The Tobago House of Assembly was able to manage the overall economic activity in Tobago and manage assembly finances to maintain transparency and accountability, according to Secretary of Finance and the Economy Joel Jack.
The secretary was speaking during his 2020/2021 fiscal budget presentation on Monday morning.
In light of the falling oil and gas prices, disruptions on the air- and seabridge and issues caused by the covid19 pandemic, in the last three years, the THA was able to “surmount the challenges and ensure that the development momentum continues,” Jack said.
He said the THA had been able to contain inflation to moderate levels; particularly for food prices at an average of five per cent.
He said the assembly also kept the unemployment rate under five per cent. He said, this figure “is quite favourable to our neighbouring country.”
He owed Tobago’s economic stability to several THA projects including the small and medium business grant incentives, construction of the Roxborough Administrative Complex and Scarborough RC primary school, the restructuring of the Studley Park Quarry, roads refurbishment and rehabilitation projects and establishment of the Tobago Tourism Agency Ltd, to name a few.
“We were able to maintain a margin of 10.8 per cent of operating revenue reflecting an increase of two per cent in operating revenue and a 2.2 per cent decrease of operating expenditure....and maintain strong liquidity level.”