Former PNM MP for St Joseph and government minister Kennedy Swaratsingh's presence caused a stir at the United National Congress's (UNC) economic forum town hall meeting on March 27 at the La Joya Complex auditorium in St Joseph.
Swaratsingh, who has been out of politics since losing his seat in the 2010 general election, explained he had been living and working in Barbados for the past 15 years due to an inability to find a job in Trinidad after leaving politics. He spoke about his 20 years spent as a Catholic priest, having joined the seminary monks at the age of 18 and being ordained in 1991.
Admitting he had to borrow a suit to attend the meeting, Swaratsingh humorously said he was more accustomed to wearing T-shirts, shorts and slippers while living in Barbados.
He described himself as a proud son of St Joseph and said he had a deep love for TT: he said he felt compelled to speak and urge the nation to give the UNC and Kamla Persad-Bissessar a chance at governance.
"I’m not here as a former member of the PNM: I’m not here as a member of the UNC. I’m here as a concerned citizen of TT. St Joseph is my hometown and one of the things instilled in us growing up was a deep love for St Joseph and our country."
>
He stressed the need for an economic strategy that not only focuses on infrastructure development but also attracts capital to support the nation’s growth.
"We’ve lost our pre-eminence as the financial capital of the Caribbean," Swaratsingh said.
"In the immediate term, we have to give people hope, confidence and empathy. The only representative we can find in the political scenario today is Kamla Persad-Bissessar."
Swaratsingh stressed he was not just there to endorse Persad-Bissessar but to offer his ideas for improving the country’s economy. He shared his experience assisting Barbados during a difficult economic period when the Latin American Development Bank (CAF) reached out to him. Swaratsingh said he helped Barbados join CAF by purchasing shares, which ultimately brought significant benefits to the island’s economic strategy.
He said while TT had once invested in CAF shares under the UNC, the benefits had not been fully realised after the PNM government took office in 2015. Swaratsingh said he was instrumental in helping TT complete its entry into CAF to ensure the country would be entitled to benefits from CAF, including a US$400 million tranche.
"I am not here to blame anyone, but facts are stubborn things. The opportunities we had through CAF have not been fully leveraged and the private sector has not been given its share of these benefits."
Swaratsingh suggested the government allocate CAF resources to support sectors such as manufacturing by offering lower interest rates for borrowing. He also recommended utilising CAF funds for public-private partnerships, particularly for housing projects and infrastructure development, to promote growth and improvement in these areas.
Despite his involvement in these initiatives, Swaratsingh lamented many of the proposed projects never came to fruition, with efforts to work with entities like Housing Development Corporation and First Citizens Bank.
In closing, Swaratsingh reinforced his belief that Persad-Bissessar was the leader capable of guiding TT to a more hopeful and prosperous future, urging citizens to support her vision for the country's economic recovery.
>
Former energy minister Kevin Ramnarine reflected on his time working with Persad-Bissessar, describing her as one of the strongest individuals he knows.
"Not in terms of physical strength, but in emotional, mental and intellectual resilience," he said.
Shifting to the country's economic situation, Ramnarine identified two challenges facing TT: the economy and crime, which he believes are interconnected.
"A weak economy fuels higher crime rates, and crime, in turn, undermines the economy, creating a vicious cycle."
Ramnarine expressed concern over the economic contraction, which he said has seen the economy shrink by approximately 20 per cent. This, he said, has led to a significant loss of economic confidence, with many large private sector companies now choosing to invest outside of TT.
"Data from the International Monetary Fund says the TT economy is one of the seven worst-performing globally from 2016 to 2024, trailing behind nations like Venezuela, South Sudan, and Yemen, which have faced war or civil unrest."
Ramnarine believes economic challenges have had a particularly harsh impact on young people, many of whom he said are struggling to find jobs. He said TT is losing its prestige in the Caribbean, pointing to the UK government's decision to impose a visa requirement.
Ramnarine said the economy has declined by 31 per cent due to the decline in the energy sector since 2015, attributed to falling oil and gas production.
"This has led to plant closures, job losses and company shutdowns. When the UNC left office in 2015, the energy sector employed 20,500 people. By 2024, that number had dropped to 12,500."
>
He said plummeting LNG exports have exacerbated the foreign exchange crisis, and the situation would be worse without foreign borrowing and the use of funds from the Heritage and Stabilisation Fund.
"Foreign reserves dropping from (US)$10.5 billion when the UNC left office to just (US)$5.3 billion by February 2024. Our foreign debt has doubled since 2015, now reaching (US)$5.6 billion, which surpasses the country’s foreign reserves. The only thing standing between us and an economic crisis is the Heritage and Stabilisation Fund."
Ramnarine called for urgent reforms to the fiscal regime for oil and gas drilling, the removal of bureaucratic obstacles and a revitalisation of the energy sector. He believes the government will announce gas discoveries and projects by mid-April but dismissed it as politically timed.
He criticised the government’s reliance on the Dragon gas deal with Venezuela, which has become increasingly complex due to geopolitical tensions, including pressure from the US. Ramnarine stressed TT cannot base its economic future on the deal but instead needs to focus on developing domestic resources, particularly deep-water hydrocarbon assets.
He believes in better utilisation of assets and the acceleration of deep-water gas resource development. He also called for reforms to simplify business operations, reduce taxes on non-energy sector companies, and encourage economic diversification.
Ramnarine stressed the importance of aligning the country’s economic growth with the expansion of neighbouring Guyana and Suriname.
He concluded the PNM had ample time in power to address these pressing issues, and it is time for change.
