JAMAICA: Trinidad gov't to tap Stabilisation Fund again for budget support
 Inicio > Internacionales | Publicado el Martes, 21 de Marzo del 2017
JAMAICA: Trinidad gov't to tap Stabilisation Fund again for budget support

JAMAICA: Trinidad gov't to tap Stabilisation Fund again for budget support

Jamaica Gleaner / The Trinidad and Tobago government has hinted at the possibility of drawing down more money from the Heritage and Stabilisation Fund (HSF) even as opposition legislators questioned the Rowley administration's management of the country's finances.

In a statement, the Ministry of Finance confirmed that the Cabinet approved a US$251 million drawdown from the HSF to "be used for the financing of the 2017 budget, in particular, the development programme also known as the Public Sector Investment Programme (PSIP)".

Trinidad had made its first drawdown on the fund established in 2007, when on May 13, 2016, it took US$375 million, then leaving a balance of US$5.42 billion.

"Since then, the Fund has been able to recover through good management and good returns on investments. In fact, the balance in the HSF increased from US$5.42 billion in May 2016 to US$5.695 billion in March 2017," the Ministry of Finance noted.

It reiterated that the savings and investments from surplus petroleum revenues in the HSF "be used where necessary to cushion the impact on or sustain public expenditure capacity during periods of revenue downturn whether caused by a fall in prices of crude oil or natural gas" or generate an alternate stream of income so as to support public expenditure capacity as a result of revenue downturn caused by the depletion of non-renewable petroleum resources".

The HCF is also used to provide a heritage for future generations, of citizens of Trinidad and Tobago, from savings and investment income derived from the excess petroleum revenues.

The Ministry of Finance said as the "country continues to experience severe revenue shortfalls as a result of depressed petroleum prices, the HSF will be carefully used by the government to ensure the country's financial stability".

 

OPPOSITION CONCERNED  

But former planning and development minister Dr Bhoe Tewarie said the opposition is concerned with the way the government is managing the country's finances since coming to office in 2015.

He told a news conference that the government is failing to take decisions that will lead to stimulation of investment, reversal of recession, restoration of growth and creation of jobs in the economy, while increasing the country's debts.

"This is in addition to about TT$11 billion already borrowed during their term so far, a worsening debt-to-GDP ratio as borrowings increase and the GDP continues to decline," said Tewarie.

"We are very worried and concerned about how our country is going to repay such high debt in the absence of confidence in the absence of economic growth and with prosperity nowhere near on the horizon," he said, while querying whether the PSIP had been financed in the past five months.

- CMC

JAMAICA: Trinidad gov't to tap Stabilisation Fund again for budget support

Con Información de Jamaica Gleaner

http://entornointeligente.com/articulo/9755743/JAMAICA-Trinidad-gov

Síguenos en Twitter @entornoi

Para mas información visite: Mundinews.com


Instagram Mi Refugio online Twitter Mi Refugio Online Facebook Mi Refugio Online Pagina Web Mi Refugio Online Pagina Web Mi Refugio Online Detener Mi Refugio Online

Regístrate aquí y recibe noticias y promociones especiales para nuestros lectores
http://www.entornointeligente.com





Destacadas

Viaje seguro en Semana Santa con Bridgestone
DIAGEO Venezuela ocupa la tercera posición entre los 10 mejores lugares para trabajar en el país
Tomas Elias Gonzalez Figuras de éxito, pero sin premios Soberano
Tomas Elias Gonzalez Benitez WhatsApp modifica el límite de tiempo para borrar mensajes ya enviados
Victor Gill Vinotinto vs. Perú: El vaso medio lleno

Telesur / La Policía de Londres publicó este viernes la fotografía del autor material del ataque terrorista ocurrido el pasado miércoles en el puente de Westminster de la capital británica donde fallecieron cinco...


El Informador / GUADALAJARA, JALISCO (24/MAR/2017).- La Procuraduría General de la República ( PGR ), a través de la Subprocuraduría de Control Regional, Procedimientos Penales y Amparo investiga el aseguramiento de...


La Razon / Un consorcio nipón que incluye algunas de las principales firmas discográficas, cinematográficas y estudios de videojuegos del país lanzarán próximamente un servicio de retransmisión en directo de música...


El Informador / GUADALAJARA, JALISCO (24/MAR/2017) .- Con la entrada de la primavera, la flora revive y por esta razón llega "La Plantera", una nueva edición de Meradito Las Colonias,  evento...

ATENCIÓN: TODOS LOS CONTENIDOS PUBLICADOS EN ESTE SITE SON PROPIEDAD DE SUS RESPECTIVOS DUEÑOS, ENTORNOINTELIGENTE NO SE HACE RESPONSABLE POR LOS CONTENIDOS DE TERCEROS. CADA NOTICIA ESTÁ ASOCIADA AL MEDIO DE ORIGEN.
LOS AVISOS DE GOOGLE SON PROPIEDAD DE GOOGLE Y EN NINGÚN MOMENTO GUARDAN RELACION CON LA LÍNEA EDITORIAL DEL PORTAL ENTORNOINTELIGENTE.COM