Tancoo, Imbert in war of word

Senior Reporter

Finance Minister Dave Tancoo yesterday blamed former Finance Minister Colm Imbert for creating a “foreign exchange crisis” – and Tancoo said he’s working to ensure” the efficient and effective use of “T&T’s forex.

Tancoo issued a statement yesterday, following Guardian Media’s query on Imbert’s comments at an earlier People’s National Movement press conference.

Imbert had called on Tancoo for answers on issues, including whether Government’s solution to forex issues was cutting credit card limits by 50 per cent. The query followed a recent decision by Republic Bank to impose new reduced US dollar spending limits on its credit cards.

“If I was minister of finance, I would get a barrage of messages, emails, questions coming from the media as to what is the government doing about this. But of course, we’re not seeing that now. You’re always very soft on them,” Imbert said.

“The minister (Tancoo) has not been called to explain what the Government intends to do about that. And it is in stark contradiction to what was said during the media review. Because in the media review, what the Minister of Finance said is that they are going to solve the problem with forex in Trinidad and Tobago.”

Noting that Government’s economic rebuilding plan had encompassed foreign exchange solutions,” he asked. “Is this the solution to foreign exchange in the country? To cut credit card limits by 50%? You see, I did a tweet a day or so ago that I think I’m living in an animal farm where up is down and left is right. Because if the solution to our forex problem is to reduce citizens’ access to forex, then I’m in an animal farm. You all have not asked the minister what he intends to do.”

Imbert also called for information concerning the CL Financial liquidation issue and whether Proman’s meeting with the Prime Minister soon after elections resulted in a deal that’s inimical to the public’s interest.

Tancoo issued a release stating Imbert’s statements on the forex matter was, “… cheap theatrics from the person responsible for creating the foreign exchange crisis.”

“Mr Imbert is expressing fake concern for a crisis he caused by failing to create an enabling environment for foreign and domestic investment, economic diversification and to boost non-energy production and exports in particular,” Tancoo said.

“I want to confirm that as Minister of Finance, I am committed to working with all stakeholders to ensure effective and efficient use of our limited stock of foreign exchange while the Government rolls out our transformation agenda to generate wealth for future generations – Imbert would do well to save his theatrics for SAPA, NAPA or Naparima Bowl.”

Tancoo gave no details of his “work” with stakeholders or Government’s “transformation agenda to generate wealth.”

He said, “As a country, we’re using more foreign exchange than we are generating, and have been doing so for years. Obviously, as a country, we need to generate more foreign exchange, manage existing foreign currency holdings and engage in import substitution. These are not mutually exclusive.”

He claimed, “Imbert, as Minister of Finance, simply sat on his hands and did nothing serious to address the impending crisis for the decade during which he was minister. We’re reaping the result of Imbert’s incompetence of epic proportions. But his comments must be seen for what it is, a desperate attempt to distract the population from his own complicity, as well as to instil fear in the business environment and chase away domestic and foreign investors. This is the unpatriotic, anti-people position which the PNM has now adopted.”

Tancoo said in 2015 when Imbert became Finance minister, the Republic Bank credit card limit was $15,000 US per cycle.

“By the time Imbert left, the same bank had dropped its credit card limits from $15,000 to $5,000 per cycle without (Imbert) lifting a finger to do anything,” he added.

“Over the period 2020-2023, Republic Bank reduced its USD spending limit by 67 per cent, while another bank, RBC Royal Bank, took similar action, slashing its USD limit on credit cards by 73 per cent. “

Tancoo said Imbert “seemed to be misinformed” on the Proman issue.

“This is a matter being addressed by the liquidator and Proman. There has been no deal or conclusion as far as I’m aware. When there is a determination, I’m certain it will be made public.”