00:00Appropriate provisions will be made in the budget of fiscal 2027 to meet all obligations settled between now and budget
00:10for 2027.
00:11A commitment from the finance minister in the 2026 mid-year budget review to make good on wage negotiations settled
00:20between now and next year.
00:21So I want to tell nurses, teachers and whoever else that are currently at the bargaining table or are awaiting
00:29finalization that relief is coming.
00:33Relief is coming. The documentations are being provided now and in fiscal 2027, Mr. Speaker, the relevant appropriations will be
00:42made.
00:43The personnel department is to be supplemented by an extra $2.5 million.
00:48The promise came as the government sought to supplement the national budget by an additional $2,927,371,851 to
01:04be financed through a combination of domestic and external borrowing.
01:09Schools are being repaired. Infrastructure is being upgraded. Institutions are being restored. Public servants are being paid. Obligations are being
01:18honored.
01:18We are supplementing because we are delivering, Mr. Speaker. They don't like to hear it, but promises made, promises kept.
01:29The finance minister also reports that a number of the government's taxes and fees implemented this fiscal year have borne
01:37financial fruit.
01:38Several of these measures are already delivering results. These include the commercial bank asset levy, electricity surcharge and the landlord
01:46registration fee and business surcharge,
01:49which together have generated approximately $224 million since implementation in January 2026.
01:58The move comes as the finance minister reports prudent fiscal management by the UNC administration over the past year.
02:06Under the PNM, the primary deficit stood at $2.93 billion last year.
02:13Today, it stands at approximately $101 million near balance.
02:21In just one year, Mr. Speaker, this government has reduced the primary deficit by more than $2.8 billion TT,
02:31bringing Trinidad and Tobago to the threshold of primary balance following consecutive years of primary deficits.
02:39All things considered, however, the 2026 budget is expected to carry an overall deficit of roughly $7 billion.
02:48Mr. Speaker, I turn to the projected fiscal performance.
02:52The 2026 budget was predicated on an average oil price of $73.25 per barrel and natural gas of $4
03:01.25 per mm BTU.
03:05Our estimation for oil and gas prices to the end of fiscal 2026 is $85 per barrel and $4.050
03:14per mm BTU, respectively.
03:15With this and other adjustments, we anticipate an increase in total revenue of $381.7 million,
03:26with an overall resultant deficit of $7 billion.
03:31Renasa Cutting, TV6 News.
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