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Moderator: 3ne2nr Mods
Morpheus wrote:Mara who?
Landslide, Reform Road, via Princes Town
Retaining Wall being constructed at Reform Road, via Princes Town
UPGRADED ARIMA HOSPITAL
MALABAR COMMUNITY CENTRE
UML wrote:UPGRADED ARIMA HOSPITAL
PPG continues doing what the PNM REFUSED to during an oil boom!!!
.....makes you wonder what they did with the money?!!
Petrotrin’s plants up and running
Saturday, April 25 2015
ENERGY Minister, Kevin Ramnarine, has observed that all of Petrotrin’s plants, including its catcracker unit, were fully functional after the Pointe-a-Pierre oil refinery had undergone a $15 billion gasoline optimisation programme which had began in 2005/2006.
‘We inherited an incomplete Gasoline Optimisation plant at Petrotrin which had a cost overrun of 400 percent, but today I am pleased to inform you that the refinery is fully up and running tonight as we speak the refinery is up to full capacity. All plants in the refinery especially the Catcraker is running and we have come a long way in that refinery for the past few years,’ Ramnarine said. He was addressing an interacticve session titled “Energy and the Economy” at Achievors Hall, Duncan village, San Fernando on Thursday night.
He also pointed out that the People’s Partnership Administration had revitalised the drilling sector which had stagnated during the PNM administration.
‘In 2010, there was one rig offshore and no drilling taking place in Trinmar for three years. There was little or no drilling taking place on land and many of the business here will know what I am taking about. There was a stagnating upstream sector taking place,’ he added. He also noted that sales of cement, which was a barometer of economic activity in the construction sector had also experienced an upswing from 2010.
http://www.newsday.co.tt/business/0,210234.html
$100M FOR BABIES
By MIRANDA LA ROSE Thursday, April 23 2015
Babies born six months ago are to get a gift of a “backpay” in a $100 million initiative to help parents cover the expenses of caring for children in the first year of their life.
Once born on October 1, 2014 and after, babies will benefit from a $500 a month grant under the Baby Care Assistance Initiative, a measure that applies only to parents who earn $3,000 or less.
The payments are to be retroactive, so that a maximum of $3,000 will now be released to parents whose babies are six months-old, with lesser sums for younger babies.
After this one-off “backpay”, parents will receive $500 a month to cover the purchase of food and non-food items essential to the infants’ well-being and development until their first birthday.
Prime Minister Kamla Persad-Bissessar revealed $100 million has been budgeted to cover the baby care initiative which she launched at the Diplomatic Centre, St Ann’s where 40 parents were the first to receive electronic cards topped up with a monetary value. A launch of the programme is planned for Tobago as well.
The cards, which will only work with personalised pin numbers, will enable the parents or legal guardians of the babies to make purchases of baby items at 293 supermarkets and stores across the country.
On hand to receive the cards and hampers were mothers with infants in hand, a few fathers and grandparents. Launching the initiative, Persad-Bissessar said, “it is important for the health, well-being and security of our children and parents of Trinidad and Tobago.”
She quoted US President Benjamin Franklin with whom she agreed that doing good for the poor was not in making it easy for them in poverty “but leading or driving them out of it.”
Ending poverty will not be achieved by money alone, but through comprehensive programmes, she said, and as such it was necessary to provide both financial and an empowerment component for parents. Since she celebrated her 63rd birthday yesterday, Persad-Bissessar said she was proud she could present the cards to the parents, mostly mothers, and their babies.
Asked how much of the money will be spent on the grants, Persad-Bissessar said, “It depends on the number of babies that will be born.”
Disclosing a $100 million budget for the 2015 fiscal year, Persad-Bissessar said there are two components to the initiative: financial assistance and an empowerment programme.
The empowerment component requires recipients to enter a social contract with the Ministry of the People and Social Development to take part in a developmental programme named “Rights of Individuals to Social and Economic Security - Universal Prosperity”. This programme is meant to provide participants with skills relevant to the development of the family through parenting workshops, family planning, financial literacy and other opportunities for employment and education.
Asked why the initiative took months before it was rolled out since it was announced, last year, Persad-Bissessar said entering data and ensuring the security of the cards were challenges. “From now out it will roll out on a timely basis,” she said.
