The budget presentation by Finance Minister Dave Tancoo was the among finest I saw or read in decades delivered in the House. As someone who did doctoral studies in Economics and took graduate courses in Public Finance, it is difficult to understand how a Finance Minister in his maiden budget presentation could brilliantly deliver such a disciplined budget with authority that some of his predecessors were lacking. The delivery was outstanding, eloquent, very articulate, coherent, lucid, forceful, memorable, inspiring, and Mr. Tancoo spoke with clarity, confidence, persuasiveness, and self-assuredness. His intonation, pitch, and voice were polished and masterful. The delivery was masterful and the content created a sense of national purpose to rescue a stagnant economy.
I am not sure if Mr. Tancoo is an economist (studied, practiced, and or taught economics), but he spoke like a true skilled economist, an expert, a master of his trade; he knows what he is talking about and the impact on the nation. It is a simple, common-sense budget that has won the approval of everyone interviewed. Every visitor in the gallery cheered, an act not allowed by visitors. It has also won the heart of most of the nation. Mr. Tanco would have won the admiration of the population. If anyone didn’t know of him before, they will now for delivering a widely popular budget. One has to praise Finance Minister Minister Tancoo for a presentation that focused on prudent fiscal responsibility and growth.
The budget is very visionary, credible, ambitious, bold, and transformative. It is sobering, very creative and responsible, delivering promised tax relief that even wowed critics. The opposition was largely silent, heads down immersed into reading laptop and or on their mobile phones. One issue critics pointed out and which I agree is it is very ambitious. Can the government adequately raise the funds for the new commitments? The budget relies on potentially optimistic forecasts for future energy productivity and prices and tax revenues. Nevertheless, even the opposition would agree that Tancoo presented a politically savvy budget. The new budget is expected to result in meaningful, long-term economic reform.
In embellishing his points, he was methodical and poked fun at the opposing side with facts. And he reminded the nation after every goody like the $1 cut in gasolene price and several others: “Promise made, Promise delivered”, unlike the preceding government. In a response to the opposition remarks that certain ideas were its, Tancoo, wittily responded: “They talked, we deliver”! He also slammed the opposition on transparency and accountability.
Some critics describe it as a clean-up job, a winner for the common person and the middle class after a decade of economic mismanagement. There is targeted intervention to significantly reduce unemployment with job-creation. It calls for private sector partnership, especially in housing and in industrialization. The budget could be the game changer the country needs for a quick spurt in growth. It should lead to economic recovery and stabilize prices.
*Dr. Vishnu Bisram (Political Analyst and Economist)