Jack pleased with $2.229B budget allocation

Finance Secretary Joel Jack is pleased with the $2.229 billion allocation for Tobago in the 2018/2019 budget announced by Finance Minister Colm Imbert on Monday.

Speaking at Wednesday’s post Executive Council media briefing at the conference room of the Victor E Bruce Financial Complex in Scarborough, Jack said Imbert continued in the precedent he set coming into office in 2015.

“Let me commend the Minister for a fairly comprehensive statement and we in Tobago are heartened. Beyond the numbers, we were able to sit with the Minister and to discuss the areas of focus for the Tobago House of Assembly (THA) and the Minister responded and gave due consideration to several priority areas, Jack said.

“As well, he supported our request for funding through alternative financing mechanisms while he has outlined this year that we are able to utilise bond financing in the first instance of $300 million. So overall, I am heartened, and we have to place this years’ budget in context,” he said.

Of the total Tobago allocation, $1.979 billion would be for recurrent expenditure, $231.63 million for capital expenditure and $18 million for the Unemployment Relief Programme (URP). The allocation to the Assembly represents 4.03 per cent of the national budget.

Jack said Imbert, in grappling with reduced revenue from the oil and gas sector, had to reduce his budget from upwards of $65 billion down to $51 billion, and therefore allocations to current transfers and subsidies, stated he was optimistically looking ahead and that “we are on the right course…for sustainable economic growth.”

Jack said the THA Assembly has already started its planning and the deliberations towards having a motion placed before the house to prioritise and reallocate resources.

“The Executive Council will convene on a one day or even a two days retreat as we seek to prioritise and reallocate projects and programmes consistent with the allocation of the Tobago House of Assembly. As the Assembly, we continue to be encouraged by the collaboration and the support of the central government, as we continue to work together in an environment of mutual respect and collaboration as we advance Tobago’s development and as we seek to develop Tobago’s contribution to national activities,” he said.

Jack also announced that Chief Secretary Kelvin Charles has approved establishment of a joint committee comprising THA and Chamber of Commerce representatives to discuss the state of Tobago’s economy.

He said this committee has already been formed and was expected to meet sometime in November. He did not give names of the committee’s members.

“This joint committee will focus on the development of a strategic roadmap for enabling innovation, supporting growth and building resilience in the Tobago economy,” he said.

In March this year, the THA and the Chamber had met and agreed to form a joint committee to discuss options to treat with the declining business environment in Tobago.