Contractors want TT gov't to pay them before Clico investors

The President of the Trinidad and Tobago Contractors’ Association (TTCA) wants the Government to pay contractors and consultants before Clico depositors.

Mikey Joseph said Saturday Government could use the liquidity of the banks to settle the outstanding $7 to $8 billion debt to contractors, consultants and suppliers by floating bonds or even the payment of some of these debts by bonds. Such a move, he said, should at least allow the industry some stability.

Joseph was speaking at the TTCA's dinner at the Trinidad Hilton. At the same function Works and Transport Minister Jack Warner pledged to settle government's debt and suggested that contractors and consultants consider accepting bonds instead of cash.

Joseph said as far as he understood the Clico situation the Government has no obligation to settle this debt "other than what is provided for by statute.” 

And he urged Finance Minister Winston Dookeran “to pay the debts owed to contractors and consultants before giving any further consideration to Clico depositors.”

The association had suggested in August that Government use money from the country’s Heritage and Stabilisation Fund to settle its debt to contractors. However government has rejected that option.

Joseph also said he now firmly believes Prime Minister Kamla Persad-Bissessar was right in her approach with respect to getting local contractors involved in the reconstruction in the Caribbean as part of any long term assistance following hurricane Tomnas.

“All donors determine the terms and conditions of their donations; the rest of the world does exactly the same and it will be foolish of us to give what we do not have as aid to our neighbours, whilst our industries suffer,” Joseph said.

Joseph predicted rough times for the constructions sector in 2011 unless "the present administration to takes us into their confidence and enter into serious dialogue with all the relevant industry stakeholders.”

Warner made such an offer during his address to the contractors. He expressed full confidence in them and asked them to work closely with the government to develop the country.