Page 9 - PNM General Election 2020 Manifesto

Ø The Government’s overdraft was maxed the Government’s bank account to keep the
out by the previous Government at country running for a few days!
negative $9 Billion, resulting in depletion
of the country’s available cash advances
by $15 billion.

Ø A further $14 billion had been siphoned
out of the National Gas Company’s bank
account and used to award questionable
construction and equipment supply
contracts at inflated prices.

Yet in the face of a clearly imminent financial
crisis, where: Yet we persevered, and in so doing, as a
deliberate strategy, we preserved as many jobs as
Ø Revenues from petroleum plunged by possible, and despite our huge financial
$10 billion between 2014 and 2015 and challenges, the number of employed persons has
continued to spiral downwards as the only decreased marginally over the last 5 years.
2015 Election approached
The new PNM Government had to move
immediately to stabilize the economy, stop the
Ø Oil prices collapsed from US$103 per downward spiral and create sustainable growth
barrel in June 2014 to as low as US$43 and true national development.
per barrel in March 2015 - the General
Election year In pursuing these objectives, we sought to ensure
that the collective public good and the national
interest was paramount in our policy
Ø An almost impossible $6 Billion backpay implementation process. The journey since then
liability to public servants and workers in has been as difficult as it has been rewarding.
state agencies loomed on the horizon Despite the drastic decline in Government
revenue, we have managed to keep the country
The previous Administration inflated annual afloat, by taking decisive and sensible action
budgetary expenditure to an unsustainable all- without crashing the economy and without
time high of $63 Billion, an increase of 43% over engaging in a massive devaluation of the Trinidad
the original PNM 2010 budget of $44 Billion and Tobago dollar.

In addition, by 2015, because of the disjointed We believe that the people of Trinidad and
approach to economic stability at that time, real Tobago understand and appreciate our approach
economic activity had become volatile and weak to pulling the country out of the deep dark hole
and taxpayers’ money was not being spent for in which our predecessors left us. We were in a
the purposes intended, but rather was being virtual financial abyss.
siphoned off into the pockets of a fortunate few.
Going forward, we recognize that while our
Indeed, in September 2015, just after we took current resources are inadequate to meet all of
office, we were advised by the then Governor of the urgent needs and demands of our citizens, we
the Central Bank that was only enough money in are confident that collectively and with
appropriate sacrifice we are achieving the

PNM THE RIGHT CHOICE ON AUGUST 10 People’s National Movement Manifesto 2020 6