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Farrell steps down as chairman of EDAB

Thursday, January 11, 2018

Dr. Terrence W. Farrell has resigned as Chairman of the Economic Development Advisory Board.

Effective immediately, his resignation was announced by the Office of the Prime Minister (OPM) yesterday.

In a release, the OPM wrote, "The Prime Minister would like to thank Dr. Farrell for his service to Trinidad and Tobago and to wish him well in his future endeavors."

Farrell previously held senior positions in the Central Bank.

He was the Director of Research from 1984-1989; and later went on to become Deputy Governor from 1992-1995.

He became involved in policy initiatives including the debt restructuring and IMF programmes during 1987-1991; the exchange control liberalization and the flotation of the TT dollar in 1993; and the Bank's intervention of troubled financial institutions in the period 1986-1993.

He later worked in the private sector in various senior capacities.

The OPM continued, "The Prime Minister thanks Dr. Farrell for the many reports and letters concerning the work of the Economic Development Advisory Board, which were considered in making the critical, hard, decisions that were indispensable for the country’s long term economic survival."

Officials wrote, "The economy, over the last two years has been managed with a steady hand, making adjustments along the way and the country’s future is now much more hopeful."

"The Prime Minister appreciates the invaluable service to the country made by Dr. Farrell and wishes him only the best."

Farrell obtained his Ph.D (Economics) in 1979 from the University of Toronto, and also holds an LL.B (London) degree and the LEC from the Hugh Wooding Law School.

The former Deputy Governor who was admitted to practice law in Barbados and in T&T, is also a Certified Mediator.

He is a Fellow of the Institute of Banking and Finance of T&T, a Member of the Chartered Institute of Arbitrators and a member of the Caribbean Corporate Governance Institute.

He has published several scholarly articles in Economics, written Central Banking in Trinidad and Tobago, and co-edited Caribbean Monetary Integration.

His book The Underachieving Society: Development Policy and Strategy in Trinidad and Tobago, 1958-2008 was published in 2012.

His latest book We Like It So? Cultural Roots of Economic Underachievement in Trinidad and Tobago was published in February 2017.

He has served on several government-appointed committees addressing various public policy issues, including the Vision 2020 Core Group, the Task Force on the Future of BWIA and the State Enterprise Review Committee.


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