“T&T economy on brink of collapse due to PNM mismanagement” – UNC

“T&T economy on brink of collapse due to PNM mismanagement” – UNC

The Opposition United National Congress is cautioning the country cannot continue to draw down on the Heritage and Stabilization Fund for recurrent expenditure without a plan for revenue generation.

In a media release this afternoon, the Opposition said the Finance Minister said the government resorted to loan financing and making further withdrawals from the Heritage and Stabilization Fund to pay salaries, wages and pensions and to keep the health sector going.

The Opposition claimed the economy is reaching a crisis level given Trinidad and Tobago lost out over one billion dollars in revenue in the first four months of the fiscal year.

The Opposition said it also took note of the decrease in revenue from taxes and suggested the government needs to institute proper fiscal recovery or stimulus plan for businesses coming out of COVID-19 lockdown.

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