In the midst of a foreign exchange crisis, Dave Tancoo, the UNC’s Shadow for Finance, is urging the local business community to stand up for fair access to forex. Tancoo’s plea follows the recent publication by the T&T Chamber of Commerce titled “Challenges in Accessing Foreign Exchange,” highlighting the struggles faced by businesses in securing necessary forex.
Here are key points from Tancoo’s statement:
- Small and medium-sized businesses excluded: Tancoo believes that the current administration is neglecting the small and medium-sized business community, causing the middle class to suffer and discouraging investment.
- Foreign exchange cartel: Tancoo has repeatedly warned the government about the dominance of a "foreign exchange cartel" that controls access to forex in the country.
- Evidence of discrimination: The Chamber’s report reveals that the majority of businesses receive less than half of their forex needs from commercial banks, indicating a deliberate policy to sideline the MSME sector.
- Economic polarization: Tancoo argues that the government’s policies are fueling the concentration of economic power in the hands of a few, undermining smaller businesses and hampering overall investment climate.
- Crisis in the making: Tancoo warns that the country is on the brink of using the Heritage and Stabilization Fund to create the illusion of forex stability, as the foreign exchange reserves are depleted and economic woes persist.
Based on the findings of the Chamber’s survey, Tancoo is rallying the business community to demand equitable access to forex and push for tangible solutions from the government. He calls for an end to empty promises and a genuine effort to address the economic challenges faced by Trinidad and Tobago. It is time for action and accountability to navigate through the current economic turmoil and secure a brighter future for all.
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