The Appropriation (Financial Year 2027) Bill, 2026, was passed in the Senate on Monday, but not before Minister in the Ministry of Finance Dr Kennedy Swaratsingh defended the Government’s handling of the economy, pointing to inherited debt, social commitments and investments in Tobago.
The Bill, which authorises Government expenditure for the 2027 financial year, was passed late on Monday night, following a motion by Minister Swaratsingh. He moved that the Bill be passed, waiving the committee stage, during which legislation is typically examined clause by clause. The Bill instead proceeded directly to a final vote.
Responding to concerns about the Government’s borrowing, Dr Swaratsingh said a significant portion of the $21 billion borrowed was used to refinance inherited debt, including a US$1 billion Eurobond that was due in August.
He argued that despite these obligations, the Government was able to honour commitments to public officers, support the UniMed health plan and maintain essential public services.
The Minister also rejected claims that artificial intelligence was used to prepare budget documents, insisting that the work was carried out by public officers.
“I just want to clear up that misconception because I don’t want people to think that any of the documents, because it also betrays the hard work the public officers did in producing these documents, all of it was done through the hard work of the persons in the Ministry of Finance and Ministry of Planning and I don’t want in any way to diminish their work. These, none of these, were produced by AI.”
Dr Swaratsingh also defended Finance Minister Davendranath Tancoo’s decision to publicly acknowledge an error in the budget presentation, describing it as a demonstration of transparency and accountability.
“Sometimes, you know, people, mistake kindness for weakness, mistake integrity for foolishness. But my colleague, this Minister of Finance, was man enough to say, ‘Hey, you know what? That is a mistake’ because this Government has nothing to hide. This Government is transparent, is honest, and making sure that we fix even our own mistakes.”
Addressing concerns about the National Insurance Board (NIB), the Minister said warnings about the fund’s long-term viability had been documented for years, making reform unavoidable.
“An actual report on the NIB sat in the Ministry of Finance since 2019, if I’m correct, Senator Dhanpaul. I know, since 2019. An actual report that said if we did not do anything to the NIB, that the fund would go defunct by 2031, 2032.”
Dr Swaratsingh also defended Central Government’s support for Tobago, citing major investments in air and water infrastructure and efforts to strengthen the island’s tourism sector.
“We’ a’re funding subvention for the air bridge. You just get a flight from Toronto that we’re paying for. It is not ideal, but it is much more than Tobago ever got. And so Senator Radgman, when you say zero in 2030 is zero more seats for the PNM.”
The Appropriation Bill will now be presented to the President of the Republic of Trinidad and Tobago for its proclamation.