What is the PNM's plan for the economy?

[De Dragon]

Dr Keith Rowley Tuesday 29/30th December 2015

First, we will bring legislation to Parliament to separate the Heritage and Stabilisation Fund into two distinct funds. We intend to leave the bulk of the existing fund in the Heritage component and allocate the remainder to the Stabilisation Fund.

We intend to use approximately US$1.0 billion for stabilisation purposes in FY 2016 and perhaps another US$0.5 billion in FY 2017. Using the Stabilization Fund will also help to finance the projected budget deficit and minimize increases in government borrowing.

[pete]

Yes you can't just pelt it out as there is LOTS of liquidity in TTD locally. If they made all the reserves available it would probably instantly be purchased and disappear and we would be totally screwed.

I'm just pointing out that to come and say there's no forex available because the previous administration "squandered it" when they're refusing to use reserves is ridiculous.

[BRZ]

Opposition behaving like a set of wild a55 stray dogs in parliament- no surprised!

[Habit7]

Dr Keith Rowley Tuesday 29/30th December 2015

First, we will bring legislation to Parliament to separate the Heritage and Stabilisation Fund into two distinct funds. We intend to leave the bulk of the existing fund in the Heritage component and allocate the remainder to the Stabilisation Fund.

We intend to use approximately US$1.0 billion for stabilisation purposes in FY 2016 and perhaps another US$0.5 billion in FY 2017. Using the Stabilization Fund will also help to finance the projected budget deficit and minimize increases in government borrowing.

Great so we expect the govt to separate the H&SF into two distinct funds. A heritage fund and a stabilisation fund.

With a stabilisation fund then one might say they promptly started to spend stabilisation fund money. However, as it stands right now the govt has not "then promptly started to spend H&SF money."

#facts

[j.o.e]

Yes you can't just pelt it out as there is LOTS of liquidity in TTD locally. If they made all the reserves available it would probably instantly be purchased and disappear and we would be totally screwed.

I'm just pointing out that to come and say there's no forex available because the previous administration "squandered it" when they're refusing to use reserves is ridiculous.

Whether claims of squandering are legit or not, it's fact now that foreign reserves fell significantly between 2012 and 2015. Having 11 months import cover is not a great position wth current commodity prices , it still requires caution.

[bluefete]

7% tax on Amazon and other purchases.

[pete]

http://www.central-bank.org.tt/content/ ... -monthly-0

In 2012 it was the same as it is now.. it increased up to 2014 and then fell

Put in the dates and Net USD reserves

[bluefete]

50% more tax on 2000cc luxury cars. (Eff immediately)

New taxes on alcohol and tobacco (eff. May 2016)

[bluefete]

Fuel subsidy - Cost $31 billion in last 10 years.

We import expensive crude oil, refined it then sold it at a loss.

Current cost of subsidy is $600 million. If oil goes to US$50, subsidy will be TT$1 billion.

Super goes to $3.50 per litre immediately. (no subsidy)
Diesel goes to $2.00 per litre. (subsidized)

All taxes will be removed on CNG, electric and hybrid cars.

[De Dragon]

Dr Keith Rowley Tuesday 29/30th December 2015

First, we will bring legislation to Parliament to separate the Heritage and Stabilisation Fund into two distinct funds. We intend to leave the bulk of the existing fund in the Heritage component and allocate the remainder to the Stabilisation Fund.

We intend to use approximately US$1.0 billion for stabilisation purposes in FY 2016 and perhaps another US$0.5 billion in FY 2017. Using the Stabilization Fund will also help to finance the projected budget deficit and minimize increases in government borrowing.

Great so we expect the govt to separate the H&SF into two distinct funds. A heritage fund and a stabilisation fund.

With a stabilisation fund then one might say they promptly started to spend stabilisation fund money. However, as it stands right now the govt has not "then promptly started to spend H&SF money."

#facts

Yes, you deal in semantics and playing dotish

[zoom rader]

Great is the PNM

PNM financiers win over Internet shopping and new car sales

[De Dragon]

Great is the PNM

PNM financiers win over Internet shopping and new car sales

Then after 5 years of graft, kickbacks, nepotism, mismanagement and outright thievery, they set for life and we and future generations are left holding the sheit bag.

[zoom rader]

Meanwhile Habit7 still trying to sell his Mazda

[S_2NR]

Meanwhile Habit7 still trying to sell his Mazda

Hahahahah. Mazda does take premium. He sour

[De Dragon]

Meanwhile Habit7 still trying to sell his Mazda

The Rowley induced vomit stains and bodily fluids musse mekkin eet difficult tuh sell!

[scotty_buttons]

Anyone know if the 50% more tax on 2.0l and over applies to vans as well?

[baigan]

Anyone know if the 50% more tax on 2.0l and over applies to vans as well?

Dont think so..they said 2L P reg vehicles ..

[Habit7]

Yeah I absorb my 44% fuel increase from Kamla and took it like a patriot for 4yrs now. Fuel increases not directly affecting me thanks to a prudent UNC fiscal measure (yes I said it).

30% have you all crying out like the poor ppl you perceive PNM supporters to be.

Continue to take chain up from UNC who in their manifesto proudly promised to do what PNM has to do now. But now they out of the hot seat they are distancing themselves.

[ingalook]

What is up with these threads? OP you are asking questions the man addressed on Tuesday. At least counter some of the things he said. You are uninformed and demanding answers from your ignorance.

