Imbert: Clico is safe

He made the clarification at yesterday’s post Cabinet press briefing at the Diplomatic Centre, St Ann’s.

He wanted to assure investors that no action is being taken against Clico, noting, “There’s a big difference between Clico and CL Financial.” Imbert took the opportunity to assure that Government had injected $23 billion (and counting) in the bailout of Clico and CLF. On the due liquidation of CLF he said, “We had to protect the public purse.” Asked about reports of the lowest official reserves since 2010, he assured that the country has nine months of import cover, comparing this to Barbados which has just about a month. He said the country’s annual foreign exchange needs are about US$7 billion, which can be funded from current reserves.

Asked about public servants’ fears for their salaries, Imbert said, “Every month I do what is necessary to ensure public servants are paid.” Minister in the Office of the Prime Minister Stuart Young stepped in to claim that Public Service Association (PSA) president Watson Duke was irresponsible in creating an atmosphere of fear among public servants.

On property tax, Imbert promised to email reporters the number of persons who have voluntarily given their information to the State.

Young said a Cabinet sub-committee has given Cabinet its recommendations on a report by a committee chaired by Energy Ministry permanent secretary Selwyn Lashley on the future of Petrotrin. He expects a Cabinet decision on Petrotrin’s future by the first week in August.

Regarding a trip to China by Sport Minister Darryl Smith, Young said he was not aware of queries posted online about funding of the trip, but said Cabinet approved it weeks ago.

Young said that “maybe”, the trip was being paid for by the Government of China.