Soca Warriors Online Discussion Forum
General => General Discussion => Topic started by: Trini _2026 on June 12, 2010, 07:54:16 AM
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Dookeran: Economy in a mess
...knocks 'pathetic' fiscal management by PNM government
Anna Ramdass anna.ramdass@trinidadexpress.com
Friday, June 11th 2010
Finance Minister Winston Dookeran said yesterday ’pathetic’ fiscal management under the former People’s National Movement (PNM) government has left the economy in a mess.
Interviewed following yesterday’s post-Cabinet media conference on what prompted the bleeding of the treasury he had alluded to earlier, Dookeran said: ’Non-productive expenditure in many areas, and that led to no revenue coming into the country because the growth has fallen...so basically, it is bad priorities, apart from corruption and other issues like that, and wastage; we just kept spending money without having an income stream.’
Asked if there were hard times ahead, Dookeran said: ’At this point in time, yes. Because the figures have confirmed what I have been saying; the fiscal management was pathetic.’
Asked whether the economic boom days are over, he said: ’Oh, definitely. Now it’s about pulling ourselves back and seeking to get ourself working again.’
Dookeran said he had submitted to Cabinet a comprehensive report on the economy.
At the post-Cabinet news conference at the Office of the Prime Minister, St Clair, he said things did not look good at all, and there was an ’uphill task’ ahead.
He said squandermania, corruption and bad fiscal decisions, such as the multi-billion-dollar financial rescue of the CL Financial Group, all contributed to the current ’worrying’ state of the economy.
Dookeran has appointed several teams to submit reports, including one on the CL Financial restructuring, with a plan to stop the ’bleeding’ of the Treasury.
’I informed the Cabinet that there are many worrying directions that are ahead of us,’ said Dookeran.
He said the first concern was the fiscal deficit that will emerge this year.
’We have seen a dramatic decline in the cash balances of the country and at this point in time, we believe that can be an area of great risk for this nation,’ he said.
Dookeran said at present, the country’s recurrent expenditure was much higher that its recurrent revenue.
In other words, the country is borrowing to support its recurrent expenditure, and the amount this year totals $788 million.
Dookeran said the direction of the financial indicators for our foreign reserves, as well as the rising balance of our payment deficits, is cause for concern.
He said the public debt was ’extremely worrying’, explaining the national public debt is in the vicinity of 51 per cent of our gross domestic product, but this does not include the State enterprises debt which is yet to be assessed.
Dookeran said foreign reserves now stand in the vicinity of US$8 billion, with an import cover for 12 months, but ’the direction in which it is moving within the last few years is troubling; each year it is being reduced significantly from where it was the previous year’.
He said not even the country’s savings can help the situation.
Dookeran said the Revenue and Stabilisation Fund has US$3 billion, but no money was injected for 2009/2010, which is legal requirement, and which the People’s Partnership Government now has to ensure.
’In the scheme of our financial situation, it will help, but it will not be a significant help to restore our fiscal balances, even if we are to access it,’ he said.
He said another challenge was CL Financial, which will deserve the full attention of the Government.
He said the former government ’wrongfully got itself in this position and having done so, it is now left upon us to find a way out of that situation, at least from the point of view on the demands of the public Treasury’.
Asked if the People’s Partnership will be able to keep its manifesto promises and pledges for its 120-day plan, Dookeran said the Government remains committed to do so but some of these proposals will have to be done through phased introduction.
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LOUDEST OF STEUPS. All yuh singin dat 4 yrs but promise the sun/stars/moon. Just doh cut my salary u eh bound 2 give d laptop/d 3000 pension just doh cut my salary.
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LOUDEST OF STEUPS. All yuh singin dat 4 yrs but promise the sun/stars/moon. Just doh cut my salary u eh bound 2 give d laptop/d 3000 pension just doh cut my salary.
When the PP's get their hands around the amount
of PeeoNdeM 'tiefin' dat was going on for years, the
laptops gone, pension cut, and you getting a cut in
pay, plus, plus, plus.
