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Here comes the boom

Saturday, May 12, 2018

The last two years carried with it some extremely difficult economic realities for Trinidad and Tobago. However, after tight and prudent management of the country’s economy, the dark clouds have started to drift away and the silver lining is in sight.

Government’s mid-year review has revealed that the economy is beginning to turn around.

In fact, our country is on a growth path which is evidenced by increased natural gas production, increased global prices in the energy sector, increased revenue collection and a host of other positive factors.

The country’s $20 billion gap between revenue and expenditure as of 2016 is now narrowing to a $10 billion dollar gap, which is still not an ideal position but definitely a better position.

One of the ways the Minister of Finance has identified to close this gap in the near future is by plugging the leakages in the energy sector, which account for close to US$3 billion as advised by international consultants.

The Prime Minister said recently that while some maybe strangely upset that energy prices are rising, he makes no apology for this development. This turnaround will put a smile on the faces of the citizens of Trinidad and Tobago.

“The energy sector is booming and also the non-energy sector,” said Minister Colm w in his presentation of the mid-year budget review.

This did not go down too well with the Opposition bench, but the wider citizenry is looking forward to the better days ahead.

Citizens of this country will feel the positive effects of this boom in the next fiscal year.

One concern is that this boom must be managed in a way that fuels increased and more meaningful diversification of the economy.

The recent Spotlight on Energy conference was truly enlightening.

It is, therefore, a good initiative by the Government to make all this information available to citizens in real time as we move forward.

Transparency and accountability are pillars of good governance and will allow citizens from all walks of life to have first-hand knowledge of what is taking place in the energy sector.

An economic boom has to redound to the benefit of the citizens and they must see and feel the resultant effect of a better standard of living.

The country is looking forward to seeing the Government roll out its plans, programmes and projects which must lead to real development, based on our local circumstances.


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