The ministry was mandated to develop the initiative with a vision and policy framework to ensure equal access to opportunities, she said. It was developed as a measure to give direct support to mothers and parents who needed it.
Asked how many babies will benefit in the first year, Persad-Bissessar said she could not recall what the average number of babies born will be, but said, “When we looked at the average, the numbers of babies coming will be much less than the monies budgeted.”
Attendance to parenting workshops, she said, is mandatory for anyone accepting the card. Swiping to register attendance to the workshops is another feature of the card. Applications are open to every mother and father-to-be, Persad-Bissessar said, but noted that, “only the most vulnerable will be considered.”
http://www.newsday.co.tt/news/0,210087.html
HOWAI PRESENT
TCL letter to SEC names Howai as being at meeting on share deal
By \\\\\ Ria Taitt Political Editor ria.taitt@trinidadexpress.com
Story Created: Apr 27, 2015 at 10:26 PM ECT
Story Updated: Apr 27, 2015 at 10:26 PM ECT
port of spain
“Serious questions arise as to the integrity of the Securities Market being severely compromised by abuses from significant evidence of insider trading.”
This was the statement of concerns and conclusions contained in a letter signed by the corporate secretary of Trinidad Cement Ltd (TCL), Alan Nobie, on the direction of the board of directors and addressed to the then-general manager of the Trinidad and Tobago Securities and Exchange Commission (SEC), Monica Clement.
And, it is one of the documents which appears to substantiate the claim that there was insider trading involving the Minister of Finance (and others), at the time that he was CEO of First Citizens Bank.
This issue has been raised by Opposition Leader Dr Keith Rowley via a motion of no confidence against Howai, which he piloted in the House of Representatives last Friday.
The TCL letter obtained by the Express dated July 5, 2002 called upon the SEC to conduct an investigation and alleged that Mexican giant company CEMEX had “facilitated insider trading by communicating price sensitive information to a select group of shareholders (of TCL) whilst ignoring the broad mass of shareholders”.
The name of Larry Howai was listed among the small group of shareholders who had privileged access to information, according to the TCL letter.
TCL’s letter further stated the conduct the company was complaining about to the SEC not only violated the provisions of the Securities Industry Act but ran counter to the underlying philosophy of the legislation and the draft take-over code committed by one small group of shareholders to benefit at the expense of the broad mass of shareholders.
“In such circumstances, the public confidence in the integrity of the Securities Market has been severely undermined and action on the part of the SEC ought to be taken in accordance with its statutory mandates under the SIA to redress the position,” the TCL letter stated.
Motion of no confidence
The TCL letter is germane to a motion of no confidence currently before the House of Representatives.
In this debate, the Government’s counter-attack was concentrated on the fact that Rowley quoted from an unsigned document, purportedly authored by Barbadian QC Sir Henry Forde.
Last Friday, Howai, who had said he welcomed the opportunity to respond to Rowley’s motion, said the document being circulated as the Henry Forde Report, (which Sir Henry has no record of having written and the SEC has no record of even requesting) was based on a number of allegations and assumption that were not true.
“I want to describe this report as a fraud and what we are dealing with is the work of ruthless fraudsters who are criminals, basically.... Bringing this particular report in the way that it has come into this House, I view it as reckless...it is relying on fabricated events, contrived information and manufactured documents. And, in fact, we have to wonder whether the mover of the Motion should not be brought before the Privileges Committee,” Howai said to desk-thumping support from the Prime Minister and his colleagues.
The Prime Minister on the strength of Howai’s dismissal of the no-confidence motion did not wait for the debate to be completed and instead immediately moved a motion of privilege against Rowley for making “damaging unsubstantiated, pernicious and reckless allegations” against Howai.
He was guilty of a contempt of the Parliament, she said. “This is an abuse of freedom of speech and a most fundamental breach of parliamentary privilege,” she declared.
The Speaker said he would rule on the Privilege Motion on Friday. If he sends the matter to the Privileges Committee Rowley could face sanctions, including suspension from the House.
Price sensitive information
In its letter, TCL asked the SEC to undertake an investigation pursuant to Section 138 of the Securities Industry Act 1995 (the SIA) into a case of possible insider trading with reference to the shares of TCL.
It asked the SEC to investigate, among other things, “whether CEMEX or any entity under its control had prior to June 24, 2002 entered into arrangements or agreements with significant shareholders in TCL to acquire their shares and thereby obtained 50.01 per cent before announcing its intention to make a takeover bid”.
