Colm Imbert as PNM’s Minister of Finance from Sept 2015 to April 2025 does not acknowledge or take responsibility for his own mismanagement, incompetence, the PNM’s influence and their special interests, that has brought the country to the economic situation in which it now finds itself
Colm Imbert is reported in the media to have told the last PNM Public Meeting that, “Based on current liquidity levels, the Government of Trinidad and Tobago’s ability to easily or readily access funds on the domestic market has been severely constrained.”
He then boldly stated claims the government froze a number of government loans meant for state enterprises, placed it in the government’s bank account, and will be using that to pay salaries for the remainder of the fiscal year.
Imbert’s statement is most disingenuous and self serving because it is very misleading to say that the overall financial pressures and constraints the country is facing today are the fault of the new UNC Administration.
This new Government (elected just four months ago) is now somewhat struggling to get the economy back on track; yet upon examination, Colm Imbert as PNM’s Minister of Finance from September 2015 to April 2025 does not acknowledge or take responsibility for his own mismanagement, incompetence, the PNM’s influence and their special interests, that has brought the country to the economic situation in which it now finds itself.
The reasons why the country is now struggling to cope with the economic stagnation, a very pronounced deterioration and decline in every sector that it finds itself in today are due to his magnanimous failed policies, mismanagement and very deep economic inequality which are now his legacy as Finance Minister, ably supported for seven years by his former Permanent Secretary now PNM Opposition Senator Vishnu Dhanpaul.
For nine plus years, Imbert was the architect of large increases in government spending, taxes and borrowing which did not translate our economy into a more robust and vibrant one.
Under his tenure as Finance Minister, it was partisan politics first and country second. This resulted in an economic crisis which was worsened by his plan to tax citizens for practically every type of goods and services; his Government’s legacy was the dismantling of the country energy and energy-based sectors.
Under his watch, Trinidad and Tobago went from being an exporter of oil and gas to a country which must now import every liter of gas that is consumed daily, costing over US$250 million annually to import fuel we once produced. This perhaps is the main reason for the critical shortage of FOREX.
Imbert, at the next PNM Public meeting, instead of attempting to cast unfounded aspersions on the new Government, must take responsibility for his own failed tenure as PNM’s Minister of Finance; he must tell the country why he allowed a tiny minority unfettered access to foreign exchange, which is the lifeblood of our economy, while the majority are left with crumbs.
It is time that Colm Imbert, Keith Rowley’s second-in command, accept that the past nine plus years was a period of crisis after crisis with the PNM’s inept and arrogant Government.
Trinidad and Tobago is now breathing a sigh of political relief that the PNM’s political litany of mismanagement, corruption, incompetence, cronyism and nepotism, which nearly literally destroyed the country, is now behind us and hopefully, the PNM will never see the corridors of Government ever again.
Capil Bissoon
