A PNM Government “will move aggressively to diversify and turn around the economy,” the party solemnly assured in its 2015 general election manifesto.
Several sectors were identified amid “the decline in crude oil production and stagnation in natural gas production.”
The PNM criticised “our heavy dependence on the energy sector for foreign exchange earnings and for 50 per cent of government revenues.”
Years before, as Prime Minister, Patrick Manning promised diversification into shipbuilding and maritime repairs, financial services, and a slew of other sectors.
International financial institutions have been beseeching the authorities to move away from heavy dependence on the floundering oil and gas industry.
The International Monetary Fund repeatedly urged reform into “a more diversified, green, resilient, and inclusive economy.”
The IMF appealed for measures aimed at “fostering private sector participation and promoting economic diversification.”
The World Bank promoted economic options and counselled the government on the challenges, based on experiences in other countries.
The Inter-American Development Bank said diversification was “imperative,” and recommended several fields, including digital technology.
The Economic Commission for Latin America advocated agriculture and agro-processing and “transforming the country’s export specialisation” to access international food markets.
And so on…
Instead, the food import bill has galloped by 85 per cent in the past decade, T&T has an annual net outflow of investments, and foreign exchange shortages and inequitable distribution have crippled small businesses and is impacting manufacturers.
In all of this, the wobbly energy sector remains an economic one-horse pony.
Diversification is the greatest hoax perpetrated on this hapless nation.
Now, Prime Minister Dr. Keith Rowley is relying on clairvoyance to save the country from an unprecedented economic collapse.
With a straight face, he says: “I am asking you to use your telepathic power to overcome this negative nonsense about the failure of the Dragon Gas deal.”
Lord, put a hand!