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LOUDEST OF STEUPS. All yuh singin dat 4 yrs but promise the sun/stars/moon. Just doh cut my salary u eh bound 2 give d laptop/d 3000 pension just doh cut my salary.
dat is an excuse not to keep their promises ...
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LOUDEST OF STEUPS. All yuh singin dat 4 yrs but promise the sun/stars/moon. Just doh cut my salary u eh bound 2 give d laptop/d 3000 pension just doh cut my salary.
When the PP's get their hands around the amount
of PeeoNdeM 'tiefin' dat was going on for years, the
laptops gone, pension cut, and you getting a cut in
pay, plus, plus, plus.
So dey eh know dey was tiefing and it woulda not have any money? LOUDEST OF STEUPS. All yuh singin dat 4 yrs but promise the sun/stars/moon. Just doh cut my salary u eh bound 2 give d laptop/d 3000 pension just doh cut my salary.
dat is an excuse not to keep their promises ...
Stevie Wonder did c dat was coming. People does want 2 compare these jokers to NAR. What NAR did promise we 2 vote 4 dem? Peeps was just fed up of All ah we tief Cartey but did not stay d course and went back 2 d PNM.
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too many overpaid people in TnT, who does very little for the $$ they get paid and quick to bawl. Clean up from ah side... is laziness and lack of responsibility that have TnT the way it is.
it's nice to see someone who actually knows what he's doing in place now. people juss have to stop fighting dong the present gov't and let them put promises into action. is like the haters want them to fail and collapse from day 1. ho gosh.. give the facking people who was VOTED in a friggin chance.
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too many overpaid people in TnT, who does very little for the $$ they get paid and quick to bawl. Clean up from ah side... is laziness and lack of responsibility that have TnT the way it is.
it's nice to see someone who actually knows what he's doing in place now. people juss have to stop fighting dong the present gov't and let them put promises into action. is like the haters want them to fail and collapse from day 1. ho gosh.. give the facking people who was VOTED in a friggin chance.
Well fire dem who eh wukin but d rest of us who does do more than we gettin paid 4 doh touch we pay.
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too many overpaid people in TnT, who does very little for the $$ they get paid and quick to bawl. Clean up from ah side... is laziness and lack of responsibility that have TnT the way it is.
it's nice to see someone who actually knows what he's doing in place now. people juss have to stop fighting dong the present gov't and let them put promises into action. is like the haters want them to fail and collapse from day 1. ho gosh.. give the facking people who was VOTED in a friggin chance.
Well fire dem who eh wukin but d rest of us who does do more than we gettin paid 4 doh touch we pay.
ah hope yuh doh post on here during company time eh! checking post times and ip address .. will get back to you in case you have to find new wuk. :angel:
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too many overpaid people in TnT, who does very little for the $$ they get paid and quick to bawl. Clean up from ah side... is laziness and lack of responsibility that have TnT the way it is.
it's nice to see someone who actually knows what he's doing in place now. people juss have to stop fighting dong the present gov't and let them put promises into action. is like the haters want them to fail and collapse from day 1. ho gosh.. give the facking people who was VOTED in a friggin chance.
Well fire dem who eh wukin but d rest of us who does do more than we gettin paid 4 doh touch we pay.
ah hope yuh doh post on here during company time eh! checking post times and ip address .. will get back to you in case you have to find new wuk. :angel:
If dey can prove when I online I not doin d govt wuk then dey have a case. I hope when dey call meh after 4 and weekend and doh pay meh an on call allowance dey take dat into consideration.
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what i doh understand is you would have known what the treasury is like because there is so much unc embedded into the finance ministry..u certainly didnt have problems gettin whatever else from d other ministries...that info wud have been easy to get from unc peeps in finance...but..for the sake of chain up u all went and promise d moon an d stars jus to get public sway on that day knowin full well d sceen...
