No more�financial�helpouts–or handouts–from T&T. T&T�has backed off from Caricom's proposal�to support yet another regional assistance�fund while also underscoring� that T&T cannot continue with its previous magnitude of Petroleum Fund sponsorship,�Prime Minister Kamla Persad-Bissessar signalled yesterday.
At a media briefing�following yesterday's second Caricom summit working session,�Persad-Bissessar�again telegraphed that�for T&T's new Government, it may not be business as usual in maintaining the status quo regarding funding assistance for Caricom. Yesterday, Persad-Bissessar reiterated that T&T can no longer continue with the magnitude of the past where the Petroleum Fund is concerned�due to T&T's own fiscal challenges. "Where we can assist, it should be tied to some benefit for the T&T people and we'd need to see more details and reviews of project proposals�as well as value for money, and the need for accountability and transparency in the way the funds are disbursed," she said. And in adjustment on a second area of funding assistance,�Persad-Bissessar�voiced concerns about the�US$250 million Caribbean Development Fund (CDF), which�was instituted for regional states to deal with economic dislocation, address the adverse�impact arising from�the Caricom Single Market and Economy (CSME) and other issues.
Persad-Bissessar said T&T�had made a $37 million contribution�to the CDF�as well as another input of $9.6 million�from the Petroleum Fund, but there is an outstanding balance of US$20 million, which needs to be sourced.Persad-Bissessar said�there had been discussions yesterday for T&T to help in meeting the shortfall as some states had not contributed due to financial difficulties. "We were concerned in meeting this US$20 million as T&T is also is also facing its own financial constraints and it would be very�difficult for us." Persad-Bissessar also noted that the fund's chairman, who is from T&T, had been removed and no answers were forthcoming to T&T questions on this. "I was told T&T did not consent to his removal," she said.
She said it was important since T&T's contribution to the CDF is quite significant and, therefore, questions about the US$20 million and the chairman's removal had to be raised. She also cited the investment management of the fund and�the current yield on the fund's portfolio is less than one per cent–insufficient to meet its expenses.�In addition, the fund's ceiling of US$4 million was removed. Persad-Bissessar said the jury is still out on�whether T&T will continue providing help for the CDF. She said many states were not contributing while T&T had gone beyond its contribution. "So to talk�about that US$20 million coming again from T&T, we reiterate that we have our fiscal challenges, as well at this�time, we will not be able to put that full US$20 million into the CDF at this time–cannot do it. We'll have further talks on it."
Persad-Bissessar said the money that was being disbursed�didn't belong to leaders, but to the people and should be used to benefit them and not build mega-projects. She said her concerns were transparency, accountability and�that�the "handout" situation could not continue.