…Used Green and Unemployment Funds as collateral
By Richard Lord
December 05, 2015 – guardian.co.tt
Finance Minister Colm Imbert says the former PP government raided the National Gas Company (NGC) of almost $14 billion in cash. He made the claim while presenting three motions for debate in the House of Representatives yesterday.
The motions seek to increase the ceiling for government borrowing by $50 billion under the Development Loans Act, External Loans Act and the Guarantee of Loans (Companies) Act.
Continue reading Imbert: PP raided NGC of $14b cash
What has been the impact on energy sector revenues of the fall in oil and gas prices? Data published by the Central Bank indicates that in the first eight months of the current fiscal year, energy sector revenues have declined by $3.3 billion or 27.5 per cent. Total Government revenues declined by only 1.7 per cent because the proceeds of the tax amnesty and NGC special dividend helped to offset the fall in oil revenues.
Trinidad and Tobago has suffered a big blow to its status as the place to invest in the Caribbean after international agency Moody’s downgraded the country’s credit rating from stable to negative.