Rohan Sinanan

‘make the right choice’: Rohan Sinanan

THE OPPOSITION United National Congress (UNC) intended to damage the Unit Trust Corporation with its proposal to use its idle cash balances for the National Infrastructure Fund, Works and Transport Minister Rohan Sinanan said yesterday.

“Remember how they spent on infrastructure? What is suppose to cost $1,000 costs $3,000. What was supposed to cost $250 million, like the Curepe Interchange, cost them close to $500 million. So in other words you would be paying two and three times the cost for infrastructure and they going to be taking your Unit Trust savings to put into that,” he said.

“I was told today that there were some people who had been thinking about taking out their money from UTC, holding it and putting it back in when the PNM wins on Monday. But there is no need for that as we are going to win the general election. We are going to form the next government and we are not going to interfere with your money,” he said.

Sinanan also questioned his audience about if they remembered what the UNC did to the State-owned National Gas Company (NGC) during its term in office between May 2010 and September 2015.

He said the NGC had $18 billion when the UNC came to office and they spent every cent on projects in which there was no value for money. “Let us not allow them to have the opportunity to damage our financial institutions,” Sinanan said. “Make the right choice. This is a vote for the survival of Trinidad and Tobago, “ he said. “We cannot allow them to create a financial crisis for us. We cannot allow them to come and rape the Treasury,” he said. He said all the hard work which was done to keep the country safe during this pandemic would be undone.

He said the UTC did not have a pool of excess sums lying around, but invested in bonds.

Sinanan said a lot of development had been done in Sangre Grande in the last five years.

He said very soon the Wallerfield to Manzanilla Highway would appear “because a lot of the work is going on behind the scene. And then we start from Sangre Grande Police Station going all the way up to Mayaro”, he said. He said a lot of infrastructure work was done in eastern seaboard as well as other parts of the country.

He said the Valencia to Toco Highway is expected to be completed by the end of 2022. He said the long awaited highway to Sangre Grande was under full construction and the first phase - the Wallerfield to Sangre Grande- should be completed soon. He said a tender is expected to be out by the end of this year for the construction of the Toco Port.


TRINIDAD AND TOBAGO’S Central Bank announced yesterday it was keeping its main policy rate on hold at 3.50 per cent, citing the contraction in lending to businesses and the slowdown in both the energy and non-energy sectors.

In its quarterly Monetary Policy Announcement, the Central Bank’s Monetary Policy Committee (MPC) said the institution’s strong policy actions in March 2020—the simultaneous 3 per cent drop in the reserve requirement and 1.5 per cent reduction in the repo rate—are still working their way through the financial system.

FOREIGN used car sales have taken a hit since the arrival of Covid-19 and the Government’s stay-at-home orders, but instead of folding, dealers have found that a customer-centred approach and new products have kept their doors open.

The industry consists of 500 registered dealers and supports thousands in the satellite businesses such as mechanics, car detailers and those newly trained to service both hybrid and fully electric cars, according to president of the Used Car Dealers Association, Visham Babwah.

AT a time when many companies in the local construction sector are struggling financially, NH International has launched an internship programme, aimed at providing the St James-based contractor with a new cadre of experienced leaders for the future.

SENIOR manager of investment management at Scotiabank T&T, Christopher Clarke says he would not be surprised if there is another exchange rate adjustment in this country in the next six to 12 months.