Thursday 23 November, 2017

HSF being managed well, Rowley says

Despite several withdrawals from the country's Heritage and Stabilisation Fund (HSF), Prime Minister Dr Keith Rowley says the Fund is at a better position than it was two years ago.

Speaking at the People's National Movement (PNM) 47th convention held at the Grand Stand of the Queen's Park Savannah on Sunday, Rowley said the Fund had been restored in excess of what was withdrawn.

He said the country's economic circumstances required borrowing from the Fund over the past two years.

"We had been forced to make withdrawals from the Heritage and Stabilisation Fund within the last two years to manage this downward expenditure pattern," he said.

But he advised that the Fund is now at US$5.7 billion.

"The net asset value as at August 2017 of this Fund stood at US$5.7 billion. This was better than the net asset value of US $5.6 billion, where it stood in September 2015.

"So even though we had withdrawn from the stabilisation component of that fund to tide us through the last two years, the circumstances have been such that the Fund is still today a little more than it was when we first entered it."

Rowley boasted that this was a result of the Fund being managed very well.