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  • 5 months ago
The Finance Minister says the new Government has inherited a deficit close over nine billion dollars for the Government's 2025 financial year.

But he says this UNC-led Government will fix it as he made a major announcement regarding the foreign exchange challenge.

Juhel Browne reports.
Transcript
00:00The reason we are here today, Mr. Speaker, is to seek a supplementary appropriation of $3.14 billion.
00:06And the reason for that is simple.
00:08We are forced to supplement a PNM budget.
00:13This is not our shortfall.
00:16This is the latest chapter in the PNM's long history of serial under-budgeting.
00:21Finance Minister Devendranath Tanku delivering his first statement for the mid-year review of the government's budget
00:27since the UNC and its coalition of interests won the 2025 general election on April 28th.
00:34And he made a major announcement as he gave his assessment of the state of the economy.
00:39We will take no advice from those on the opposite side who have collapsed this economy.
00:46We have a plan. We know how to fix it.
00:48And we will fix it, Mr. Speaker.
00:52Mr. Speaker, to address persistent foreign exchange shortages,
00:55we will collaborate with the necessary stakeholders to establish a foreign exchange allocation committee
01:01to bring greater transparency, equity, and strategy to the allocation of scarce foreign exchange resources.
01:09The 2024-2025 budget passed by both Houses of Parliament last year during the former PNM-led government
01:17had a projected deficit of $5.517 billion.
01:22Our estimation for oil and gas prices to the end of fiscal year 2025 is $66 per barrel
01:31and $5 per MMBTU.
01:36With this and other adjustments, we anticipate a decrease in total revenue of $556.7 billion
01:42with an overall resultant fiscal deficit for 2025 of $9.67 billion.
01:52That is the PNM legacy, Mr. Speaker.
01:55That is their $9.67 billion.
02:00The theme of the 2025 budget under the former PNM administration
02:04was Steadfast and Resolute, Forging Pathways to Prosperity.
02:09Given the state of the economy, at present, we are forced to fund this increased deficit
02:16principally by our borrowings on the local capital market
02:20as well as by drawing down on existing multilateral facilities.
02:25Mr. Speaker, we will work assiduously to improve the revenue mobilization capacity
02:30Last week, the House of Representatives, via the government's majority,
02:37passed the repeal of the Trinidad and Tobega Revenue Authority
02:40established by the former PNM-led government.
02:45Jewel Brown, TV6 News.
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