Rowley says PP policies causing economy to stagnate

Opposition Leader Dr Keith Rowley said Wednesday the failure of the People's partnership government to appoint certain key state boards is partly responsible for what he said is a stagnating economy.

Rowley was speaking in the House of Representatives on the Finance (No 2) Bill, 2010, which was presented by Finance Minister Winston Dookeran.

Rowley claimed that the national economy has stalled primarily because the critical boards are not in place to implement important decisions.

He also said people are continuing to lose jobs while businesses are not making new investments. Rowley suggested all this is happening because the government has failed to outline any initiative to create jobs in the country.

He said banks are "awash with money" because people have no confidence in the future. "There are three billion dollars in local banks right now with nobody to borrow it...And it has to do with what this Government has been saying and doing.”

Rowley returned to the smelter plant and again stated that its cancellation was a bad economic decision because government would have to pay large sums of money to business parties involved in the aborted project.

He also wondered what alternative projects are planned to replace the smelter.

Trade and Industry Minister Stephen Cadiz rebutted Rowley's arguments, noting that it is the PNM that is the cause of the country’s economic stagnation.

Cadiz said the problems facing the nation today have come as a result of eight years of neglect by the Manning PNM administration. “When you had eight years of neglect, there is no way you can turn that overnight...You cannot do it...You cannot turn it into a success overnight,” Cadiz said.