Budget promise first made in 2008

PNM FUDGES FROM PNM 

THE current People’s National Movement (PNM) Government stole a promise from a previous administration of the same party in the 2022-23 national Budget. 

Finance Minister Colm Imbert said the Government would introduce a “ship repair and shipbuilding industry in the northern peninsula, creating a new maritime industry.” 

But Imbert had made that announcement in his first Budget, in October 2015. 

More than that, Patrick Manning, then the Prime Minister, issued similar declarations as far back as July 2008 and September 2009. 

In 2008, Manning identified the marine industry as one in which the economy would be diversified. 

In 2009, he said that ship repair and shipbuilding would be introduced in the 2010 fiscal year, as part of the Government’s diversification of the economy. 

In his 2008 statement, he stated that the marine and yachting industry was one of seven sectors into which the economy would be diversified. 

Others included printing and packaging, and food and beverage. 

Manning said the fast-growing marine segment of the oil and gas exploration industry had the capacity to stimulate shipbuilding and ship repairs. 

“The Government is looking at the potential of this sector,” Manning stated in 2009. 

He added: “It represents a new direction that is labour-intensive and has the potential of creating a new industry that can make a significant contribution to economic activity.” 

Years later, there have been no steps to build the industry. 

Other regional countries, most notably, St. Lucia, have set up successful marine industries. 

The marine and yachting industries make significant contributions to St. Lucia’s Gross Domestic Product. 

In his latest Budget presentation, Imbert also repeated earlier promises of boosting the creative and cultural industry. 

In 2021, he stated that the sector would be “a critical engine of growth and development in the country.” 

There have been similar promises during the past seven years of the administration of Dr. Keith Rowley to boost tourism, agriculture, financial and related services. 

But these sectors still make only marginal contributions to the economy. 

Imbert also promised an improvement from the current low standing in the Ease of Doing Business metrics, which is a deterrent to investments. 

That, too, has not taken place. 

A 2015 promise to establish a National Statistical Institute is still to be done, as well as a procurement regime. 

A slew of energy projects has also been identified in successive national Budgets. 

The Rowley Government has been severely criticised for its poor record of implementation.