Mayaro MP and shadow for trade and industry, Rushton Paray, said government’s decision to reinstate EximBank’s special forex window for essential imports is welcomed.
In a statement, Paray said this crucial addresses the pressing needs of businesses facing foreign exchange challenges in sourcing critical items, particularly those essential for health, hygiene, and food security.
He said originally launched in 2020 to meet the demand for essential imports during the COVID-19 pandemic, this forex window has been a lifeline for local businesses amidst persistent forex shortages.
“Recent restrictions, however, placed considerable strain on importers, threatening the stability of essential goods supply.
Paray said he has consistently advocated for the resumption of this facility, recognizing the impact of the foreign exchange shortfall on the business community and consumers alike.
“I am pleased that the Ministry has taken steps to address this urgent issue. This decision will bring meaningful relief to businesses across Trinidad and Tobago.
“My work as Shadow Minister of Trade & Industry has been focused on ensuring the availability of critical supplies, and today’s announcement reflects the importance of keeping these channels open for our local economy.”
Paray said the revised forex allocation of US$25 million per month will allow importers to access funds specifically for pre-COVID defined essential items, such as food, pharmaceuticals, and hygiene products.
“While the allocation is reduced from previous COVID-era levels, it is a step forward in stabilizing access to essential goods for households and businesses.”
Paray said he remains dedicated to monitoring the facility’s implementation, advocating for further adjustments as needed to address the evolving demands of the economy, and supporting transparent, effective access for importers and consumers.
In a statement over the weekend, the Ministry of Finance said effective November 1, 2024, that government will resume a forex window at EximBank for essential imports in a restructured format for US$25 million per month.
The Ministry said:
“It has been decided that the list of foods, pharmaceuticals and essential hygiene products, such as sanitary napkins and pads, which qualified for this special forex window from 2020 to September 2024 will remain unchanged going forward.
“However, it will be subject to periodic review to see whether items should be added or deleted, as necessary.
“For example, retaining borderline food items (on the margin between essential and non-essential) such as sausages is arguable.”
“For the avoidance of doubt, COVID-19 pandemic-related items such as hand soap, toothpaste, face masks, deodorant, respirators, and hand sanitisers are no longer considered to be “essential” imports.”
The Ministry said greater access to forex for inputs for local consumption will be considered shortly and further details of this aspect of forex distribution will be announced after consultation with stakeholders.
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