Finance Minister Colm Imbert recently refuted claims made in a newspaper article regarding government borrowing, calling it misleading. In a statement released on July 24th, Imbert emphasized the inaccuracies in the article published by the Trinidad Guardian, stating that it falsely suggested a significant increase in public debt due to government borrowing.
Imbert pointed out that the analysis presented in the article lacked depth and failed to consider crucial factors such as refinancing transactions and principal repayments. He clarified that between October 2023 and June 2024, the government had actually made repayments totaling $9.23 billion, which reduced the net public debt. Additionally, $2.67 billion in debt included refinancing activities that did not contribute to the public debt.
Contrary to the alarming $14 billion increase mentioned in the article, Imbert revealed that the public debt had only risen by $4.07 billion during the specified period. He stressed the importance of accurate reporting to avoid misleading the public about Trinidad and Tobago’s economic status.
Imbert advised the Trinidad Guardian to conduct thorough research and analysis before publishing such sensationalist articles to ensure the dissemination of accurate information. He also highlighted the need for a more comprehensive understanding of the Central Bank’s monetary policy report, which includes various issuances beyond government-related debt.
