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FINANCE Minister Colm Imbert is consulting local and foreign experts as to how to spend US$644 million or $4.6 billion in funding from the International Monetary Fund (IMF) known as special drawing rights (SDRs), he told the Senate on Tuesday.
He was replying to a question by Opposition Senator Wade Mark.
SDR is not a currency, but an artificial currency instrument created by the IMF to supplement the official reserves of its member countries and provide them with liquidity.
Imbert listed various uses to which the asset could be put including to strengthen Trinidad and Tobago's foreign reserves, buy covid19 relief such as personal protective equipment or pharmaceutical medical supplies like pharmaceuticals, replace expensive foreign debt with cheaper foreign debt, promote non-energy growth, fund key infrastructure, carbon capture, tourism or agriculture development, or provide foreign exchange for local manufacturers.
Mark asked the names of the advisers Imbert was consulting.
Imbert replied, "Local and foreign experts." He said he would eventually provide the names, earning the derision of Mark.
Imbert said SDRs do not evaporate, so at an appropriate time a decision would be made.
In a separate question, Mark asked for an update on the probe into the theft of $1.7 million via a wire transfer between Lake Asphalt and a bitumen supplier.
Senate Leader Clarence Rambharath answered on behalf of Energy Minister Stuart Young.
He said US$82,863 had been recovered so far, out of the US$247,500 that had been unlawfully transferred.
Rambharat said a investigation by the police service Cyber Crime Unit and Fraud Squad was taking place. He said meanwhile controls have been effected to stop any repeat of such losses.
Asked what these measures were, Rambharat promised a written response by the Senate's next sitting.
Mark asked if any managers or staff of Lake Asphalt had been involved.
Rambharat said he would not go into that but said that based on police investigations, the company was reasonably confident all outstanding monies would be recovered and the perpetrators brought to justice, whether they were inside or outside the company.
Mark asked when the outstanding $164,000 which was still missing would be retrieved and returned to TT.
Rambharat said he could not give a time line but could only say the police continue to work with local and foreign institutions to recover that outstanding balance.
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