March 25, 2020

What About Food Security In Pandemic Economic Package?

By Newsroom

How much money is in the Heritage and Stabilization Fund (HSF)? “We need to know, if we are to be taking out money, “Opposition MP, Bhoe Tewarie said in the House of Representatives as he spoke during debate on the bill to allow the government to draw down on the HSF Fund to enact the pandemic economic package. And while the opposition has said it will support the measures, and understand what the Minister of Finance is trying to protect and support, parliament needs to have an account of where all the money is likely to go. In piloting the legislation, Minister of Finance, Colm Imbert explained that money will be drawn from the fund to be used to pay outstanding money owed to contractors, as VAT refunds and income tax refunds. Government owes TT$6.2 billion dollars in VAT refunds to 10, 160 registered businesses. Of that amount only 72 businesses are owed more than TT$10 million but TT$5 billion is owed to large companies. Saying it is an effort to help Small and Medium businesses, Minister Imbert said that 9, 364 businesses are owed less than TT$25,000 and that all their refunds will be paid by the end of next week which will account for TT$277 million. Big businesses will have to wait for another day. The government also intends to draw down on the HSF Funds to pay TT$2 billion in money owed to contractors and providers of government service. Government expects that 60,000 persons will be affected by the job losses as a result of the Coronavirus Pandemic for which an estimated TT$400 million will be spent. While he admitted that it is a platform for recovery to deal with the crisis, MP Tewarie, a former Minister of Planning and Development, wondered about food security.
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