[UPDATED] PM: Budget in early October, expect creativity

PRIME Minister Kamla Persad-Bissessar says the 2025/2026 national budget will be read in early October.

Persad-Bissessar was unable to give an exact date as she said revenue and expenditure proposals are still being examined.

However, she said the budget is unlikely to be a balanced one.

"We have inherited some really bad treasury stock. We've inherited a lot of borrowing as well.

"I don't think we can have a balanced budget, so we may have expenditure outpacing revenues."

She added the government will have to "find creative ways to supplement those revenues."

Persad-Bissessar added, “I've been in this parliament long enough. There are creative ways of financing deficits and we will utilise the tools that are available in terms of financing the deficit that we expect we will find.”

She said, though, the deficit may not be as high as some people might expect.

“It may not be as bad as you think, but when we come (to Parliament) we will see the deficit for the last year, which is 2024.

“We are here just a few months for this 24/25 budget, and therefore we are projecting another deficit for 25/26, which is a new fiscal year.”

Asked if the national security and education sectors will continue to dominate the largest part of the budget revenues Persad Bissessar said, "Always. The people's ministries are always very important.”

The last seven budgets – presented by a PNM government – saw TT experience an average deficit of $5.5 billion with spends ranging from $54.58 billion in 2019 to a high of $69.37 billion in 2023 before reducing to $63.53 billion in 2025.

The last time Persad-Bissessar was prime minister (2010-2015), expenditure ranged from $43.6 billion to a then high of $63.9 billion in 2014.

TTMA expects plan to reduce food imports

In response to the prime minister’s statements, the TT Manufacturers' Association (TTMA) president, Dale Parson, said the TTMA supported the government in finding creative ways to support the budget’s deficit.

“What we expect to see is a lot of innovation in agro-processing and agriculture to supplement the food import bill of over seven billion dollars. I think US dollars in food imports could be substituted locally,” he told Newsday.

“We support the government in these initiatives and we know that those things are in the pipeline. On our end, we will continue on our export growth path to ensure that the foreign exchange in the non-energy sector continues to grow and escalate.”

He said that for the past five years, the TTMA has averaged 18 per cent year-on-year export growth. He said aside from agriculture, other avenues such as the maritime sector for fishing, drydocking and yachting should be explored further for additional revenue.

He also spoke about the significance of small and micro enterprises (SMEs) to the economy and said TTMA will continue to work with its members to help them expand through trade missions, which are set to take place in New York and Chile, pop-up shows, and agreements with local franchises.

“For example, what we are doing right now is working on an agreement with the major supermarket chains in TT for them to reserve one or two shelf spaces in the supermarkets for the SME products that are not normally carried.”

'Reducing crime must be prioritised'

President of the Greater Tunapuna Chamber of Commerce Ramon Gregorio also advocated for TT to develop its non-energy sector.

“I believe in developing business development outsourcing and using the talented labour we have in TT. There are a lot of international agencies looking for other markets and I think tapping into a market like TT where the education level, the literacy rates and underemployment are so high, I think we could definitely use that. intellectual capacity to serve those international markets.

“This would in turn help us generate foreign exchange and engage a different type of investor in TT…We have the infrastructure, we have the resources,so why not utilise them.”

However, he noted the need to address crime if those avenues are to succeed.

“If crime continues as it is we'll be driving away investors and the ease of doing business in TT will continue to plummet.”

He said many of his chamber’s members are still heavily affected by crime and called for more resources and technology to be invested in the fight against crime.

President of the Fyzabad Chamber of Commerce Angie Jairam said, “While a deficit budget may be necessary under the circumstances, it is critical that fiscal discipline, transparency, and strategic investment guide the government’s approach.

“Expenditure must be targeted toward productivity-enhancing sectors such as infrastructure, education, technology, and business development to stimulate long-term growth,” she told Newsday.

Speaking on creative revenue generation, Jairam said the government should consider public-private partnerships in key development areas to incentivise the formalisation of the “informal economy”, which she said remains a significant untapped tax base.

She also recommended the digitisation of government services to reduce costs and open new revenue streams. She also called for renewed focus on non-energy sectors including agriculture, tourism and creative industries.

“Ultimately, the Chamber encourages a budget that balances prudence with innovation and ensures that businesses and citizens alike are positioned for stability and growth.”

In its budget recommendations 2025-2026, the TT Chamber of Industry and Commerce identified economic diversification as one of its top priority areas for intervention.

“As a high-income, small state, TT’s future growth will largely come from the services sector, where knowledge, culture and connectivity drive value.”

The chamber said that services already account for over 60 per cent of TT’s GDP and the majority of employment, but service exports remain underdeveloped relative to its potential.

'Tap into the orange economy'

“One standout opportunity is the creative industries and the orange economy. Blessed with rich cultural assets, from music and festivals to film and fashion, TT can leverage its creativity for economic gain.”

The orange economy involves industries based in creativity like performing arts, fashion and design.

“These industries offer a promising path to diversify exports and engage youth and entrepreneurs in new business ventures. Policy-makers have signalled intent to transform the creative sector from informal and hobbyist into a modern, profit-generating industry.

“With rising global demand for authentic content, TT’s creative products could break into international markets, fuelling exports and new revenue streams.”

The chamber said between May 2024 and May 2025, local creative enterprises facilitated $55.3 million in film production investment and earned $5.6 million in export revenue from international film productions.

“The music industry likewise saw exports of $5.3 million, reaching audiences in over 25 countries. These are nascent figures, but they demonstrate that global markets value TT’s creative output.

“With better support, the creative services sector can scale significantly.” (with reporting by Mya Quamie)

This story has been adjusted to include additional details. See original post below.

PRIME Minister Kamla Persad-Bissessar says the 2025/2026 national budget will be read in early October.

PM Persad-Bissessar was unable to give an exact date as she said revenue and expenditure proposals are still being examined.

However, she added that the budget is unlikely to be a balanced one.

"We have inherited some really bad treasury stock. We've inherited a lot of borrowing as well.

"I don't think we can have a balanced budget, so we may have expenditure outpacing revenues."

She added the government will have to "find creative ways to supplement those revenues."