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THE April 28 general election is over and the nation has, once again, a new prime minister in the form of UNC leader Kamla Persad-Bissessar, who led her party in partnership with smaller parties and labour in a coalition of interests (COI) to victory over the PNM.
But the challenges that Persad-Bissessar and her new cabinet will face are not new – some may argue that these challenges have been persistent for the larger part of the last decade.
Economist Marlene Attzs, in correspondence with Business Day said on the economic front the new cabinet will have to hit the ground running in the first few months – focusing on being clear about its plans and initiatives and communicating how its plans to fulfill its campaign promises.
Attzs said in the short term, the new government should focus on regular, clear and credible communication around the economy and its true state.
“The fact that the UNC/COI is coming into office at this time requires them to hit the ground running to get a full appreciation of what has been happening in the economy,” she said.
She called for a real and reasonable look at the economy and an honest sharing of what is happening there “along the lines of the people-centered communication that was a trademark of their campaign strategy.”
“I would also hope the government clarifies its intentions behind key campaign promises, and indicates its plans for fiscal discipline.”
The UNC’s plan for the economy includes government efficiency, investments in agriculture, reducing the food import bill by $2 billion and fulfilling all VSEP obligations for former Caroni (1975) Ltd workers that were not yet met.
[caption id="attachment_1152553" align="alignnone" width="1024"] Prime Minister-elect Kamla Persad-Bissessar during a town hall meeting in Chaguanas on April 3. Persad-Bissessar led the UNC and a coalition of interests to victory over the PNM in the April 28 general election. - Photo by Grevic Alvarado[/caption]
It also promised to revive strategic industries such as cocoa, rice and dairy.
On the economic front, Attzs said there are several fiscal events that would require the new government to have a proper appreciation of the economy in short order, which include the mid-year review and Supplementary Appropriation bill. This could allow for any fiscal adjustments that the government may think necessary.
With the 2025/2026 budget coming in six months, she expects the government to propose policies that are in line with the party’s campaign promises.
“Given the signals from the campaign, I would expect the upcoming budget to prioritise cost-of-living relief, fulfilment of some of the measures to address crime (one of the country’s major pain points), addressing the foreign exchange (forex) challenge that has faced SMEs for some time and focused attention on diversification efforts.
“The new administration also should address the fiscal imbalance and outline clear strategies to close the fiscal gap given their commitments to remove revenue generating taxes such as the seven per cent online tax and the property tax.”
She added that the next budget would also give the new government an opportunity to reframe medium-term development goals aligned with the UNC/COI’s vision for the country.
Asked whether the UNC/COI can make good on the promises it made during the campaign, Attzs said that would depend on whether there is adequate funding to support them.
“Every manifesto signals the best of intentions, but the ability to implement those promises depends heavily on fiscal space,” she said.
She listed a number of the UNC/COI’s proposals such as the ten per cent public sector wage offer, better healthcare, provision of tablets and laptops for students the establishment of a full-fledged technical university, full-time police officers in schools, construction of a forensic science complex, the creation of new ministries such as defence, justice, and home affairs, reopening of Petrotrin and restart the Pointe-a-Pierre refinery, and operationalisation of the children’s hospital in Couva will all cost a pretty penny.
“The real challenge lies in execution, timing and maintaining transparency with the population.
“Additionally, the current economic situation – constrained revenues, debt obligations, and limited fiscal space – make these manifesto promises particularly challenging.”
 
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