PORT-OF-SPAIN, Trinidad – Member of parliament for Couva North, Ravi Ratiram, issued a strong statement condemning Prime Minister Dr Keith Rowley’s administration for its failure to address the worsening foreign exchange (Forex) crisis in Trinidad and Tobago.
Member of parliament Ratiram describes the crisis as a “direct result of economic mismanagement and accuses the government of offering deflection instead of solutions, leaving micro, small, and medium-sized enterprises (MSMEs) on the brink of collapse.”
On Monday, during the session on orime minister’s questions in parliament, MP Ratiram enquired from Dr Rowley: What urgent measures the government plans to implement to address the severe restrictions on access to foreign currency?
“The prime minister responded by attributing the crisis to increased demand, citizens’ preference for foreign goods, and online shopping.”
According to Ratiram, “This highlighted the prime minister’s inability to present any plans by his administration to address the Forex crisis, and called this explanation ‘tone-deaf’ and questioned whether such a response reflects the leadership the nation deserves.”
Ratiram emphasized that the Forex crisis can be traced back to actions by the Rowley-led government such as the closure of Petrotrin, which he described as a catastrophic decision.
“Since Petrotrin’s closure, Paria Fuel Trading Company has imported US$7.2 billion worth of fuel between December 2018 and June 2024.” Ratiram revealed. “These funds could have been saved or reinvested had Petrotrin remained operational. Instead, the government has turned a Forex generator into a massive liability.”
Member of parliament Ratiram criticized the closure of other Forex-generating entities, such as Caroni Green Limited which demonstrated the ability to earn US$ 400 million stating, “rather than creating avenues for forex generation, the Rowley administration has systematically dismantled them.”
Ratiram is urging the government to take immediate action to stabilize the Forex situation, which includes but not limited to, making strategic investments in MSMEs to ensure their survival, undertaking structural reforms to boost local production and exports, implementing a transparent and efficient Forex allocation system, as forex is generated.
“The reality is that our Forex reserves are insufficient due to the mismanagement of the economy by this Government,” Ratiram stated. “Without decisive leadership, we are heading for disaster. Captain, this ship is sinking!”
Ratiram highlighted that the opposition, under the leadership of Kamla Persad Bissessar, remains committed to holding the government accountable and fighting for the people of Trinidad and Tobago.
“Prime minister Rowley’s excuses are no substitute for real leadership. The citizens of this nation deserve better,” concluded Ratiram, member of parliament for Couva North.