June 25 is budget day

June 25 is the Tobago House of Assembly’s (THA) Budget Day, and Finance Secretary Joel Jack said attention will be focused on health, housing, tourism, agriculture, human capital development and facilitating private sector development.

Jack will present the budget statement at 10am at the THA Legislature Chamber, Jerningham Street, Scarborough.

Announcing the date for the reading of the budget at Wednesday’s post Executive Council media briefing at the Administrative Complex in Calder Hall, he also declared that Tobago’s economy was on the way to recovery and that he was optimistic about the future.

“When we look at the positive news that we continue to see emerge on the national and global scene as it relates to our economy, I can point to the price of oil and gas hovering over $60 dollars,” he said.

“Additionally, with the recent visit of the Prime Minister to China, United Kingdom and Australia, and the news coming out of those visits, also adds to my confidence level as well. It also points to the fact of a trust on Trinidad and Tobago’s position in the energy sector where we get our main revenues as we continue to focus on diversification.”

Jack listed improvements in the tourism sector and growth in the manufacturing and ITC sectors throughout Trinidad and Tobago, and declared that “there is also a noticeable level of confidence by the private sector to invest in Tobago through the increasing number of developmental projects and major construction projects underway.”

“The International Monetary Fund, in its recent outlook as of April 2018, indicated at the beginning of 2018 will be the strongest for global growth since 2011, with expansion continuing into 2019, and with growth rate of 3.9 percent for both years.

“This provides an opportunity for us to leverage this period of expansion to implement the necessary structural changes that would mitigated against future shocks.

“The Central Bank in its recent report in March 2018 indicated that national headline inflation was low at 0.78 percent while the lowest on employment data on the second quarter 2017, indicated national employment at 5.3 percent national and in Tobago 6.3 percent.

“In the face of these national economic challenges point to a stable economic climate.”

Last year, the THA’s 2017/2018 budget statement focused on human capital development, innovation and energy, supporting growth in the tourism sector, empowering communities, stimulating entrepreneurship, boosting the health sector, economic reliance and infrastructure and housing.

THA requested $5.03 billion from central government, $2.201 billion.