Budget snippet: Government deposits $1.1b into Heritage Fund

FINANCE MINISTER Colm Imbert has said the government has deposited over $1 billion in the country’s piggybank.

“As a result of higher-than-expected oil and gas prices, we have deposited US$163 million dollars, or TT$1.1 billion, into the Heritage and Stabilisation Fund (HSF) for intergenerational benefits.”

To address financial concerns raised during the height of the covid19 pandemic, the government withdrew US $900 million from the HSF.

Imbert boasted that the country's debt-to-GDP ratio has been reduced from 80 per cent in September last year to 70 per cent this year.

This reduction, he said, will allow the country to access loans from both local and international banks such as the Development Bank of Latin America (CAF) and the Inter-American Development Bank (IDB).