The PNM have perfected the act and art of lying and trying to create what is known as the “”illusion of truth” effect. The dysfunctional PNM MP for PoS South Keith Scotland had the unmitigated gall to attempt an “illusion of truth” when he boldly said that it was under the PNM that the HSF was established.
The Keith Rowley-led PNM Administration continues its relentless repetition of misinformation hoping that their actions will make their posturing of false information turn into FACT.
The PNM have perfected the act and art of lying and trying to create what is known as the “”illusion of truth” effect.
This was on full display today during the 2023 Budget debate in the House of Representatives.
The dysfunctional PNM MP for Port of Spain South Keith Scotland had the unmitigated gall to attempt an “illusion of truth” when he boldly said that it was under the PNM that the Heritage and Stabilization Fund was established.
What are the FACTS, not the PNM and Rowley’s alternate facts (fax?) and inflammatory rhetoric!
FACT: In 2000, the Basdeo Panday led-UNC Administration created the Revenue Stabilization Fund. The concept of this Fund was to serve as an endowment for future generations and remains T&T’s last line of economic defense and therefore must be managed and spent properly.
The primary objectives of the fund were to save and invest surplus petroleum production revenues to support and sustain public expenditures during periods of revenue downturn and to provide a heritage for future generations of the nation.
FACT: In March 2007, the Patrick Manning led-PNM Administration simply transferred the assets of the Revenue Stabilization Fund in a new fund – The Heritage and Stabilization Fund.
Someone can legally change their name but that does not mean that he/she is a new person.
Here are some FACTS on the Fund:
Between 2000 and 2007, US$1.788 Billion was accumulated into the Fund.
At the end of September 2010, four months after the People’s Partnership Government came into office, the Fund was valued at US$3.621 Billion.
At the end of September 2015, the Fund was valued at US$5.655 Billion.
In their term in Government, the Kamla Persad Bissessar-led Administration would have deposited US$1,178 Billion into the fund.
At the end of September 2020, the Fund was valued at US$5.731 Billion.
At the end of December 31, 2021, the Fund was valued at US$5.62 Billion, just slightly higher than what it was valued in September 2015.
And it was only last month that the Rowley-led PNM made a one-time deposit into the HSF of US$163 Million/TT$1.1 Billion which they were legally required to do.
The Manning-led PNM never made any deposits into this fund!
While the Govt made this one-time deposit into the fund, it withdrew over $2.5 Billion since it came into office in September 2015.
Thank God that Basdeo Panday had the foresight to create this fund which the Rowley-led PNM Administration used to cushion the economic fallout from the COVID pandemic.
The financial position of the HSF today is a result of the market performance in which the Fund is invested and NOT any strategy taken by this PNM administration.