Nations seek aid from the International Monetary Fund (IMF) because they struggle to pay foreign debts. Also, their creditors will not negotiate a new payment scheme without a tertiary entity —that is the IMF.

This unfavourable situation occurs primarily when expenditures exceed revenues for too many periods and financing the difference consistently cannot be continued.

Second, despite the wherewithal to be resourceful, government administrations didn’t control spending and increase revenues. What exacerbates this are increasing crime rates and institutional and systemic corruption that are deterrents to foreign investors.

In six fiscal years, the T&T Gross Domestic product continuously declined, with evident projections of no improvements. A crisis is looming due to a lack of policies that promote growth and investment. Economic growth is crucial to generating revenues to assist the servicing of debts.

In April, a nearby Caricom colleague found itself in the same situation. That is Suriname. Likewise, we are a diminutive open economy, extremely reliant on highly volatile commodity prices for our revenues.

Suriname’s pathway to recovery might also be our own unless this current administration acts expeditiously. Suriname has been given marginally stringent measures from the IMF. Pending the end to the Covid-19 pandemic, the time to a return of economic stability is uncertain.

Che Amoroso

St James

RECOMMENDED FOR YOU

It is easy to understand why members of the fishing community may consider themselves victims of a double-standard that places less value on their lives than on others.

The extended curfew hours recently announced for June 19 and 20 is our Government’s way of doubling down on the current state of emergency (SoE) which has been in effect since May 15.

Many commentators are highly critical of the Government given the high debt held at present, particularly so, as the Minister of Finance has told us that the Government is short of money and had to revert to both the Heritage and Stabilisation Fund (HSF) and borrowing to continue to run the economy and support those disadvantaged by the pandemic and the continuing recession. 

This Friday most of the eyes of the cricketing world will be focused on the commencement of the World Test Championship (WTC) Final between India and New Zealand at the Ageas Bowl, in Southampton, England.

If the Muslim community could quietly and sensibly deal with the cancellation of its Eid ul Fitr holiday festivities at the end of Ramadan, what is wrong with the labour fraternity?

May I first apologise for inflicting these thoughts on your good selves, and explain that I’m sending them to the newspapers not in order to gain wider notoriety but in acknowledgment that two out of three may very, understandably, have far better use for their space.