Live blog: BUDGET 2023
The 2023 budget will be read in Parliament by Finance Minister Colm Imbert at 1.30 pm.
Join us for live coverage and updates with reactions from citizens, analysts, economists, and other stakeholders.
This will be Imbert's seventh budget presentation since he was appointed finance minister on September 11, 2015.
In the aftermath of the covid19 pandemic, amid heightened fuel and food prices, it could also arguably be the most challenging one he has presented to date.
Use the hashtag #ttbudget2023 to join the discussion.
President of the Public Services Association (PSA) Leroy Baptiste said, “Tell the Minister of Finance I want to sign that. Forget the four per cent offer. I want it in black and white."https://t.co/Ox5RTetgFO
— T&T Newsday (@Newsday_TT) September 26, 2022
The new prices for fuel are now $7.75 a litre for premium gasoline, $6.97 a litre for super gasoline, and $4.41 a litre for diesel.https://t.co/9vdJz1fgd6
— T&T Newsday (@Newsday_TT) September 26, 2022
Imbert said government is projecting expenditure of $57.685 billion for fiscal 2023, with revenues of $56.175
billion. He said this is based on consideration of all oil and natural gas forecasts by international agencies for 2023.https://t.co/FN3MKdLmXH— T&T Newsday (@Newsday_TT) September 26, 2022
Agriculture received $1.249 billion in 2021, $51 million more than the $1.198 billion allotted the year before.https://t.co/lGBhwZa9uB
— T&T Newsday (@Newsday_TT) September 26, 2022
“I wish to confirm that we have once again allocated the additional sum of $300 million for agricultural incentives, infrastructure and programmes in this year's budget,” Imbert said.https://t.co/xQVQA8hfG7
— T&T Newsday (@Newsday_TT) September 26, 2022
One-way tickets in inter-island ferries to increase from $50 to $75.@Newsday_TT
— Narissa Fraser (@rhopico) September 26, 2022
FUEL PRICES TO INCREASE
$4.41 per litre for Diesel
$4.50 per litre for Kerosene
$6.97 per litre for Super
$7.75 per litre for Premium#Budget2023 @Newsday_TT
— Narissa Fraser (@rhopico) September 26, 2022
In 2023, all recipients of social grants (public assistance, disability, food support, senior citizens pension) to get a one-time transport grant of $1,000. @Newsday_TT
— Narissa Fraser (@rhopico) September 26, 2022
PENSIONERS TO NO LONGER TRAVEL FREE VIA INTER-ISLAND FERRY
People over 60 will have to pay $25 for a one-way ticket @Newsday_TT
— Narissa Fraser (@rhopico) September 26, 2022
Imbert says premium, super and kerosene will increase by $1, and diesel by 50 cents. All recipients of social grants will get a 1-time transport grant of $1,000 #TTBudget2023
— Janelle (@MEmeTT3) September 26, 2022
Imbert said the adjustment to the income tax exemption marks the third time the PNM has increased the personal allowance, and will put an additional $1,500 of disposable income in the hands of over 300,000 taxpayers.https://t.co/mP8MYMD2QY
— T&T Newsday (@Newsday_TT) September 26, 2022
Imbert added that apart from that, the Government plans to spend $5.453 billion on social grants once the budget, entitled Tenacity and Stability in the Face of Global Challenges, is passed.https://t.co/k56q1yEDZT
— T&T Newsday (@Newsday_TT) September 26, 2022
For this fiscal year, national security received the third largest allocation behind education and skills training, which received $7.453 billion, and the health sector, which received $6.892 billion.https://t.co/aXzveKZ5Hg
— T&T Newsday (@Newsday_TT) September 26, 2022
#TTBudget2023 pic.twitter.com/7UQWdNKZfp
— Ministry of Finance (@MoFTT) September 26, 2022
#TTBudget2023 pic.twitter.com/7UQWdNKZfp
— Ministry of Finance (@MoFTT) September 26, 2022
Imbert said three loans totalling $1.5 billion were being arranged for use by the HDC, including $500 million for stalled projects, $500 million to pay outstanding arrears to contractors, and $500 million for constructing new housing projects.https://t.co/z1JWwhYBdM
— T&T Newsday (@Newsday_TT) September 26, 2022
#TTBudget2023 pic.twitter.com/PYt4IalUt9
— Ministry of Finance (@MoFTT) September 26, 2022
The Government will focus on boosting local production geared towards agro-processing to reduce reliance on highly processed imported food.https://t.co/ctbhcsj4OU
— T&T Newsday (@Newsday_TT) September 26, 2022
Finance Minister Colm Imbert has announced that the Tobago House of Assembly (THA) will receive an allocation of $2.521 billion in the 2022-2023 budget.https://t.co/0FfQfAPFJE
— T&T Newsday (@Newsday_TT) September 26, 2022
“Students who have accessed GATE to do an associate degree or diploma (who) will now be allowed to access GATE again to complete a bachelor’s degree (are) estimated to cost the Government an additional $50 million."https://t.co/BUuNWsjUEg
— T&T Newsday (@Newsday_TT) September 26, 2022
Imbert said Tobago will be allocated 4.3% of the budget = $2.521 billion, an increase of $185 million from the last budget. #ttbudget2023
— Janelle (@MEmeTT3) September 26, 2022
Imbert said government will reimburse innovators and entrepreneurs within the sectors with 50 per cent of their investment, up to a maximum of $50,000.https://t.co/z2CX2q3D2a
— T&T Newsday (@Newsday_TT) September 26, 2022
He said $500 million will be used to complete stalled or existing projects, another $500 million to pay debts owed to contractors and suppliers, and $500 million for constructing new housing units.https://t.co/LVMCC7COvt
— T&T Newsday (@Newsday_TT) September 26, 2022
Imbert said the government will adjust the criteria for accessing GATE. He said students with good standing, enrolled in accredited institutions and programmes will qualify if they completed an initial programme of study.#ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
