Senate debates Finance Bill on Monday

THE Senate will debate the Finance (Supplementary Appropriation) (Financial Year 2020) Bill, 2020 when it sits at the Red House from 10 am on Monday. Finance Minister Colm Imbert opened debate on the bill in the House of Representatives on June 12. The House passed the bill on the same day.

When he presented the bill in the House, Imbert said, owing to Government’s prudent economic management, TT is in a good place despite the dual shocks of lower energy revenues and covid19.

“There is no question that fiscal 2020 will be exceptionally difficult although the pandemic is expected to fade in the second half of the year allowing for the gradual lifting of the containment measures and a reopening of the economy."

Imbert also said, "In 2020, therefore, our objective has been to keep the economy moving, stimulate economic activity, provide financial assistance to individuals and businesses, and keep as many people employed as is possible, including all workers in the public sector.”

Imbert reported that, based on Government’s fiscal stimulus programme, a decline in GDP in 2020 of just 2.4 per cent was projected, rebounding to growth of 4.7 per cent in 2021, with a continuing inflation rate of one per cent or less.

He further reported that total expenditure for fiscal 2020 has been revised to $53.107 billion – almost the same as the original budgeted expenditure of $53.036 billion. Total revenue was originally projected at $47.749 billion, predicated on an average oil price of US$60 per barrel and a natural gas price of US$3 per mmbtu.

On Monday, the bill could be presented either by Imbert or Minister in the Ministry of Finance Allyson West. The House is scheduled to sit from 1.30 pm on Tuesday.