Just an Opinion: The Economic Crossroads Under Kamla Persad-Bissessar—When ‘Everybody Wins’ Meets Economic Reality
With Kamla Persad-Bissessar and the UNC now at the helm after the April 28 election, Trinidad and Tobago is poised for a new chapter. The campaign slogan, “When UNC Win, Everybody Wins,” set high hopes for a future of shared prosperity. But the economic reality they inherit is far from a walk in the park.
The previous PNM administration, under Dr. Keith Rowley, managed to keep the economy afloat without turning to the IMF, avoiding devaluation and maintaining control over austerity measures. However, their tenure was not without controversy,…..decisions like the closure of the Petrotrin refinery in 2018 and salary hikes for top officials while capping worker increases at 4% left a mixed legacy.
As the UNC steps into power, if they are to honour their election promises, the challenge is clear: they might face the tough choice of seeking IMF assistance, which could bring stringent austerity measures and a potential devaluation—measures we’ve managed to avoid for a decade.
So, while the slogan promises that “When UNC Win, Everybody Wins,” the reality check is that not everybody might feel like a winner if austerity and IMF conditions come knocking. It’s a reminder that winning at the polls is one thing, but navigating the economic storm to ensure “everybody wins” is another challenge altogether.
Now, Kamla Persad-Bissessar’s administration inherits an economy that may necessitate tough choices. My concern is that if the new government turns to the IMF for support, it could mean the imposition of stringent austerity measures. Unlike the PNM’s controlled approach, where they had the autonomy to decide the extent of cuts and adjustments, an IMF program could force even harsher and less flexible measures on the nation.
This scenario could lead to devaluation and stringent austerity that we have managed to avoid over the past decade. While the new government is keen on fulfilling its promises, the reality may demand unpopular decisions that could impact the populace far more than anticipated.In essence, my fear is that this new path may lead us straight into the arms of the IMF, resulting in economic hardships and a loss of economic sovereignty that could have long-lasting repercussions for all of us.