Finance Minister Colm Imbert says food importers cannot hold the public to ransom and increase prices when they knew obtaining foreign exchange from the EximBank was a temporary measure to ensure there were no shortages during the Covid-19 pandemic. The minister issued a three-page media release yesterday, addressing reports in the Express of private business people who import the majority of the country’s basic food items, and who are lamenting that they had been unable to pay for goods due to a lack of access to forex from the EximBank for the past two months. They claimed this “crisis” would lead to food price increases and shortages.
Imbert emphasised the creation of a temporary second forex window at the EximBank was for essential imports such as food and medicine, given a “looming trade crisis” during the Covid-19 pandemic. He said four years later, the Government cannot be held liable by certain private sector businessmen for the items they ordered and received without paying for them. “Further, the public should not be held to ransom with a threat of increased prices for the restructuring and rationalisation of a service that was introduced as a temporary measure during the Covid-19 emergency, which was well known to be subject to periodic review,” he said.
Imbert stated it is a matter of record that wholesale importers were aware that the forex window for essential imports was temporary. He said they were also informed in August 2024, prior to the deliv.
