Finance Minister Davendranath Tancoo says improving the lives and livelihoods of citizens will be at the heart of the Government’s next budget, even as Trinidad and Tobago continues to face economic challenges.
The Minister also defended the Government’s economic strategy, arguing that the country is now moving from decline to recovery.
Finance Minister Davendranath Tancoo says despite ongoing revenue constraints, Government remains focused on delivering the next Fiscal Budget, aimed at improving the quality of life of citizens.
Speaking to reporters following the opening of Pennywise Plaza Trincity on Friday morning, Minister Tancoo said the administration intends to maintain its people-centred approach.
“I’m looking to try to improve the conditions of life and livelihoods in Trinidad and Tobago in difficult revenue circumstances. But I assure you, we’re going to continue in the same vein we’re continuing from budget, my first budget, which will focus the attention on improving the quality of lives and livelihoods of people, even despite our constraints.”
The Finance Minister also pointed to what he described as serious economic difficulties inherited by the previous administration, saying policy decisions over the past decade contributed to a significant shrinking of the economy.
“I think for the last year and for ten years before that, we have specified that the former administration, I know people don’t like to hear it, people may have forgotten, but the former administration took some policy decisions which resulted in the contraction of the economy by 20%. That’s a substantial contraction of any Government, any economy in ten years. So we inherited difficult circumstances.”
Minister Tancoo said the Government is now focused on rebuilding economic activity and strengthening the country’s institutions.
“They borrowed heavily. They spent substantially. And still the quality of lives did not improve. We are working to resuscitate a dying economy. We are working on changing the infrastructure, changing the public perception, and changing the institutional framework to improve Trinidad and Tobago.”
The Minister also argued that international agencies are beginning to view the country’s prospects more favourably as a result of measures being implemented by the Government.
“You would have seen that with the cessation of the decline that we were seeing under Standard & Poor’s ratings, the international rating agencies are now starting to look a little bit more favourably because I think they are seeing what we are seeing, that although we inherited difficult circumstances, we are making decisions, we are working with the communities, we are working with everybody to make sure that what we do now improves the quality of lives of people generally.”
Asked about the rollout of the Landlord Surcharge, Minister Tancoo said that a full explanation would be given during the Budget.
“I will provide a substantial explanation and information during the presentation of the Budget. I would really want to give a substantial period, a fair share to be able to collect the data so that when I present the budget you will get all the information.”
Minister Tancoo said Government has “stemmed the decline” and are now looking forward to further growth and development of the economy.