Planning Ministry hopeful despite recent downgrade in ratings
The Ministry of Planning and Development issued a statement today, stating that the Government has provided measures of recovery to stabilize the economy, in light of recent reports coming from international credit rating agencies.
The release said the Government has put measures in place during these challenging economic times, as it continues to be committed to providing a conducive and facilitative environment to encourage investments and growth in economic activity.
The Ministry noted that global rating agencies Standards and Poors (S&P) and Moody’s stated ‘the Government needs to implement structural reform that enhances the economic diversification and investor confidence, strengthens Trinidad and Tobago’s growth and fiscal profile while containing external vulnerabilities.’
It said the National Development Strategy (NDS) 2016-2030, Vision 2030 will guide the development process, adding that it will consider the immediate and future needs of all citizens and will incorporate the achievement of the Sustainable Development Goals (SDGs) which articulates a broad policy framework for development: the overarching national vision to 2030 and national development priorities.
The Ministry further noted that financial prudence was employed to effect an adjustment and stabilize the reality of lower oil and gas prices and lower production levels. It said although difficult, the necessary adjustments had to be made to reign in excess expenditures to match the current shortfall in revenues and not to add to the increasing debt burden.
According to the release, expenditures was cut by over $10 billion in the first fiscal year compared to the historically high expenditure of $63 billion in 2015.