'Govt
too dependent on gas'
By
Anna Ramdass
Trinidad
Express
Port
Spain
Petroleumworld.com 07 23 06
UNC Political Leader Winston Dookeran says the economic
policies of Government are focused on control rather
than on risk management.
In his contribution to a
Bill to amend the Financial Institutions Act, 1993
in Parliament on Friday, Dookeran said Government
was misdirected in its focus on the legislative
agenda.
Dookeran said there were
many risks to the economy and one of these risks
stemmed from dependency on the gas sector.
He said the energy sector
remained dominant in the economy as 85 per cent
of revenue income was generated by the energy sector.
Since last December, there
has been a downward movement in the price of gas
and this is a serious threat and risk to the country.
He said analysts had advised
that this may be a trend, even as Government may
be thinking it is only a short-term phenomenon.
Dookeran added that rising
interest rates were also another risk to the financial
sector.
He said the credit rating
company Standard and Poors in a recent report had
stated that the banking system in the country would
have gross non-performing loans of 35-40 per cent.
"That is a signal that
should wake up the Minister of Finance," said
Dookeran.
He lamented that there was
confusion with respect to the finance portfolio
as there was no one person in charge.
Dookeran suggested that one
person should be mandated to hold this position.
The former Central Bank governor
also raised the issue that the office of the Ombudsman
in the Financial sector had no legislative power.
He said this office was supposed
to protect the public interest and the office could
do nothing but bring parties together to try to
resolve issues.
Trinidad
Express
Monday, July 17th 2006
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