Chamber asks Govt: How far is TT from the IMF?

The Prime Minister made the statement during an address to the nation on Wednesday night in which he primarily focused on the recent wage negotiations between State-owned oil company Petrotrin and the Oilfields Workers Trade Union, (OWTU). The union had planned to embark on a 90-day strike starting on Monday if the company had not moved from its zero-zero-zero offer for the 2014- 2017 period. An initial offer of five percent was agreed to by the union and averted the planned strike action.

In a media release yesterday, PDCC president, Shiva Roopnarine, pointed out that a zero percent increase in wage and salaries may be better than a cut in salaries which had occurred some 30 years ago.

“How far are we from IMF’s door? The nation needs to be aware of the possibilities of returning to the IMF and be aware that 0-0-0 in the future might be better than a cut in salaries as occurred 30 years ago,” Roopnarine stated, adding, “If we do not study our history, we will definitely repeat it. We might be forced to devalue the currency and freeze all wage negotiations. Your purchasing power would diminish as cost of living escalates.” “Did we really forget the unrest that resulted in 1990?” he asked.

Roopnarine also wondered when cost cutting measures, which had been alluded to by the Prime Minister, would materialise at the company.

“The Chamber eagerly awaits the commencement of the proposed cost cutting measures the Prime Minister announced for Petrotrin.

We all appreciate that it is necessary but with all the stakeholders involved, who is going to do it? Would the union allow Petrotrin to send home workers and reduce its annual wage bill to under 50 percent of their total annual costs? We should be aiming at figures that are on par with the international benchmark,” he stated.

“This is a time when the entire country, businesses and citizens have already initiated serious cost cutting measures to meet rising inflation and the slowdown in our economic fortunes,” Roopnarine pointed out.

He noted that a “silver lining” may be on the horizon saying foreign exchange could be increased should Petrotrin increase its production output.

“The nation is coming to terms with the decrease in availability of US dollars and an increase in output from Petrotrin can lead to an increase in US dollars,” he stated.

He noted that citizens had to increase their appetite for locally manufactured goods with measures put in place to protect manufacturers and local farmers to ensure that they remain relevant.