The government of Trinidad and Tobago intends to increase our foreign debt by US $500 million or approximately TT $3.15 billion by floating bonds on the international capital market. This will increase our foreign debt profile by 33%.
The bonds are expected to be sold by the end of September. The government has given no explanation as to what it intends to do with the proceeds of the bond sale.
Even worse: the Minister of Finance Winston Dookeran revealed the government’s intention, not in the parliament, not at an after-cabinet media conference, not even in Trinidad and Tobago.
Our goodly minister made this momentous announcement in Montevideo, Uruguay where he went to attend a meeting of the Inter American Development Bank. He did so in an interview with Bloomberg News, the US business news channel. What contempt for the very people who have to bear the burden of paying back this debt! But what do you expect from politicians who view us not as citizens but as so much election fodder.