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Government optimistic in spite of decline in energy sector

Foreign Exchange

Energy Minister Franklin Khan admits that in spite of the drastic decline in earnings from the energy sector government will not go in a mood of despair.

Minister Khan adds that the situation has impacted on the availability of much needed foreign exchange.

However, speaking in the Senate during debate on the Finance Variation of Appropriation Bill 2017 this week, Mr Khan noted that emphasis is being placed on boosting production in the energy industry.


Meanwhile, Finance Minister, Colm Imbert reiterated that the Central Bank has been asked to give priority to manufacturers and trade in the supply of US currency.


Conversely, during his contribution to the proceedings Opposition Senator Wade Mark claimed that some financial institutions have adopted certain questionable practices relating to the distribution of US currency.


Independent Senator Jennifer Raffoul suggested that the state considers making adjustments to the tax regime in a bid to tackle the problem.