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what i doh understand is you would have known what the treasury is like because there is so much unc embedded into the finance ministry..u certainly didnt have problems gettin whatever else from d other ministries...that info wud have been easy to get from unc peeps in finance...but..for the sake of chain up u all went and promise d moon an d stars jus to get public sway on that day knowin full well d sceen...
Shhhh not so loud
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Dooks get my grandmother she 30K pension please. no excuses
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Dooks get my grandmother she 30K pension please. no excuses
3K no 30k yuh granny is Manning.
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LOUDEST OF STEUPS. All yuh singin dat 4 yrs but promise the sun/stars/moon. Just doh cut my salary u eh bound 2 give d laptop/d 3000 pension just doh cut my salary.
dat is an excuse not to keep their promises ...
I missed that part in the article :D
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Dooks get my grandmother she 30K pension please. no excuses
3K no 30k yuh granny is Manning.
sorry I misprint and getting gready
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what i doh understand is you would have known what the treasury is like because there is so much unc embedded into the finance ministry..u certainly didnt have problems gettin whatever else from d other ministries...that info wud have been easy to get from unc peeps in finance...but..for the sake of chain up u all went and promise d moon an d stars jus to get public sway on that day knowin full well d sceen...
buh ent the PP only win cause people voted "against" Patos and not promises? :rotfl:
call it as you see it Dooks... is ah facking mess.
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I don't know about U all but anytime I listen to Dookeran speak, I could never understand a word he is saying..The man's command of english is poor...How the hell our economy could be in a mess when we experienced small but positive growth last year when the wider world was suffering negative growth...THis man set up a team to analyse the air jamaica buyout by caribbean airlines and frigging Conrad Aleong leading that team?? Way he pop back up from??
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I don't know about U all but anytime I listen to Dookeran speak, I could never understand a word he is saying..The man's command of english is poor...How the hell our economy could be in a mess when we experienced small but positive growth last year when the wider world was suffering negative growth...THis man set up a team to analyse the air jamaica buyout by caribbean airlines and frigging Conrad Aleong leading that team?? Way he pop back up from??
Dem fellas like a bad penny dey does just reappear.
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Well.....i guessing i too unintelligent to understand wha he saying. Ah mean......de man say on a platform dat de government do de wrong ting in bailing out clico....dey shouldnt have been helped.
Now i eh no economist eh..buh i woulda think it make sense to save a company that responsible for 25% of your country's GDP.
Buh he bright..so i guess he know wha he doing.
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Well.....i guessing i too unintelligent to understand wha he saying. Ah mean......de man say on a platform dat de government do de wrong ting in bailing out clico....dey shouldnt have been helped.
Now i eh no economist eh..buh i woulda think it make sense to save a company that responsible for 25% of your country's GDP.
Buh he bright..so i guess he know wha he doing.
U is only a 20 watt bulb them is 100 watt
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Well.....i guessing i too unintelligent to understand wha he saying. Ah mean......de man say on a platform dat de government do de wrong ting in bailing out clico....dey shouldnt have been helped.
Now i eh no economist eh..buh i woulda think it make sense to save a company that responsible for 25% of your country's GDP.
Buh he bright..so i guess he know wha he doing.
U is only a 20 watt bulb them is 100 watt
:-[
I always used to think i was bright. Since i know myself...my mother does call me sun. :-[
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Well.....i guessing i too unintelligent to understand wha he saying. Ah mean......de man say on a platform dat de government do de wrong ting in bailing out clico....dey shouldnt have been helped.
Now i eh no economist eh..buh i woulda think it make sense to save a company that responsible for 25% of your country's GDP.
Buh he bright..so i guess he know wha he doing.
U is only a 20 watt bulb them is 100 watt
:-[
I always used to think i was bright. Since i know myself...my mother does call me sun. :-[
As a good mudder she has mislead u doh study it.
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It is possible to experience nominal GDP growth yet still have problems economically such as current account deficit, increasing debt foreign exchange issues. I think this is what the Minister is referring to.
