Making Markets Work
Trinidad and Tobago?s embryonic capital markets could
get a much-needed boost, now that the country?s 11-month political stalemate is over.
On October 7th, Patrick Manning, the leader of the People's
National Movement party, became prime minister of Trinidad and
Tobago after winning a parliamentary majority in elections that
month. His victory ended a political deadlock that had
paralyzed the country for nearly a year. Neither Manning's
party nor the opposition United National Congress held a
majority in the 36-member parliament. Now that Manning has a
four-seat parliamentary majority and a five-year mandate, he
can begin to address a number of important issues put on hold
during the 11-month stalemate. Among the decisions awaiting the
government are several initiatives to develop the country's
Trinidad has prodigious offshore oil and gas reserves, and
several new fields will start producing in the years ahead,
generating vast amounts of foreign exchange that the country
must absorb and recycle. The oil and gas sector has benefited
from the $4.5 billion of foreign...
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