(Trinidad Guardian) Prime Minister Dr Keith Rowley has warned of additional cutbacks in government spending in an address to the nation last night.
He did so while highlighting government plans to improve the standard of living for all, moving forward.
The address comes just ahead of the presentation of the budget for fiscal 2017 which is expected in weeks.
Dr. Rowley, who called for the support of the population, began his address with government’s overall policy objectives of rebuilding the economy and prioritising morality and integrity in public life.
This was quickly followed, however, with him painting the picture of an economy that had slowed down due to low energy prices.
“For the last ten years we have been sitting on a crisis in the oil production side and we have allowed it to escape us largely because the situation has been masked by relatively strong revenue stream bolstered largely by favourable prices. The situation can no longer escape our attention and sustained lower prices now and into the medium term should be a matter of great concern to all of us.”
It also means that our challenges today cannot be wished away by simply waiting on the oil God, who is supposed to be a Trini, to step in and save us. Whether we like it or not we are required to be aware and informed of the country’s situation and know that Trinidad and Tobago expects every man and every woman to contribute to our recovery. Whilst there are some activities afoot to raise the 2016 figures going forward the overall trend is downwards and troubling.”
Rowley also listed governments plans moving forward, including;
1.Having a sit down with the OWTU to engage in “deep and far reaching discussions” on the way forward for Petrotrin and Trinmar.
“The worrisome issue of Petrotrin’s 20 billion dollar debt which becomes due shortly and which it will not be able to service unless the Government intervenes in ways as we are doing now to restructure the debt and reorganise the company. On this score the Government As I have said a moment ago, oil production which has been sliding steadily over the last few years is now down to below 70,000 barrels per day ,the lowest in 65 years, well below where it should be if we are to rely on it as heavily as we are do now.”
- Partnering with the Government of Venezuela and the international private sector in monetising, through Pt Lisas, Venezuela’s gas rich Dragon fields.
- Cabinet recently authorised a USd $17.5 million major equipment purchase to upgrade intelligence gathering efforts of the police service.
“The government believes that with proper management systems and a “can do” attitude that they (police officers) have it within them to get the job done. Respect and support your policemen and women. It is they who stand between you and those who may wish to harm you.”
- Taking immediate steps to operationalise the Procurement Act in the shortest possible time.
- Infrastructure projects, including continuing the highway to Point Fortin, constructing a highway from Cumuto to Sangre Grande and pursing a first class road from Valencia to Toco.
- Beginning serious negotiations with NGC professionals in furtherance of intention to invest and supply technical expertise to Ghana.
“Our interest in gas, power supply and generation in Ghana could also have a serious knock-on effect back here in T&T since the potential exists for their state-owned aluminium company VALCO to expand production so that a supply of Aluminium ingots could be made available to the electricity industry in Trinidad for the growth of high value downstream production here.”
- Continue talks with Sandals to construct one of the largest hotels in the Southern Caribbean in Tobago.
“These projects will not only stimulate the economy, create jobs and put idle construction equipment back to work but it will also reinvigorate commercial activity and improve domestic travel between our twin island states.”
