HOW IS T&T'S ECONOMY FEARING?

[Les Bain]

The government is determined the way forward is via the energy sector's 2nd wind, A.I., NFT's and taxing the fug out of the citizens.

We good.

[Rovin]

like is kamla teef out d HSF too .... ohh gorr she still teefin yes

[paid_influencer]

913 Million US loss in a year sounds like a lot but when you calculate it out is only like losing $200 TT a second. that is less than a dinner mint

[Mmoney607]

Ex Central Bank Governor:Heritage & Stabilisation Fund loss disturbing

https://tt.loopnews.com/content/ex-central-bank-governorheritage-stabilisation-fund-loss-disturbing
Former Central Bank governor Jwala Rambarran has described the loss of US$913.5 million incurred by the Heritage and Stabilisation Fund (HSF) in 2022 as a grave fiscal irresponsibility that should disturb us all.

In its annual report issued last week, the HSF revealed that it recorded its first-ever loss at a total of US$913,456,918.

Rambarran, who spoke on the matter via a statement over the weekend noted that the Government waited nine months to disclose this loss which is equivalent to almost 20 per cent of the HSF's outstanding balance at the end of September 2022.

"Think about that for a moment. It took about five years for our HSF, in its previous informal incarnation as the interim revenue and stabilisation fund, to build up a balance of over US$900 million," he said.

According to the former Central Bank governor, the rightful owners of the HSF are the citizens.

"The HSF is a national heritage fund created from excess energy revenue for the people of T&T.

"The HSF belongs to you, your children and your children’s children.

"We, therefore, must have an interest in how much money is placed in the HSF, how much money is withdrawn from the Fund and for what purpose, how its resources are invested, and, most importantly, what is the investment performance of the fund," Rambarran explained.

In the report, HSF chairman Ewart Williams said over the past three years, the HSF confronted a series of challenges that have tested its resilience and threatened its sustainability.

These, Williams said challenges included the COVID-19 pandemic, and the Russia/Ukraine war, among other factors.

However, Rambarran said nothing could be further from the truth, stating that events in the global financial markets "have simply revealed the incompetence” of the HSF board.

The former Central Bank governor said in this turbulent environment, the HSF board therefore, must be adept enough to shield the fund from the worst effects of the financial risks associated with such events.

This, Rambarran added requires a proactive approach, constant monitoring of the markets, mature reflection and deliberate judgement to act.

Jwala Rambarran is a kinda kakahole or what. A former Central Bank governor should know that this is a paper loss and the govt actually put in more money than they took out. I hear Stephen Reis gone on a long tirade based on Jwala comments