$6.2b PSIP focuses on economic, social transformation

Government has allocated $6.2 billion to the 2023 Public Sector Investment Programme, which continues along its national development strategy for 2016-2025. This segment is for 2023-2025.

Of the allocation, 51.6 per cent, or $3.2 billion, is from the Consolidated Fund for programmes undertaken by government ministries, local government bodies and the Tobago House of Assembly.

The balance of $2,98 billion, or 48.4 per cent, will be disbursed from the Infrastructure Development (IDF) for use by special-purpose state enterprises.

The PSIP continues its focus on diversification, improving institutional capacity, the expansion of business into foreign markets, foreign investment and information-driven transformation.

This includes the restructuring of the Central Statistical Office into the National Statistical Institute of TT; investment in the creative sector, agriculture, tourism, manufacturing and youth development and health, with emphasis on HIV/Aids healthcare.

As part of plans for the National Statistical Institute, $2 million is provided for preparatory work that includes an information technology data management system. In the interim, $37 million will be used to continue the operations of the CSO.

Other data-collection initiatives include: the 2022 Population and Housing Census, a survey on the living conditions of women and children and a household budget survey.

Part of economic transformation again includes support to the creative industries under the TT Creative Industries Co Ltd to stimulate activity in the film, music and fashion sub-sectors.

"In fiscal 2023, $4.8 million will be invested for the continued development of these sub-sectors towards realising the full potential of the sub-sectors and increasing the contribution to GDP and foreign exchange earnings."

The TT Music Co Ltd (MusicTT) will receive $1.5 million, and the TT Fashion Co Ltd gets $1.8 million, with $400,000 funding for trade and investment facilitation at the Trade and Industry Ministry.

Additionally, a maximum $1 million grant will be available for qualifying firms for the cost of projects.