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OPPOSITION Senator Faris Al-Rawi has warned that government's failure to properly address tensions with Venezuela can have a disastrous effect on the economy.

Al-Rawi sounded this warning during his contribution to the budget debate in the Senate on October 28.

He referred to an announcement earlier in the day by Venezuelan Vice-President Delcy Rodriguez that a proposal will be made to Venezuelan President Nicolas Maduro for "the denunciation of the energy cooperation framework agreement between Trinidad and Tobago and Venezuela."