The previous government did borrow to finance 08/09 and 09/10 deficit to mitigate against any fallout from the International financial crisis and the collapse of CLICO . The Minister didn't talk about about surpluses that preceded that though ,nor does he address the issue of tax reform of a system that is more than 60 years old as an option to increase government revenue.
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It is possible to experience nominal GDP growth yet still have problems economically such as current account deficit, increasing debt foreign exchange issues. I think this is what the Minister is referring to.
The previous government did borrow to finance 08/09 and 09/10 deficit to mitigate against any fallout from the International financial crisis and the collapse of CLICO . The Minister didn't talk about about surpluses that preceded that though ,nor does he address the issue of tax reform of a system that is more than 60 years old as an option to increase government revenue.
Somebody say PROPERTY TAX
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Are they going to close the Labasse?
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It is possible to experience nominal GDP growth yet still have problems economically such as current account deficit, increasing debt foreign exchange issues. I think this is what the Minister is referring to.
The previous government did borrow to finance 08/09 and 09/10 deficit to mitigate against any fallout from the International financial crisis and the collapse of CLICO . The Minister didn't talk about about surpluses that preceded that though ,nor does he address the issue of tax reform of a system that is more than 60 years old as an option to increase government revenue.
SO why it is I could understand this but yet everytime Dookeran open his mouth, I am lost... ??? ???
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It is possible to experience nominal GDP growth yet still have problems economically such as current account deficit, increasing debt foreign exchange issues. I think this is what the Minister is referring to.
The previous government did borrow to finance 08/09 and 09/10 deficit to mitigate against any fallout from the International financial crisis and the collapse of CLICO . The Minister didn't talk about about surpluses that preceded that though ,nor does he address the issue of tax reform of a system that is more than 60 years old as an option to increase government revenue.
SO why it is I could understand this but yet everytime Dookeran open his mouth, I am lost... ??? ???
PP all so stand 4 Piss Poor in dis case communicator
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http://link.brightcove.com/services/player/bcpid75997063001?bctid=96209485001 (http://link.brightcove.com/services/player/bcpid75997063001?bctid=96209485001)
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Deposit of Funds into HSF in Fiscal 2009-2010Share
Today at 1:50pm
In an article appearing in the Trinidad Guardian of June 10, 2010 headlined “Finance Minister Dookeran No Funds Put into the HSF”, the following statement is attributed to Minister Dookeran : In respect to the Stabilisation Fund, no funds were put into the Stabilisation Fund during 2009-2010.
In response, I wish to place on record that the allegation, ( carried in other print and electronic media) that no funds were deposited into the Heritage and Stabilisation Fund (HSF) in fiscal 2009/2010, is wholly inaccurate.
Indeed as I have stated on previous occasions, a warrant dated April 28 2010 was issued under my hand in my capacity as the then Finance Minister for the withdrawal from the Consolidated Fund and deposit into the HSF, the sum of TT$659,770,446.00. This sum represents surplus revenues generated from oil and gas up to Quarter 2 of fiscal 2009/2010.
As Minister Dookeran is aware, the HSF (the only Sovereign Wealth Fund in the Caribbean), was established by Act no 6 of 2007 with two primary objectives:
1. A Stabilisation Objective-to cushion the impact on public expenditure capacity as a result of revenue downturn caused by a drop in oil and gas prices and to thereby generate an alternative stream of revenue to support such expenditure during periods of downturn; and
2. A Heritage Objective-to provide a heritage for future generations from savings and investment derived from surplus oil and gas revenues.