The TCL letter referred to CEMEX’s approach to selected significant shareholders to advise them of their intention to make a bid for the issued share capital of TCL. This was done on or about January 28, 2002.
“This is in itself price sensitive information which was not disclosed to the general body of shareholders,” the TCL letter stated.
The letter also noted there were meetings on June 4 and 5, 2002 at the instance of CEMEX at which price sensitive information relating to a contemplated bid by CEMEX to acquire the shares of TCL and the prospective price was communicated to the major shareholders in attendance. This meeting was held almost three weeks before CEMEX gave notice to the public, on June 24, 2002, of its intention to make a bid to acquire 100 per cent of the issued capital of TCL, the letter stated. It named some of the persons present, among them Howai, then CEO of First Citizens Bank .
Unusually large increase
The TCL letter noted that in each case, the demand for TCL shares went up following these meetings. It stated the “unusually large increase in demand for TCL shares” (following the meetings which “quite clearly suggest(ed) the imparting of insider information or price sensitive information available to a small and select group of people which was not available to the broad mass of shareholders.”
The TCL letter also stated that CEMEX had admitted through its wholly owned subsidiary, Sierra Trading, that the mere fact of meeting with selected significant shareholders to discuss its contemplated bid amounted to the communication of price sensitive information at the meetings on June 4 and 5, 2002.
“However it (CEMEX) sought to deal with that situation by having the persons attending those meetings sign a Notice of Price Sensitive Information forms,” the letter stated.
Howai denied last Friday that he signed any Notice of Price Sensitive Information.
It is this TCL letter of complaint which triggered the SEC investigation in which Sir Henry Forde became involved. Howai himself admitted that Forde was asked to do an opinion with respect to the procedural aspects of the investigation only, but he claimed that the unsigned opinion by Forde that Rowley quoted from was fraudulent and a fabrication.
The minister has also denied purchasing TCL shares.
During the debate last Friday, Rowley, quoting from the unsigned document, said Howai on May 17, 2002, placed an order to purchase 40,000 shares through Trinidad and Tobago Stocks and Shares (TTSS) and whether on May 10, 2002, he also placed another order to purchase 60,000 TCL shares through the same broker.
Those orders were satisfied on May 8 and 10, 14, and 15 during the blackout period, the Opposition Leader said.
Rowley also stated that according to the Trinidad and Tobago Stock and Shares Client’s list the shares were credited to an account operated in the name of Annu Rampersad, Mr Howai’s wife.
He quoting from the unsigned document that, “In July 1, 2002, after the blackout period Mr Howai placed an order for the sale of the TCL shares held in Miss Rampersad’s account as per the Trinidad and Tobago Stock and Shares Order sheet”.
Piloting the motion, Rowley had stated the purpose of the motion was to determine what happened in 2002 with respect to the allegations of insider trading since on the very first attempt at the sale of First Citizens shares, a huge scandal exploded at the bank when those shares were traded.
Rowley noted further that the Government under the very minister was soon to be trading billions of shares again in Pheonix Park Gas. “So we need to be satisfied that what happened at FCB with CEMEX and what happened at FCB with respect to the IPO is not going to happen again,” he said.
Efforts to get a comment from Howai last night via e-mail and telephone were unsuccessful.
New annex for Libertville Community Centre
A newly constructed annex to the Libertville Community Centre on Old Mayaro Branch Road, Libertville, Rio Claro, is set to be opened on Tuesday April 21, 2015 at 2:30 pm.
The Honourable Winston ‘Gypsy’ Peters, Ministry of Community Development and Member of Parliament for the constituency of Mayaro, will deliver an address and cut a ribbon to formally commission the new addition to the facility.
The annex was constructed between July and October 2014, in response to a call from the community for extra space to increase the number of programmes held at the centre.
The annex is equipped with:
A teaching kitchen;
A computer room;
An office and
A store room
The Libertville Community Centre is currently fully utilized by the Civilian Conservation Corp (CCC), the Libertville Community Council and other community groups in the area for a wide range of activities on a daily basis.
The community centre was rededicated in 2001 and placed in the care of a Community Facility Management Team. However in 2002, Cabinet approved the abolition of all Management Teams and placed community facilities under the jurisdiction of Village Councils.
