Opinion
- Editorial- Commentary
Trinidad
Express:
King:
T&T must save $$
Independent Senator and economist Mary King has said there is poor economic
management and not enough saving for when the country eventually runs out of
oil and gas.
In her budget presentation yesterday at the Senate
sitting, King commented on the Dutch Disease concept
and the country's dependence on the energy sector
without consideration of the risk factors.
She said Government was pumping money into infrastructure
and other programmes and the risks were being ignored.
"And we do have risks ahead of us and our
leaders have been unable to manage the risks that
are ahead of us," she said.
She said this was evident in Government's reaction
to the Ryder Scott report.
"This
should be a wake-up call for all of us but instead
our leaders are telling us to have
faith."
King said the price of the intake of US currency
in the energy sector was not properly stated in
the budget but according to her calculations, it
was US$2.6 billion annually.
She said if the population was to move seriously
to a wealth driven economy after 12 years- which
was the estimate by Ryder Scott the country would
run out of gas then the country had to save.
"We will have to save US$1.3 billion yearly
and the Central Bank will have a little over $1
billion to play with in market operations," said
King.
She said if this savings started in January next
year and continued to the year 2020 this will give
the country US$2.6 billion in capital after 12
years. -AR
Trinidad
Express is one of the daily newspapers in Trinidad-
Petroleumworld not necessarily share these views.
Editor's
Note: This article was first publish in Trinidad
Express, Tuesday, September 4th 2007. Petroleumworld
reprint this article in the interest
of our readers.
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Petroleumworld
09/04/07
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