(Trinidad Express) Finance Minister Winston Dookeran says Government was aware that deficit financing had caused the economic problems in Greece and in the US but it was necessary for this country for stimulus and investment.
He said Government was conscious to maintain the debt within the profile and had been taking a “very prudent approach” to debt management.
He was winding up debate on the national budget 2011/2012 in Parliament last night at Tower D of the Port of Spain International Waterfront Centre.
Dookeran claimed the Opposition was attempting to create doubt in the people’s minds regarding the figures in the national budget but he defended the figures, saying they “are what they are”. He said Diego Martin North East MP Colm Imbert had the ability to use data to come to wrong conclusions.
“He has done it in the past and I am sure he will do it tomorrow,” Dookeran quipped.
He said the difference in expenditure Imbert spoke on of between $54.6 billion and $57 billion was actually a financing item, including for capital payments, and could not be counted twice.
“Still expenditure, don’t try that,” Imbert shot back.
San Fernando East MP Patrick Manning, who opted not to contribute to the budget debate for a second consecutive year, was very vocal across the floor last night. He frequently questioned Dookeran, including the “outturn” of the natural gas price from last year’s budget.
The Finance Minister responded that if Manning had availed himself of the opportunity to speak he could have brought this up.
“Parliament is where we speak,” he told him.
Dookeran also spoke on the increase of pensions to $3,000, telling Diego Martin West Dr Keith Rowley that the increase was based on a new actuary study, though he could not give him the exact date.
He said while Opposition members boasted of all the “great things” this current Government had inherited, this administration had also inherited a “shaky” economic foundation which it was attempting to fix.
He noted that while the Government was seeking to avoid giving the citizens pain with new taxes and such measures, the Opposition wanted them to bring “pain” with the property tax. He added that this issue “will be dealt with” but did not give any timeline.
Dookeran spoke on the recovery following the CLICO meltdown, noting that while everything was not complete in Government’s plan “the worst is over”.
The budget was passed in the Lower House, with 29 for and all 12 Opposition MPs against.