Libertville Community Council – History
The Libertville Village Council, as it was known then, existed since the early 1950’s and its first President was the late Mr. Edgar Fraser. During that time, meetings were usually held at various venues including: Gualbance Shop, Harrydath Maraj shop and under the residence of Mr. Caesar and Lennox Rawlins, to name a few.
The Libertville Community Council emerged victorious in the Environmental Sanitation competition in 2003 hosted by the Prime Minister’s Trophy Competition of the Ministry of Community Development. The Council placed first in the categories of:
Best Kept Community Centre
Best Educational Project
Best Kept Flower Garden
Best Kept Kitchen Garden
In 2006 the Council marked its 50 Anniversary by honouring ten (10) senior citizens and five (5) corporate businesses for their contribution to its development. The Council remains very active today, providing a variety of services to the community including vacation camps, annual senior citizens luncheons, Children’s Christmas treats, Universal Children’s Day celebrations, dance classes and the commemoration of religious holidays such as Eid ul Fitr, Divali and Christmas.
The Council is also very involved in domestic football competition, planning and implementing sports and family days in the Libertville community.
Members of the media are cordially invited to provide coverage of this event.
http://www.community.gov.tt/home/conten ... ity-centre
Rating Action: Moody's downgrades Trinidad and Tobago's government bond rating and issuer rating to Baa2 from Baa1, and changes the outlook to negative
Global Credit Research - 30 Apr 2015
New York, April 30, 2015 -- Moody's Investors Service has today downgraded Trinidad and Tobago's government bond rating and issuer rating to Baa2 from Baa1 and changed the outlook to negative from stable.
The key drivers behind the downgrade are:
1. Persistent fiscal deficits and challenging prospects for fiscal reforms.
2. Decline in oil prices and limited economic diversification to weigh negatively on economic growth prospects.
3. Weak macroeconomic policy framework given lack of a medium-term fiscal strategy; and inadequate provision of vital macroeconomic data.
At Baa2, the investment grade rating is supported by a strong government balance sheet, underpinned by the country's Heritage and Stabilization Fund (HSF), and also benefits from a moderate and affordable debt burden and a strong external position.
RATINGS RATIONALE
FIRST DRIVER -- Persistent fiscal deficits and challenging prospects for fiscal reforms
Trinidad and Tobago's fiscal accounts have been reporting recurring deficits on the order of 2-3% of GDP since 2009 after consecutive surpluses were observed over the previous eight years. Going forward, implementing fiscal reforms to put the government accounts on a more sound footing will likely be challenging in a context of low oil prices and potential spillover of low gas prices in the US to other markets. Furthermore, the lack of a medium-term fiscal framework and reliance on one-off measures to cut sending undermines the authorities' ability to achieve a durable turnaround in fiscal metrics. While Trinidad's Heritage and Stabilization Fund is an important element of the sovereign balance sheet, it has not been used as a counter-cyclical policy tool, thus limiting its ability to compensate for negative impact of adverse shocks in the economy. In addition, the rigid structure of public expenditure, where wages, subsidies, and transfers account for more than 65% of total expenditures, limits fiscal flexibility.
SECOND DRIVER -- Decline in oil prices and limited economic diversification to weigh negatively on economic growth prospects
Trinidad remains heavily reliant on the oil and gas-sector and, accordingly, economic activity and fiscal stability is predicated on its performance. Economic growth has slowed down in the post-crisis period as a result of maintenance-related disruption in gas production. Although normal production is likely to resume in 2015, the prospects of injecting new investments to boost growth appears challenging given the decline in oil prices, which are projected to remain below $60/bbl in 2015/16. We anticipate that maturing oil and gas fields will limit Trinidad's prospects of significantly increased hydrocarbon revenues in the medium-term. A return to higher pre-crisis growth rates is unlikely, a condition we think will be aggravated in the context of low energy prices. Given this, we project GDP growth will rebound to less than 2% in the medium-term.
THIRD DRIVER -- Weak macroeconomic policy framework given lack of a medium-term fiscal strategy; and inadequate provision of vital macroeconomic data.
