Prime Minister Patrick Manning has told supporters of his governing People's National Movement (PNM)there is nothing to fear about the economy, assuring them that the PNM has a sound plan to address the fears of the national community."I assure you that the PNM possesses the expertise and the confidence that is required to take this country safely and to navigate us through these murky and treacherous waters. My words to you would be 'fear not'," Manning told PNM members at a party event over the weekend.
The comments were made in reference to criticism of his administration's 2010 budget, which is based on a deficit of nearly $8 billion.
The PNM leader told party members he has a bold new plan to encourage energy sector exploration companies such as bpTT to invest billions of dollars to drill for oil and natural gas in a new deep water area off the eastern coast of Trinidad.
Manning explained that there are ongoing talks on this, adding that his government has just completed a review of the the tax regime governing covering oil and gas exploration in Trinidad and Tobago.
Manning said his economic plan includes includes the development of ship building and ship repair facilities which are earmarked for St Vincent and the Grenadines, to stimulate more revenue.
Last week the House of Representatives passed the budget. The Senate begins debating it Tuesday morning.
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