ECLAC can assist TT with diversification

A statement issued yesterday by the PM’s press secretary Arlene Gorin-George quoted Rowley as saying, “Trinidad and Tobago is experiencing economic shock because of the reduction in our revenue from the hydrocarbon sector.

When this happens there is a clamour for diversification. The Minister of Trade has been asked to identify and to shepherd us towards things we can do expand our economic base while not abandoning what we have now.” He added: “The question now is can we preserve that quality of life with our current revenues and our current policies. This is where we would like ECLAC to assist us with their research as we move to expand our economic base.” Rowley said TT has the ability to produce much more goods and services that its population can absorb “and it is, therefore, imperative that we look towards other markets.” The release said both parties agreed that there is value in working together and have commited to the process.

The PM, who is on a two-day visit to Chile, held talks yesterday with ECLAC executive secretary Alicia Barcena and members of the Commission’s executive team.

The meeting, according to the release, centred around discussions on how ECAC could partner with TT with a view to utilising its research capabilities to assist the country in making more data-riven decisions in the formulation of social and economic policies.

Meanwhile, in a separate statement from ECLAC, Barcena was quoted as saying, “We are totally committed to the Ccaribbean and we advocate so that their nations are not unjustly qualified as middle- income countries, a situation that complicates their access to financing.” According to the release, she also indicated that special attention should be paid to the triple vulnerability that Caribbean territories suffer with respect to climate change, difficulties financing their economies and high public debt, which, on average, totals 70 per cent of the subregional Gross Domestic Product.

Barcena proposed that ECLAC reduce the debt of English-speaking Caribbean island states by pardoning part of their debt to create a resilience fund that allows for financing climate change mitigation and adaptation efforts.

“We are ready to help you. We want to know what your needs are to provide assistance for overcoming the problems that affect the Caribbean today,” she said in the release.

The statement from Rowley’s press secretary said the TT Government remains committed, even in this challenging economic climate, to ensuring that it creates an environment where everyone could enjoy the best possible standard of living.

“We hope to manage these economic changes and to do the best with what we have. That is where the use of your data comes in,” Rowley was quoted as telling the commission. “We are hoping that ECLAC technicians will assist us, particularly when it comes to the development of our social systems.

We want to ensure that the money allocated by the Parliament continues to benefit those for whom it is intended and that the programmes we create are the best options available.” Before his talks with Barcena, Rowley, his wife, Sharon and the other members of the TT delegation met with Chile President Michelle Bachelet for lunch at the La Monela Palace, Santiago.

The Prime Minister and his delegation are expected to return to TT today.