Trinidad's institutional strength is assessed as moderate, based on the World Bank's governance indicators. However, its macroeconomic institutional capacity, including fiscal and monetary policy frameworks, are weaker than those observed in several other investment -grade peers. As a resource-rich country, the absence of a medium-term fiscal framework, coupled with a lack of debt management strategy, represent important policy shortcomings that place the country in a weaker standing relative to most Baa-rated peers. In addition, Trinidad compares poorly in terms of the quality of statistical information. Although some progress has been made to address this long-standing issue, we do not anticipate a rapid resolution and accordingly expect this condition will continue to be present, negatively impacting the country's relative standing in the Baa rating space .
OUTLOOK REVISED TO NEGATIVE
The negative outlook assigned to the country's Baa2 rating reflects the impact we expect the sharp drop in oil prices will have on both the Trinidadian economy and the fiscal accounts. Overall, we anticipate material reductions in government revenues, the current account surplus, and FDI flows that could further weaken the country's credit profile. Absent durable fiscal adjustment, debt metrics would also be expected to deteriorate. In addition, we note material implementation risks around the resolution of the severe data limitations, which is likely to take 18-24 months to implement.
WHAT COULD MOVE THE RATINGS UP/DOWN
Upward rating pressure could result from: (1) upward trend in oil prices that could lead to increased foreign investment in oil/natural gas exploration and production that substantially boosts hydrocarbon output and reserves; (2) improved fiscal policy framework by adopting a medium-term strategy and return to fiscal surpluses; and (3) integrating the Heritage and Stabilization Fund into a medium-term fiscal framework, and enhancing its role as a counter-cyclical fiscal tool.
Downward pressure on the rating could arise from: (1) lack of progress to address fiscal slippage in a durable medium-term strategy; (2) persistent low oil prices that limit prospects for deep-water oil and gas exploration; (3) further deterioration in data quality.
COUNTRY CEILINGS
As a result of this rating action, the long-term foreign currency bond ceiling changed to A3 from A1, while the short-term foreign currency bond ceiling changed to P-2 from P-1. The long-term foreign currency deposit ceiling changed to Baa2 from Baa1, while the short-term foreign currency deposit ceiling changed to P-3 from P-2. The long-term local currency bond and deposit ceilings at A3, and the short-term local currency bond and deposit ceilings at P-2 remain unchanged.
GDP per capita (PPP basis, US$): 30,197 (2013 Actual) (also known as Per Capita Income)
Real GDP growth (% change): 0.8% (2014 Actual) (also known as GDP Growth)
Inflation Rate (CPI, % change Dec/Dec): 9.0% (2014 Actual)
Gen. Gov. Financial Balance/GDP: -1.5% (2014 Actual) (also known as Fiscal Balance)
Current Account Balance/GDP: 8.3% (2014 Actual) (also known as External Balance)
External debt/GDP: 28.2% (2014 Actual)
Level of economic development: Low level of economic resilience
Default history: No default events (on bonds or loans) have been recorded since 1983.
On 29 April 2015, a rating committee was called to discuss the rating of the Trinidad & Tobago, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have decreased. The issuer's institutional strength/framework has weakened relative to peers. The issuer's governance and/or management, have materially decreased. The issuer's fiscal or financial strength, including its debt profile, has weakened.
The principal methodology used in these ratings was Sovereign Bond Ratings published in September 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
Govt records $328m budget surplus
By Leah Sorias
Story Created: Mar 4, 2015 at 10:53 PM ECT
Story Updated: Mar 4, 2015 at 11:34 PM ECT
In the last three months of 2014, Government recorded a budget surplus of more than $328 million.
This was a marked improvement from the $1 billion deficit Government was expected to realise after oil prices plummeted on international markets.
A statement from the Ministry of Finance on Central Government fiscal operations said yesterday: “Even as economies around the globe come to grips with the impacts — both negative and positive — of the dramatic downward slide in oil prices, the Trinidad and Tobago economy continues to adjust to the new realities. Our macroeconomic fundamentals remain strong and allow an adjustment to the new level of energy prices prevailing globally.”
The ministry said data at the end of December 2014 showed:
Official reserves were US$11.3 billion;
Import cover remains high at approximately 14 months;
The Heritage and Stabilisation Fund currently stands at US$5.6 billion;
Unemployment remains historically low at 3.6 per cent;
Inflation remains in single digits at approximately nine per cent;
The country’s external debt service ratio remains manageable at approximately 8.6 per cent; and
Our debt remains moderate with Net Debt to GDP measuring approximately 43 per cent;
Data on Government’s revenues and expenditure for the fiscal period October to December 2014 showed that preliminary revenue figures were overall lower than budget estimates by approximately 5.5 per cent.