Consistent with these two main objectives, the HSF Act prescribes the conditions for deposit (the heritage component) and for withdrawal (the stabilisation component) as follows:
1. Withdrawal - where petroleum revenues collected in any financial year falls below the estimated revenues for that year by at least 10%, withdrawals may be made.( In fiscal 2008/2009 the world was hit by a financial crisis unprecedented in scope and impact since the 1930s Great Depression. Trinidad and Tobago was not spared as we witnessed the collapse of oil prices from a high of US $147 in June 2008 to a low of US$35 by December 2008. Mindful of the impact on the country’s credit rating and the fiscal space that had been created, no withdrawals were made from the Fund); and
2. Deposit - the legislation provides in effect that where the estimated revenues from oil and gas for any quarter of a financial year are more than 10%, 60% of such surplus revenues are to be deposited in the HSF. As a consequence the fund has grown almost exponentially from approximately TT$1.01 billion to almost TT$19 billion by the end of 2009 with an additional deposit in April this year of TT$659,770,446.00.
Consistent again with the objectives of the HSF, the performance of the Fund has been particularly commendable given the challenging financial environment which has seen the vast majority of similar funds experience significant losses. As the Quarterly Reports 2008/2009 and 2009/2010, which have been tabled in Parliament clearly demonstrate, the HSF is one of the few Sovereign Wealth Funds in the world to experience growth.
In closing I wish to reiterate that over TT$659 million was deposited into the HSF for fiscal 2009/2010, contrary to published statements attributed to the Honourable Minister. I am confident that the Honorable Minister will have no difficulty correcting this misinformation particularly given its potentially negative implications for the Trinidad and Tobago economy.
Yours respectfully,
Karen Tesheira
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Central Bank Governor just denied that the Treasury is either empty or dry..!!! Dookeran is a joke...
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So what is the real story??????????
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So what is the real story??????????
A say left and B say right.
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So what is the real story??????????
dooks just like d taste of he foot.
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The Governor of the Central Bank said that a transfer of US$103 million was made to the Heritage and Stabilisation Fund at the end of April. This after Winston Dookeran stated that no transfers were made to the fund for 2009 and 2010.
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Central Bank Governor just denied that the Treasury is either empty or dry..!!! Dookeran is a joke...
HE LIE HE WUKIN 4 D PNM
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this is something which can be easily resolved by giving the relevant evidencing documentation to the media. whoever is the correct individual should just support his claims and leave it at that.
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The Governor of the Central Bank said that a transfer of US$103 million was made to the Heritage and Stabilisation Fund at the end of April. This after Winston Dookeran stated that no transfers were made to the fund for 2009 and 2010.
Manning on the election campaign said that PP would come with the talk that the country broke etc etc if they win ....
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The economy is obviously in a mess, and regardless of which party you are affliated with...face the music it was caused by PNM mismanagement!
Shut up and accept the truth! it is not yet in dire straits, but it is far from healthy!
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The economy is obviously in a mess, and regardless of which party you are affliated with...face the music it was caused by PNM mismanagement!
Shut up and accept the truth! it is not yet in dire straits, but it is far from healthy!
Fully agree, don't matter what they stinking PNM under cover supporters say, they will try to make it look like is Kamala fault now, all de blame and curses of Manning she will have to clean up and get bad name for.
Kamala is de best thing happen to T&T in history, now is up to her to keep doing the right thing and not fall in de same category like big thief Eric Williams, Panday and Manning did.
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The Governor of the Central Bank said that a transfer of US$103 million was made to the Heritage and Stabilisation Fund at the end of April. This after Winston Dookeran stated that no transfers were made to the fund for 2009 and 2010.
Allyuh think Manning care that he lost election, he bank account flowing over all now, I hope he end up in jail, de same cell with Panday.
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The economy is obviously in a mess, and regardless of which party you are affliated with...face the music it was caused by PNM mismanagement!
Shut up and accept the truth! it is not yet in dire straits, but it is far from healthy!
Fully agree, don't matter what they stinking PNM under cover supporters say, they will try to make it look like is Kamala fault now, all de blame and curses of Manning she will have to clean up and get bad name for.
Kamala is de best thing happen to T&T in history, now is up to her to keep doing the right thing and not fall in de same category like big thief Eric Williams, Panday and Manning did.
Kamla d best ting but she pardner dog rice etal. Must have a new definition of best.
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The economy is obviously in a mess, and regardless of which party you are affliated with...face the music it was caused by PNM mismanagement!
