Letters to the Editor
Newsday
THE EDITOR: I recently listened to the former minister of finance speak at a public PNM meeting where one of his concerns centered around the repurposing of loans intended for state enterprises. In his address, one statement in particular stood out to me. He claimed that based on current liquidity levels, it has become increasingly difficult to access financing in the domestic market. According to the member for Diego Martin North East, the banks “eh want to lend them no money,” which he linked to the alleged forced departure of the CEO of First Citizens bank.
But here is the question the former minister must answer: if expenditure has long exceeded revenue and this country is still operating in a fiscal year that was budgeted by his own administration, would he not have faced the exact same challenge if he were still in office?
I know that the member for Diego Martin North East is a seasoned politician, but it is grossly misleading to insinuate that the liquidity pressures being faced today are the fault of the current administration. The fact is that expenditure has consistently outstripped revenue, forcing greater reliance on borrowing. It does not take a PhD economist to understand that any minister of finance, past or present, would have faced the same reality, particularly given that in his ten years as minister, he failed to implement meaningful measures to address revenue.
The reality is clear, essential payments must be made. The new minister of finance is working within the constraints left behind, doing so in a fiscally responsible manner while ensuring that obligations to the people are kept. It is not mismanagement, but rather the difficult process of recovery from years of fiscal imbalance.
I am eager for the measures that the new minister of finance, along with the new administration, will put forward to address the shortfall in revenue. The challenges are real, but the early signals suggest a commitment to fiscal responsibility and a willingness to confront the issues head-on.
Rather than misrepresenting the situation, the member for Diego Martin North East would serve the nation better by using his political energy constructively, instead of spreading grossly misleading narratives.
SASHA DEVERTEUIL
San Juan