Businesses whose main focus are based on manufacturing and trade may soon be able to breathe a sigh of relief as Trade and Industry Minister Paula Gopee- Scoon has assured that the Government is actively addressing the matter of foreign exchange(Forex) unavailability.
The Forex issue has been one plaguing businesses for several years, particularly those within the Small and Medium sized enterprises, with the COVID-19 pandemic only exacerbating the situation.
Speaking at the opening of Massy’s Brentwood, Chaguanas store on Monday, the Minister said provisions are being made with the Exim bank for an increase of Forex:
“This week, and I’m speaking on behalf of the Finance Minister, Cabinet approved an increase of US$100 million to the facility for importers for the purchase of basic food items, pharmaceuticals and other related essential items.”
She said additional funds have also been approved to accommodate local manufacturers as well:
“Additionally another US$100 million was added to the facility for the allocation to local manufacturing and exporting companies” she said.
The Minister noted the additional figures have now brought the “total aggregate of government’s assistance to the sector” to some US$530 million.
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