Young: PNM showed responsibility, maturity

ENERGY Minister Stuart Young has dismissed claims from Opposition Leader Kamla Persad-Bissessar that the PNM has mismanaged TT’s affairs over the last nine years and placed the nation in a debt trap.

Young said the PNM has demonstrated responsibility and maturity over that period to ensure TT’s long term economic health.

He added that Persad-Bissessar has demonstrated the UNC’s unsuitability to do the same.

Young made these comments in his contribution to the budget debate in the House of Representatives on October 4.

He said, “What was delivered this year by the Minister of Finance and this government, is nothing short of a responsible budget that takes into account, not only the needs of those who are most worthy in society but also in the placing exercise.”

Young added, “It is very easy when one is in opposition with no responsibility, to say I will implement this.”

He cited Persad-Bissessar’s promise of building smaller prisons throughout TT should the UNC win the next general election, as an example of how the UNC will deal with crime.

Young said Persad-Bissessar could not say where the revenue to build these prisons come from.

He added Persad-Bissessar’s response to this was to check the UNC’s website.

Young said, “That in itself sums up for me as a citizen, how irresponsible certain people who aspire to office and to guide this country are.”

He reminded MPs that a budget is a balancing exercise.

“On one hand, you have to legally and legitimately raise revenue. On the other hand, you must balance it, also with legal and legitimate expenditure.”

Young said a government must always demonstrate fiscal maturity and responsibility “which we can see, having listened for three and half hours, will not come from those who are offering themselves for office.”

He added, “This government has spent the last nine years ensuring that there is not only sufficient revenue for the present period of the nine years but also securing the future of TT by ensuring in very difficult and volatile times that there will be a revenue stream for the future.”

Young said citizens must ask themselves who will manage this critical period “to ensure that those revenues, especially the revenues that will begin to flow from the first or second quarter at latest of 2027 (from cross border energy projects with Venezuela), back into the coffers and the Treasury. Who will manage that in a responsible way and manner.”

He said the UNC’s continued strategy of personalized attacks and misrepresentation of facts, show it cannot be trusted with such an assignment.

On the former, Young slammed Persad-Bissessar for claiming that TT did not benefit from any of the Prime Minister’s overseas trips over the last nine years.

Describing Dr Rowley as a salesman and a statesman, Young said those trips resulted in TT receiving $17.6 billion in revenue “from two (energy multinational) companies.”

He added the PNM’s initiative in 2017 to introduce “a royalty (tax) at the well head of 12.5 per cent” allowed for additional revenue to come from the energy while the previous UNC administration lacked that foresight.

Young slammed Persad-Bissessar for being hypocritical about budgetary allocations to the Office the Prime Minister (OPM)

Referring to a document, Young said from 2010-2015, the OPM’s allocation was approximately $170 million.

He added this included trips by large entourages to India and Brazil, which brought no revenue to TT.

Young said Persad-Bissessar was wrong to claim electricity and water rates have been increased in the last nine years, as a result of talks he and Rowley had with energy multinationals in Houston early in the PNM’s tenure in office.

“Completely untrue.”

Referring to the Dragon, Cocuina-Manakin and Manatee gas projects, Young said steady progress continues to be made on all three to ensure the continuation of revenue streams into the energy sector.

Last December, government secured a a 30 year licence with Venezuela for the Dragon field.

In July, government secured a 20 year licence from Venezuela for bpTT to exploit the Cocunia field on the Venezuela side of the unified one trillion cubic feet Cocuina/Manakin field of which bpTT already has an operatorship of the Manakin part lying in TT water

Also in July, Shell announced its final investment decision on the Manatee field, which straddles the TT-Venezuela maritime border between TT and Venezuela. Shell plans to bring gas production from Manatee online by 2027.

Young said, “Within the next week, a survey ship is about to enter the waters of TT to launch from here, to go and survey the Dragon gas field because things are proceeding apace with NGC (National Gas Company), Shell and the government of TT.”

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