UNC: Govt embarrassed over IMF report

OPPOSITION Senator Carolyn Seepersad-Bachan claimed the reason why Government never publicised the contents of an International Monetary Fund (IMF) report was because it would have hurt their political fortunes in the July 14 Local Government Elections.

Speaking during debate on the Finance (Supplementary Appropriation) Bill 2003 in the Senate on Tuesday, Seepersad-Bachan said the United National Congress had been calling “for the longest while” for the contents of the IMF Four Consultation Report to be publicised. According to the UNC Senator, Govern-ment’s consultations with the IMF were completed and the report “was made available in early May. “They were afraid of the contents of the report and because of the Local Government Elections, they did not want the contents of the report to be made public. The reason why money being put in is because of discussions with IMF. The staff had to come down heavily on this Government as to why they were not depositing excess revenues in accordance with the policy initiative taken by the UNC,” she declared. Seepersad-Bachan explained that according to a Cabinet note of September 13, 2000 and a subsequent Cabinet note, it was agreed that 60 percent of excess government revenues would be placed in the Interim Revenue Stabilisation Fund with 20 percent being set aside to fund the Dollar for Dollar Education Programme. She also warned that Trinidad and Tobago’s energy reserves would be depleted within a decade. Speaking in the Lower House last Friday, Prime Minister Patrick Manning dismissed Opposition claims about the nation’s energy reserves being depleted within 20 to 40 years.