Finance Minister Colm Imbert has finally been able to smile a bit as he revealed with some caution that there are signs of an economic recovery, though modestly projected at two per cent.
This news, delivered to guests at the yesterday’s official launch of container scanners at the Port of Point Lisas, was supported by the International Monetary Fund’s projection.
The Finance Minister, who pegged his last budget on an oil price of US$52 a barrel, must be encouraged by the upward swing of current oil futures at US$70.
Since he took on one of the toughest of portfolios, he has had the most unwelcome of tasks to trim the Government expenditure sails in the face of strong indications that all was not well with the economy.
The news that the economy is showing signs of growth also indicates that some of the most stringent measures introduced, although in some cases painful to endure, are having the desired effect.
However, the kinds of cost controls that are required to correct the Government’s expenditures are likely to be further introduced by way of the minister’s midterm review.
Such a review has become a regular feature and serves to provide an even more detailed report on the performance of the economy ahead of a full budget exercise.
The reality is that the headwinds change regularly and thus require more immediate changes in tactics.
Resolve governance issue
The crippling governance crisis in West Indies cricket has been allowed to continue for too long.
The regional game is sinking deeper and deeper into the doldrums amidst a stand-off between the Dave Cameron-led West Indies Cricket Board (WICB) and governments in the region.
Prof Sir Hilary Beckles, Vice-Chancellor of UWI, has made the right call for help from the International Cricket Council (ICC) to solve this crisis.
Good governance alone is not sufficient for success but it is the best chance of achieving it, particularly in this region where players are drawn from 16 nations and territories.
Apology accepted
UK Prime Minister Theresa May’s apology for the treatment of members of the Windrush generation paves the way for complete resolution of this unfortunate matter. Citizens of Caribbean origin who had been threatened with deportation and suffered various forms of dislocation can now begin the process of rebuilding their lives in the country which they have a legitimate right to call home.