They were projected at $13.4 billion but actual revenues stood at $12.7 billion.
“This was primarily due to lower than anticipated receipts from taxes on Goods and Services and International Trade, a drop of 15.5 per cent and 12.1 per cent respectively. While revenue derived from Other Taxes (11.5 per cent) and Non-Tax Revenue were higher than anticipated by 11.5 per cent and two per cent respectively.”
Preliminary expenditure figures over the same period fell below budget projections by 14.3 per cent from $12.4 billion (budgeted) to $12.4 billion (actual expenditure).
“This was primarily due to reductions in Government’s expenditure on other goods and services by 35.6 per cent. Personnel Expenditure and Interest Payments were down by 6.75 per cent and 13.7 per cent respectively.
Overall for the three months to December 2014, a surplus of approximately $328.4 million was realised,” the ministry said.
Earlier yesterday, Finance Minister Larry Howai said with respect to the price of oil and spending, Government had no intention of increasing expenditure as it expected oil prices to continue to be down for some time again.
Government’s 2015 budget is now pegged on a revised oil price of US$45 a barrel, which is a 44 per cent reduction from the original benchmark of US$80 a barrel.
“We still think that we need to continue to do the things that the Prime Minister had outlined in terms of ensuring we maintain a reasonably balanced book as we go forward. We would like to reduce the deficit, but I still think it will be a little difficult.
Our first quarter numbers suggest that we actually performed a little bit better than we had anticipated but we will need to keep that sort of arrangement on track. We may have projected a billion-dollar deficit and we ended up with a surplus of about $300 million for first quarter fiscal.”
Howai was speaking with reporters following the opening of the LatinFinance Caribbean Investment and Finance Forum at the Hyatt Regency (Trinidad) hotel in Port of Spain.
The conference continues today.
http://www.trinidadexpress.com/business ... 02421.html
Newly Constructed ECCE Center, At Marabella
UML wrote:Has the PNM ever recorded a budget surplus? No?
If so, how come we never heard about it? Where did it go?Govt records $328m budget surplus
By Leah Sorias
Story Created: Mar 4, 2015 at 10:53 PM ECT
Story Updated: Mar 4, 2015 at 11:34 PM ECT
In the last three months of 2014, Government recorded a budget surplus of more than $328 million.
This was a marked improvement from the $1 billion deficit Government was expected to realise after oil prices plummeted on international markets.
A statement from the Ministry of Finance on Central Government fiscal operations said yesterday: “Even as economies around the globe come to grips with the impacts — both negative and positive — of the dramatic downward slide in oil prices, the Trinidad and Tobago economy continues to adjust to the new realities. Our macroeconomic fundamentals remain strong and allow an adjustment to the new level of energy prices prevailing globally.”
The ministry said data at the end of December 2014 showed:
Official reserves were US$11.3 billion;
Import cover remains high at approximately 14 months;
The Heritage and Stabilisation Fund currently stands at US$5.6 billion;
Unemployment remains historically low at 3.6 per cent;
Inflation remains in single digits at approximately nine per cent;
The country’s external debt service ratio remains manageable at approximately 8.6 per cent; and
Our debt remains moderate with Net Debt to GDP measuring approximately 43 per cent;
Data on Government’s revenues and expenditure for the fiscal period October to December 2014 showed that preliminary revenue figures were overall lower than budget estimates by approximately 5.5 per cent.
They were projected at $13.4 billion but actual revenues stood at $12.7 billion.
“This was primarily due to lower than anticipated receipts from taxes on Goods and Services and International Trade, a drop of 15.5 per cent and 12.1 per cent respectively. While revenue derived from Other Taxes (11.5 per cent) and Non-Tax Revenue were higher than anticipated by 11.5 per cent and two per cent respectively.”
Preliminary expenditure figures over the same period fell below budget projections by 14.3 per cent from $12.4 billion (budgeted) to $12.4 billion (actual expenditure).
“This was primarily due to reductions in Government’s expenditure on other goods and services by 35.6 per cent. Personnel Expenditure and Interest Payments were down by 6.75 per cent and 13.7 per cent respectively.
