As Government grapples with reduced revenues as a result of lower energy prices, it has to decide what role it will play in the economy, says Ravi Suryadevara, president of the American Chamber of Commerce of T&T (AmChamTT). He said while Government has traditionally played a dominant role in development, AmChamTT would prefer them in the role of regulator, allowing businesses to create wealth.
Suryadevara said T&T is not likely to return to the revenue streams of the past anytime soon and the current period should be seen as a time of adjustment rather than recession.
“We need to heed what the International Monetary Fund (IMF) recently said about the economy. There is stability now but we need to make the difficult decisions now or the situation will get worse,” he warned.
There will be divestment of some state assets to meet the deficits, he added.
“Let the Government do that and focus more on oversight of the economy and compliance—in other words, the role of a regulator. Government needs to be less of an operator in the economy and provide more oversight,” Suryadevara said.
He said when ArcelorMittal entered T&T they should have listed on the Stock Exchange where they could have been regulated.
The AmChamTT president said the group waiting to see how the Government deasl with the fuel subsidy in Friday’s mid-year budget review but has always advocated for its gradual removal.
He urged the Government to make all the potentially painful decisions now.
“Economic growth is important for poverty alleviation. Growing debt only hurts growth as there is less disposable income for the country to do important things,” Suryadevara said.