PNM measures the same as IMF

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UNC Senator Anil Roberts –

Opposition Senator Anil Roberts said that fiscal measures being implemented by government are the same as those which would be imposed by the International Monetary Fund (IMF) if TT had approached them.

Speaking during the budget debate in the Senate on Friday, Roberts said the Finance Minister loved to boast about ignoring advice from economists who had suggested he seek support from the IMF.

“They didn’t listen, but they have been implementing IMF prescriptions from day one when they came in. They’ve been conducting price controls, they’ve cut down the public sector across the board, because they leave public servants on the establishment, they believe the people don’t know that job losses have occurred, 123,000 people off the NIB rolls. They have been instituting, removing price controls on the fuel subsidy, on TTEC, on WASA, these are all IMF prescriptions.”

He said the Government should thank the previous People’s Partnership administration for leaving the country in a good condition.

“The only reason the government did not have to go to the IMF was one word: Kamla: $12.26 billion in reserves in 2015, US$7.8 million in the Heritage and Stabilisation Fund, 14 months import cover, AAA+ investment rating. So the PNM could borrow $30 billion because Kamla left the economy strong. If she hadn’t, you would have had to go to the IMF. So you are giving the people IMF without being IMF.”

Roberts had to be cautioned several times by Speaker of the House Christine Kangaloo for imputing improper motives to members of the Parliament and for relevance.

During the mid-year budget review in June 2021, Imbert said if TT approached the IMF for financial relief, the retrenchment of 30,000 people would be one of the outcomes.

“Certain economists continue to insist that the Government should go to the IMF for funding. Those economists would not tell the population that when countries approach the IMF for funding, they have to agree or commit to certain policy adjustments. We are certainly not going to make structural adjustments such as retrenchment, removal of subsidies and devaluation at this time.”