3 GOVT GUARANTEED LOANS FOR THE HDC totaling to $1.5 billion.
Finance Minister Colm Imbert said $500 million will be used for stalled or existing projects, $500 mil for debt owed to contractors and $500 mil for the construction of new housing units. @Newsday_TT
— Narissa Fraser (@rhopico) September 26, 2022
He said the difference in revenue would be better spent in social grants, where $5.4 billion is spent per year, food support, on which $175 million is utilised, disability grants at $630 million, and social assistance grants, which cost $355 million.https://t.co/9lsgAsolSF
— T&T Newsday (@Newsday_TT) September 26, 2022
Finance Minister Colm Imbert said the government has allocated $300m for agricultural incentives, infrastructure and programmes.#ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
Finance Minister Colm Imbert says that right now, the 4 % proposed increase in wages to public sector workers is the best the government can do.#Budget2023 @Newsday_TT
— Narissa Fraser (@rhopico) September 26, 2022
Finance Minister Colm Imbert said the government has allocated $300m for agricultural incentives, infrastructure and programmes.#ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
Finance Minister Colm Imbert says that right now, the 4 % proposed increase in wages to public sector workers is the best the government can do.#Budget2023 @Newsday_TT
— Narissa Fraser (@rhopico) September 26, 2022
Imbert said the current offer of 4 per cent to public sector workers over the period 2014- 2019 is practical and ethical.#ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
Imbert said the government is actively working on leveraging platforms of payment service providers for the underbanked and unbanked members of the population to do business with the government.#ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
Finance Minister Colm Imbert has said the International Monetary Fund's forecast for global growth is 3.2 per cent in 2022 and 2.9 per cent in 2023, significantly less than the 6.1 per cent in 2021.https://t.co/JoB7RYoR03
— T&T Newsday (@Newsday_TT) September 26, 2022
Finance Minister Colm Imbert said while the economy performed better than was estimated in 2021, Trinidad and Tobago still has to contend with a deficit, meaning it would not have additional revenue, as some would believe.https://t.co/gNa390VrW3
— T&T Newsday (@Newsday_TT) September 26, 2022
Finance Minister Colm Imbert says fuel prices will be “adjusted.” #budget2023 @Newsday_TT
— Narissa Fraser (@rhopico) September 26, 2022
Imbert said the government believes the money spent on subsidised fuel should be capped at $1b per year.
He said a further adjustment of fuel prices is, therefore, required. #ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
Imbert said the actual cost of diesel is currently subsidised by nearly 100 per cent, which he said is half the cost paid by the government to purchase and supply the fuel.#ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
Imbert said a national population census is being planned for 2023.#ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
Finance Minister Colm Imbert said he has been instructed to distribute $210 million to health care workers in this year's budget.https://t.co/sdkhVsFKUX
— T&T Newsday (@Newsday_TT) September 26, 2022
Finance Minister Colm Imbert said inflation in TT, while trending upward, is significantly below that of many countries, globally.#ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
Imbert said the per capita GPD is higher now than it has been since the country's independence in 1962. He said the country's debt ratio is currently among the lowest in the region. #ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
Imbert said $210m will be allocated in the estimates of expenditure for fiscal 2023 as a special payment to be distributed to over 20,000 health care workers.#ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
Imbert said over 90,000 people in the public service have kept their jobs.#ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
Finance Minister Colm Imbert said TT, under the current government, will not be in an IMF programme.#ttbudget2023
— T&T Newsday (@Newsday_TT) September 26, 2022
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"Live blog: BUDGET 2023"