It is wrong for large sums of money to be spent on non-essentials such as flags and summits while sick children in our country are unable to access necessary medical treatment.

In order to properly address these medical needs, I wish to advance a suggestion to our Government. I propose that TT$1 billion be placed in the TT$ Income Fund of the Unit Trust. Here the money will earn income (without risk) which is compounded daily and credited quarterly. At a typical five per cent interest rate, the interest will exceed $50 million per year.

This annual income can then be used to meet the medical requirements of our citizens, while preserving and growing the capital investment in perpetuity. By so doing, no further injection of capital will ever be required. A board of directors guided by appropriate rules will manage the disbursement of funds and all transactions must be published annually.

I believe the Nobel Foundation operates in a similar manner and is able to present Nobel laureates with large cash awards annually. We can therefore have the Medical Foundation, perhaps named after an outstanding citizen. This is one very meaningful way in which the great resources of our country can be utilised in the interests of our citizens and I urge the Government to embrace the idea or something similar.

Prof Stephan Gift

Faculty of Engineering, UWI