00:00So we are looking at a percentage share, which is the Tobago population share of the national population.
00:06And at this point, the population share is 5.1%.
00:10And whatever the total of the national budget is, Tobago is requesting its per capita share of 5.1%.
00:17If it's $30, give us our 5.1% of $30. That's all we are requesting.
00:22Richards also points out that the THC is still indebted to several contractors,
00:27noting that payments are contingent on the Assembly's cash flow.
00:32He adds that the situation has been further strained by a sharp cut to the THC's development budget,
00:39which was slashed from $400 million in 2023 to just $205 million in 2025.
00:48He says this significant reduction has severely hampered the Assembly's ability
00:53to meet its financial obligations and drive meaningful development on the island.
00:59And it is retarding not only the development program,
01:02but the economic life of the entire island is being impacted.
01:07Because remember, infrastructure development and shovel-ready projects are economic activity
01:12that spurs on commercial activities and therefore create the circular flow in the economy,
01:17create jobs, spending and that sort of thing.
01:20And we don't have the resources to do those types of development programs
01:24to boost the economy and boost commercial activity on the island.
01:28Even in the tourism sector, we require significant investment in our tourism infrastructure.
01:33Richards believes that with proper sustained investment from the central government,
01:38Tobago has the potential to become a magnet for foreign investment.
01:42He maintains that the island's natural assets, strategic location and untapped economic potential
01:50make it an ideal candidate for international partnerships if only the necessary support is provided.
01:57If the national government does not see the need to develop what I call probably a five-year
02:04development investment program for the Tobago economy,
02:08which is really the foundation of the diversification of the national economy,
02:13then we'll have a challenge as a nation going forward.
02:15And when I say a challenge, an economic challenge,
02:17because definitely the national economy needs to be diversified.
02:21Nicole M. Romany, TV6 News.
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