Finance Minister Davendranath Tancoo says Government has stabilised the economy and is now turning its attention to reducing the fiscal deficit, while continuing to invest in critical areas such as health and education.
Minister Davendranath Tancoo said a lower fiscal deficit, a stronger economy and increased job creation, particularly for young people, will be key indicators of the Budget’s success. The Minister expressed confidence that the measures outlined in the 2027 Budget will strengthen economic growth, improve financial stability and create more opportunities for citizens across the country.
“What we inherited was astronomical and had we maintained the status quo, this country would have been in a very depressed, desolate situation as it is, as it would have been given the trend that we inherited. I think we took the right decisions. Hard decisions were necessary, but we took the right decisions to stabilise the economy and to move us forward.”
Minister Tancoo said the reopening of the Pointe-a-Pierre Refinery remains a key Government priority, noting that its closure reduced foreign exchange earnings, hurt economic activity in the south and increased reliance on imported fuel.
He said Government is reviewing proposals for the refinery’s restart through a transparent process.
“In the last year, we did a comprehensive analysis of the refinery which regards to restarting it. We have had substantial expressions of interest and the Ministry of Energy, and several other Ministries are part of a joint team that are now looking at the options for restarting the refinery. We propose to do this on a fair basis with absolute transparency and accountability going forward. We are not going to rush because this is a very vital component of our economy.”
Fiscal projections, the Minister said, are designed to place the economy on a stronger footing over the coming year, with measures aimed at reducing the deficit while supporting economic growth and social development.
“We have several new initiatives that we have announced. We have $2.4 billion put aside for workers. We are paying higher salaries and higher wages to NUGFW workers, to TTUTA, to public servants, etc. So, despite all of those additional incentives, we now have a deficit projected at $3.64 billion. I think that that deficit is a workable deficit. I think we expect substantial benefits to come from the energy sector. When that comes, it will reduce the deficit.”
Minister Tancoo expressed confidence that the measures outlined in the 2027 Budget will strengthen the country’s financial position, reduce the fiscal deficit and create more opportunities for citizens.