Tuesday, January 23, 2018

Gloomy days ahead for T&T economy*

Less than 24 hours after Finance Minister Colm Imbert delivered his 2017 Mid-Year Budget Review in which Government borrowings and the public sector debt loomed large, Express columnist Sir Ronald Sanders wrote an article titled “Debt danger for a generation”. Its contents were based on a study of several Caribbean countries that have huge debts.
Mr Imbert, in his media-combative mode, introduced the rising debt issue thus: “…With respect to the public debt, about which there is much misinformation and misplaced commentary...” He proceeded to point out that “...the net public sector debt, exclusive of Central Bank open market operations, at the end of fiscal 2010 (when the PP took office) was $45.4 billion, (and) by the end of fiscal 2015 (when the PP lost the election), the net public sector debt stood at $76.5 billion with a resulting debt-to-GDP ratio of 50.9 percent...”

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