Shut up and accept the truth! it is not yet in dire straits, but it is far from healthy!
Fully agree, don't matter what they stinking PNM under cover supporters say, they will try to make it look like is Kamala fault now, all de blame and curses of Manning she will have to clean up and get bad name for.
Kamala is de best thing happen to T&T in history, now is up to her to keep doing the right thing and not fall in de same category like big thief Eric Williams, Panday and Manning did.
yup best thing with scandal prone jack Warner by her side on corruption watch so she eh falling into the same category at all ... like people forget kamala was around and close to Panday the big thief when they unc was in power
-
The economy is obviously in a mess, and regardless of which party you are affliated with...face the music it was caused by PNM mismanagement!
Shut up and accept the truth! it is not yet in dire straits, but it is far from healthy!
Fully agree, don't matter what they stinking PNM under cover supporters say, they will try to make it look like is Kamala fault now, all de blame and curses of Manning she will have to clean up and get bad name for.
Kamala is de best thing happen to T&T in history, now is up to her to keep doing the right thing and not fall in de same category like big thief Eric Williams, Panday and Manning did.
yup best thing with scandal prone jack Warner by her side on corruption watch so she eh falling into the same category at all ... like people forget kamala was around and close to Panday the big thief when they unc was in power
triniman look how you bad talking Jack warner now wh? Politics eh.
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Well....like he retract the statement that no deposits were made into the fund.
:-\
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The economy is obviously in a mess, and regardless of which party you are affliated with...face the music it was caused by PNM mismanagement!
Shut up and accept the truth! it is not yet in dire straits, but it is far from healthy!
Fully agree, don't matter what they stinking PNM under cover supporters say, they will try to make it look like is Kamala fault now, all de blame and curses of Manning she will have to clean up and get bad name for.
Kamala is de best thing happen to T&T in history, now is up to her to keep doing the right thing and not fall in de same category like big thief Eric Williams, Panday and Manning did.
yup best thing with scandal prone jack Warner by her side on corruption watch so she eh falling into the same category at all ... like people forget kamala was around and close to Panday the big thief when they unc was in power
triniman look how you bad talking Jack warner now wh? Politics eh.
I have criticized Warner since he blacklisted the players in 2006
-
The economy is obviously in a mess, and regardless of which party you are affliated with...face the music it was caused by PNM mismanagement!
Shut up and accept the truth! it is not yet in dire straits, but it is far from healthy!
Fully agree, don't matter what they stinking PNM under cover supporters say, they will try to make it look like is Kamala fault now, all de blame and curses of Manning she will have to clean up and get bad name for.
Kamala is de best thing happen to T&T in history, now is up to her to keep doing the right thing and not fall in de same category like big thief Eric Williams, Panday and Manning did.
yup best thing with scandal prone jack Warner by her side on corruption watch so she eh falling into the same category at all ... like people forget kamala was around and close to Panday the big thief when they unc was in power
triniman look how you bad talking Jack warner now wh? Politics eh.
I have criticized Warner since he blacklisted the players in 2006
steups... yuh used to suck he damn bamsee
-
The economy is obviously in a mess, and regardless of which party you are affliated with...face the music it was caused by PNM mismanagement!
Shut up and accept the truth! it is not yet in dire straits, but it is far from healthy!
Fully agree, don't matter what they stinking PNM under cover supporters say, they will try to make it look like is Kamala fault now, all de blame and curses of Manning she will have to clean up and get bad name for.
Kamala is de best thing happen to T&T in history, now is up to her to keep doing the right thing and not fall in de same category like big thief Eric Williams, Panday and Manning did.
yup best thing with scandal prone jack Warner by her side on corruption watch so she eh falling into the same category at all ... like people forget kamala was around and close to Panday the big thief when they unc was in power
triniman look how you bad talking Jack warner now wh? Politics eh.
I have criticized Warner since he blacklisted the players in 2006
steups... yuh used to suck he damn bamsee
you also