Overall for the three months to December 2014, a surplus of approximately $328.4 million was realised,” the ministry said.
Earlier yesterday, Finance Minister Larry Howai said with respect to the price of oil and spending, Government had no intention of increasing expenditure as it expected oil prices to continue to be down for some time again.
Government’s 2015 budget is now pegged on a revised oil price of US$45 a barrel, which is a 44 per cent reduction from the original benchmark of US$80 a barrel.
“We still think that we need to continue to do the things that the Prime Minister had outlined in terms of ensuring we maintain a reasonably balanced book as we go forward. We would like to reduce the deficit, but I still think it will be a little difficult.
Our first quarter numbers suggest that we actually performed a little bit better than we had anticipated but we will need to keep that sort of arrangement on track. We may have projected a billion-dollar deficit and we ended up with a surplus of about $300 million for first quarter fiscal.”
Howai was speaking with reporters following the opening of the LatinFinance Caribbean Investment and Finance Forum at the Hyatt Regency (Trinidad) hotel in Port of Spain.
The conference continues today.
http://www.trinidadexpress.com/business ... 02421.html
Start of paving on Bridal Road from Jerningham junction
rfari wrote:UML wrote:Has the PNM ever recorded a budget surplus? No?
If so, how come we never heard about it? Where did it go?Govt records $328m budget surplus
By Leah Sorias
Story Created: Mar 4, 2015 at 10:53 PM ECT
Story Updated: Mar 4, 2015 at 11:34 PM ECT
In the last three months of 2014, Government recorded a budget surplus of more than $328 million.
This was a marked improvement from the $1 billion deficit Government was expected to realise after oil prices plummeted on international markets.
A statement from the Ministry of Finance on Central Government fiscal operations said yesterday: “Even as economies around the globe come to grips with the impacts — both negative and positive — of the dramatic downward slide in oil prices, the Trinidad and Tobago economy continues to adjust to the new realities. Our macroeconomic fundamentals remain strong and allow an adjustment to the new level of energy prices prevailing globally.”
The ministry said data at the end of December 2014 showed:
Official reserves were US$11.3 billion;
Import cover remains high at approximately 14 months;
The Heritage and Stabilisation Fund currently stands at US$5.6 billion;
Unemployment remains historically low at 3.6 per cent;
Inflation remains in single digits at approximately nine per cent;
The country’s external debt service ratio remains manageable at approximately 8.6 per cent; and
Our debt remains moderate with Net Debt to GDP measuring approximately 43 per cent;
Data on Government’s revenues and expenditure for the fiscal period October to December 2014 showed that preliminary revenue figures were overall lower than budget estimates by approximately 5.5 per cent.
They were projected at $13.4 billion but actual revenues stood at $12.7 billion.
“This was primarily due to lower than anticipated receipts from taxes on Goods and Services and International Trade, a drop of 15.5 per cent and 12.1 per cent respectively. While revenue derived from Other Taxes (11.5 per cent) and Non-Tax Revenue were higher than anticipated by 11.5 per cent and two per cent respectively.”
Preliminary expenditure figures over the same period fell below budget projections by 14.3 per cent from $12.4 billion (budgeted) to $12.4 billion (actual expenditure).
“This was primarily due to reductions in Government’s expenditure on other goods and services by 35.6 per cent. Personnel Expenditure and Interest Payments were down by 6.75 per cent and 13.7 per cent respectively.
Overall for the three months to December 2014, a surplus of approximately $328.4 million was realised,” the ministry said.
Earlier yesterday, Finance Minister Larry Howai said with respect to the price of oil and spending, Government had no intention of increasing expenditure as it expected oil prices to continue to be down for some time again.
Government’s 2015 budget is now pegged on a revised oil price of US$45 a barrel, which is a 44 per cent reduction from the original benchmark of US$80 a barrel.
“We still think that we need to continue to do the things that the Prime Minister had outlined in terms of ensuring we maintain a reasonably balanced book as we go forward. We would like to reduce the deficit, but I still think it will be a little difficult.
Our first quarter numbers suggest that we actually performed a little bit better than we had anticipated but we will need to keep that sort of arrangement on track. We may have projected a billion-dollar deficit and we ended up with a surplus of about $300 million for first quarter fiscal.”
