Ninety-three (93) cents of every dollar spent by the Government goes towards transfers, subsidies, salaries, pensions, and debt repayment, leaving a mere fraction for infrastructure and development.
This was revealed by Minister of Planning, Economic Affairs and Development, Dr. Kennedy Swaratsingh.
Speaking at a T&T Stock Exchange Conference on Friday, he made a call to the private sector to take a more active role in T&T’s economic revitalisation, warning that the Government can no longer shoulder the burden of national development alone.
“Five to six cents of every dollar is spent on infrastructure. But if you look around, we have large infrastructure needs. Assets that are underperforming. Assets that could attract higher commercial and revenue generation activities. Government has gone into spaces where government probably should not go. And therefore, Government has taken up so much oxygen where private sector now, I think, can come and play a better role, a bigger role, and, in my view, its rightful role.”
He noted that the Government’s role must shift from being the primary investor to a facilitator of private sector-led growth.
“So what we are going to be doing, and this is where I think there must be a reality, under Kamla Persad-Bissessar, there is an intent to bring about a new economic engagement and revitalisation with the private sector in the middle of it. The capital markets is going to be a primary partner moving forward. And we have to expand it. In fact, we have to move beyond institutional investors in the stock exchange to retail investors.”