Another thing is you accusing the govt for things you conjure up in your own mind. Increase MVT and internet shopping tax? The proof for this lies on the shelf between dead man water and what really caused the SOE.

PNM took the economy in 1991 after POS was burnt down and they floated the dollar and started LNG. By the time 2001 come around we were in position to receive the gas boom and the economy grew as one of the fastest in Latin America. Now that the money done again, allow the govt to be prudent and put things in place so that your children can be comfortable and another leader can waste money on laptops for them again.

Guys what is the 7th Habit? Being wrong all the time????

On the first day of this year I predicted these things... how? Do I have super powers? ESPN? Fox Soccer?

No - I predicted what happened today because this government, who they are beholden to, and their motives are right there plain as day for anyone to see if they care to look

[BRZ]

As I sighted earlier that this govt would do such and such, when questioned about validity it's just best to let the stupid jacka55 make his noise and then in the end his a55ness shall become apparent.

[Habit7]

What is up with these threads? OP you are asking questions the man addressed on Tuesday. At least counter some of the things he said. You are uninformed and demanding answers from your ignorance.

Another thing is you accusing the govt for things you conjure up in your own mind. Increase MVT and internet shopping tax? The proof for this lies on the shelf between dead man water and what really caused the SOE.

PNM took the economy in 1991 after POS was burnt down and they floated the dollar and started LNG. By the time 2001 come around we were in position to receive the gas boom and the economy grew as one of the fastest in Latin America. Now that the money done again, allow the govt to be prudent and put things in place so that your children can be comfortable and another leader can waste money on laptops for them again.

Guys what is the 7th Habit? Being wrong all the time????

On the first day of this year I predicted these things... how? Do I have super powers? ESPN? Fox Soccer?

No - I predicted what happened today because this government, who they are beholden to, and their motives are right there plain as day for anyone to see if they care to look

You also predicted the govt was going to bring the rapid rail as well. How did that work out?

Anyways we rounding up a crew of poor ppl to protest the unjust increase in MVT of our 2L engine showroom vehicles we intended to buy. Because as you know PNM always protects their financiers...wait something wrong there.

[Pirate]

So u think the rapid rail not coming??? This is why there are all these increases...to fund it. If oil prices was in the 70s, feasibility study #2 already in swing.

The only way it ain't happening if something major happen; coup, early election, etc...

[ingalook]

GOVERNMENT SAID THEY WERE BRINGING RAPID RAIL IN THE LAST BUDGET IN OCTOBER!!!!!!!!!!! I didn't predict that in January!

But you already knew that...

Forgive me for commenting on WHAT THE GOVERNMENT SAID THEY WERE GOING TO DO - anyhow that project shelved for now, but it will come back up in the coming years once the PNM is there.

I still accurately predicted the increase in MVT - the MVT is on cars MORE than 2.0L, cars that we call 2.0L are actually 1997cc thus don't fall into the "Over 1999cc" category that Colm stated.

What percentage of NEW cars are over 2.0L? Not a lot, I'd estimate somewhere around 5% Rav-4, Tuscon, Sportage. Ceratto, MX-5, Yaris, Civic, Corolla - nothing you commonly see is over 2.0L

On the foreign used side the story is a bit different, the Teanna is a good example - I'd peg the foregin used cars coming into Trinidad with a bigger than 2.0L engine at around 25% - inclusive of those new services bringing previously unavailable cars out of the UK

Try again?

[maj. tom]

so GATE still funding UWI Med-Sci?

[EFFECTIC DESIGNS]

wow so Imbert going to make we pay 7% Vat for shopping on Amazon and most major sites, this added onto the other 7% US Tax to Florida, then lets add in 12.5% Vat and 25% Duty. Just wait till next budget you will see import duty going to be put on Computers this government seems to be trying to prevent the citizens from becoming computer literate.

Now I know why people does call the PNM forward never backward ever.

One other thing why was the opposition constantly interrupting the budget debate with a set of noise?

[EFFECTIC DESIGNS]

so GATE still funding UWI Med-Sci?

Seeing that they still funding dotishness like Carnival Degrees and Gender and Peace study degrees then I see no reason why they won't fund med. These clowns will fund pure garbage of no use to anyone or society but quick to make life miserable for the poor man.

[desifemlove]

seemed like a reasonable budget.

but then i expect nay demand for more manfucturing, and more ICT. if Dr. R does wanna give me loan (better would be grant...) to expand my digital business overseas, cool.

but then instead of rapid rail, should have been an alternative. if they want buses, then a different type, or expand the taxi/maxi service into new areas. if the point of a mass transit, which both PNM and UNC wanted in some form, is to reuce traffic, then give licences for call a cab services, along with ranked routes like now. Or have a busway, which would cost far less than a rail.

[desifemlove]

So u think the rapid rail not coming??? This is why there are all these increases...to fund it. If oil prices was in the 70s, feasibility study #2 already in swing.

The only way it ain't happening if something major happen; coup, early election, etc...

rowley said many times tjha the case was in the IDB. not surprising they did say no.

[Pirate]

I agree with what u said that something needs to be put in place to reduce traffic congestion. There are many other countries with a functional bus service that we can adapt to in the short term.

[Morpheus]

I'm more peeved about the 7% on online shopping

I already chest-trapped that 44% increase in fuel in 2012 or whenever it was....so unaffected

15% + 15% < 44%

*poke