Howai was speaking with reporters following the opening of the LatinFinance Caribbean Investment and Finance Forum at the Hyatt Regency (Trinidad) hotel in Port of Spain.
The conference continues today.
http://www.trinidadexpress.com/business ... 02421.html
Iirc, in the last administration only recorded a deficit in 2009. So yes they had many surplus budgets over the 12 month fiscal period.
Why we never heard about it? Just like box drains and road paving, its what a govt is expected to do. No need for the constant self praise
Infrastructure/River Works at Gopaul Lands Marabella
Performance Beats Old Talk....
Launch of the Malabar Wastewater Project 29/04/15
UML wrote:rfari wrote:UML wrote:Has the PNM ever recorded a budget surplus? No?
If so, how come we never heard about it? Where did it go?Govt records $328m budget surplus
By Leah Sorias
Story Created: Mar 4, 2015 at 10:53 PM ECT
Story Updated: Mar 4, 2015 at 11:34 PM ECT
In the last three months of 2014, Government recorded a budget surplus of more than $328 million.
This was a marked improvement from the $1 billion deficit Government was expected to realise after oil prices plummeted on international markets.
A statement from the Ministry of Finance on Central Government fiscal operations said yesterday: “Even as economies around the globe come to grips with the impacts — both negative and positive — of the dramatic downward slide in oil prices, the Trinidad and Tobago economy continues to adjust to the new realities. Our macroeconomic fundamentals remain strong and allow an adjustment to the new level of energy prices prevailing globally.”
The ministry said data at the end of December 2014 showed:
Official reserves were US$11.3 billion;
Import cover remains high at approximately 14 months;
The Heritage and Stabilisation Fund currently stands at US$5.6 billion;
Unemployment remains historically low at 3.6 per cent;
Inflation remains in single digits at approximately nine per cent;
The country’s external debt service ratio remains manageable at approximately 8.6 per cent; and
Our debt remains moderate with Net Debt to GDP measuring approximately 43 per cent;
Data on Government’s revenues and expenditure for the fiscal period October to December 2014 showed that preliminary revenue figures were overall lower than budget estimates by approximately 5.5 per cent.
They were projected at $13.4 billion but actual revenues stood at $12.7 billion.
“This was primarily due to lower than anticipated receipts from taxes on Goods and Services and International Trade, a drop of 15.5 per cent and 12.1 per cent respectively. While revenue derived from Other Taxes (11.5 per cent) and Non-Tax Revenue were higher than anticipated by 11.5 per cent and two per cent respectively.”
Preliminary expenditure figures over the same period fell below budget projections by 14.3 per cent from $12.4 billion (budgeted) to $12.4 billion (actual expenditure).
“This was primarily due to reductions in Government’s expenditure on other goods and services by 35.6 per cent. Personnel Expenditure and Interest Payments were down by 6.75 per cent and 13.7 per cent respectively.
Overall for the three months to December 2014, a surplus of approximately $328.4 million was realised,” the ministry said.
Earlier yesterday, Finance Minister Larry Howai said with respect to the price of oil and spending, Government had no intention of increasing expenditure as it expected oil prices to continue to be down for some time again.
Government’s 2015 budget is now pegged on a revised oil price of US$45 a barrel, which is a 44 per cent reduction from the original benchmark of US$80 a barrel.
“We still think that we need to continue to do the things that the Prime Minister had outlined in terms of ensuring we maintain a reasonably balanced book as we go forward. We would like to reduce the deficit, but I still think it will be a little difficult.
Our first quarter numbers suggest that we actually performed a little bit better than we had anticipated but we will need to keep that sort of arrangement on track. We may have projected a billion-dollar deficit and we ended up with a surplus of about $300 million for first quarter fiscal.”
Howai was speaking with reporters following the opening of the LatinFinance Caribbean Investment and Finance Forum at the Hyatt Regency (Trinidad) hotel in Port of Spain.
The conference continues today.
http://www.trinidadexpress.com/business ... 02421.html
Iirc, in the last administration only recorded a deficit in 2009. So yes they had many surplus budgets over the 12 month fiscal period.
Why we never heard about it? Just like box drains and road paving, its what a govt is expected to do. No need for the constant self praise
without evidence its just rumshop talk bai
paving? like you think people forget they USED to get their roads paved ONLY around elections!!!!
clearly PNM was NOT doing "what they supposed to be doing"
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