummeted to a distressing US$6,257.9 million, the lowest since 2006, beckoning real concerns of a severe foreign exchange shortage,” Tancoo noted.
The Oropouche West MP further raised an alarm concerning forex availability for Small and Micro Enterprises (SMEs). He said while business owners remain in turmoil, and are allegedly being forced to tap into the black market for forex, the government continues to sit idly by.
“The disparity in forex allocation is scandalous. While large corporations squander millions of US dollars on executive luxuries, our SMEs are left to fend for themselves in a lawless market. This is not just mismanagement; it’s moral bankruptcy,” Tancoo said.
Tancoo said in addition, the country’s combined domestic and external debt has hit an all-time high.
“The external government debt alone stands at a colossal US$5,116.65 million, a staggering 82 per cent of the net foreign reserves. This is not just mismanagement; it’s a full-blown catastrophe. The government’s failure to address this issue is pushing our economy towards a cliff,” he explained.
“This administration isn’t just leading us into an economic abyss; it’s pushing us off the edge with a blindfold on. The evidence is damning. We have spiralling debts, depleting foreign reserves, a forex shortage strangling our SMEs, crime that is uncontrollable, and collapsing foreign investment,” he added.
As a result, the MP has issued a call for urgent and effective measures to be implemented to avert the “looming disaster.”
“The time for sugar-coating words is over…This is not a partisan issue. It’s a national one. It speaks to our survival as a country. The people of this nation deserve a higher standard of living and I am calling on stakeholders and citizens to speak up and demand that this government enacts responsible fiscal policies that would benefit the entire nation, and not just a small, privileged section,” Tancoo said.