Dr. Farrell, who is the head of the Cabinet appointed Economic Advisory Board, says the task of stablising the economy is now even more difficult.
He feels actions to fix the wrongs in the economy are too slow.
Dr. Farrell was speaking at the Annual Economic Conference in Tobago this morning.
He said in the last 2 years, the country has borrowed more than 1.3 billion dollars.
But he is concerned about the foreign reserves which at the end of September stood at 8.5 billion dollars.