Budget Day - October 2nd 2023

[SuperiorMan]

We can only get forex when we export

Not entirely true. There's FDI and borrowing.

[j.o.e]

I think government should open up the sin sector. Gambling, drugs and prostitution…… we can’t compete with sea and sand …. Let us be the Vegas of the Caribbean. We will get some inflow of US

[VexXx Dogg]

I think government should open up the sin sector. Gambling, drugs and prostitution…… we can’t compete with sea and sand …. Let us be the Vegas of the Caribbean. We will get some inflow of US

I agree to some extent, because that sector currently exists in the underground scene and is the basis of the shadow economy. Regularise, legalise, decriminalise, tax.

[Les Bain]

Wasn't government mamaguying people about medical marijuana production for export? If so, what became of that talk?

[triniterribletim]

Trini had the opportunity to become the tech hub of the Caribbean, with the cheap electricity, the government could have set up crypto mines donkey years ago and made a killing. Probably too forward thinking for the set of fossils in government though.

[Dizzy28]

Trini had the opportunity to become the tech hub of the Caribbean, with the cheap electricity, the government could have set up crypto mines donkey years ago and made a killing. Probably too forward thinking for the set of fossils in government though.

That would have been a waste of money. Electricity is heavily subsidized and offering cheap unlimited energy to a sector not regularized would be quite a waste of every natural gas molecule which could have been put to use in methanol, ammonia etc.

Crypto mining as it is now would offer no significant benefit to the country only to individuals.

[Dizzy28]

We can only get forex when we export

Not entirely true. There's FDI and borrowing.

Both require a forex withdrawal at some point - when repaying loans and when foreign companies repatriate profits, repay investors etc.

TT has had a net negative FDI position for years now b/c of repatriation.

[SuperiorMan]

We can only get forex when we export

Not entirely true. There's FDI and borrowing.

Both require a forex withdrawal at some point - when repaying loans and when foreign companies repatriate profits, repay investors etc.

TT has had a net negative FDI position for years now b/c of repatriation.

It's still an option. It's not entirely true that you can only get forex when you export. Btw, it's only the last 2 years was negative IIRC. 2020 and 2019 was positive.

[Dizzy28]

We can only get forex when we export

Not entirely true. There's FDI and borrowing.

Both require a forex withdrawal at some point - when repaying loans and when foreign companies repatriate profits, repay investors etc.

TT has had a net negative FDI position for years now b/c of repatriation.

It's still an option. It's not entirely true that you can only get forex when you export. Btw, it's only the last 2 years was negative IIRC. 2020 and 2019 was positive.

What about 2017 and 2018?

[SuperiorMan]

We can only get forex when we export

Not entirely true. There's FDI and borrowing.

Both require a forex withdrawal at some point - when repaying loans and when foreign companies repatriate profits, repay investors etc.

TT has had a net negative FDI position for years now b/c of repatriation.

It's still an option. It's not entirely true that you can only get forex when you export. Btw, it's only the last 2 years was negative IIRC. 2020 and 2019 was positive.

What about 2017 and 2018?
Capture.JPG

and? You can't just exclude as an option because it has showed to be positive in recent times. It was positive in 2015 as well.

[VexXx Dogg]

Trini had the opportunity to become the tech hub of the Caribbean, with the cheap electricity, the government could have set up crypto mines donkey years ago and made a killing. Probably too forward thinking for the set of fossils in government though.

That would have been a waste of money. Electricity is heavily subsidized and offering cheap unlimited energy to a sector not regularized would be quite a waste of every natural gas molecule which could have been put to use in methanol, ammonia etc.

Crypto mining as it is now would offer no significant benefit to the country only to individuals.

exactly!

On a semi related thought

As long as we encourage the shadow economy, the real economy will suffer.
Twenty years ago, Maurin, Sookram and Watson (2003) highlighted the shadow economy to be approximately 10% of our GDP ($11B USD in 2003)
https://ecomod.net/sites/default/files/ ... Maurin.pdf

I'm curious what that percentage is now, given that our 2023 GDP was $27B USD. The world has changed significantly in 20 years. Trinidad and Tobago is no exception.

[Rovin]

Budget done type out already...

Just to proofread and print.

TELL THEM ! , bess post here

every year when its announced d media reports stuff about who want what, who want to see what, setta interviews & asking ppl on d streets as if that really gonna do something

d 1%, d govt financiers & their friends long done draft out what is what - so all this beat up is wasting time\energy ......

[Chimera]

hope they give more $$ to agriculture yes

me eh care about nutting else

veggie prices out of control

[Dizzy28]

We can only get forex when we export

Not entirely true. There's FDI and borrowing.

Both require a forex withdrawal at some point - when repaying loans and when foreign companies repatriate profits, repay investors etc.

TT has had a net negative FDI position for years now b/c of repatriation.

It's still an option. It's not entirely true that you can only get forex when you export. Btw, it's only the last 2 years was negative IIRC. 2020 and 2019 was positive.

What about 2017 and 2018?
Capture.JPG

and? You can't just exclude as an option because it has showed to be positive in recent times. It was positive in 2015 as well.

I'm not even sure what you disagreeing with me on at this point.
We have had years with negative net FDI and years with positive ones.

We also have a serious forex problem despite whatever those positions are.
We can only fix Forex in one sustainable way- get exports up. I don't disagree that borrowings and more FDI wouldn't help but the real solution is productivity increases and subsequently export growth.

[AlphaMan]

The big boys have access to all the forex they need and couldn't be bothered by the shortages..
That's poor people problems...

[bluefete]

Trini had the opportunity to become the tech hub of the Caribbean, with the cheap electricity, the government could have set up crypto mines donkey years ago and made a killing. Probably too forward thinking for the set of fossils in government though.

That would have been a waste of money. Electricity is heavily subsidized and offering cheap unlimited energy to a sector not regularized would be quite a waste of every natural gas molecule which could have been put to use in methanol, ammonia etc.

Crypto mining as it is now would offer no significant benefit to the country only to individuals.

Sabga wanted to do this here.

[SuperiorMan]

We can only get forex when we export

Not entirely true. There's FDI and borrowing.

Both require a forex withdrawal at some point - when repaying loans and when foreign companies repatriate profits, repay investors etc.

TT has had a net negative FDI position for years now b/c of repatriation.

It's still an option. It's not entirely true that you can only get forex when you export. Btw, it's only the last 2 years was negative IIRC. 2020 and 2019 was positive.

What about 2017 and 2018?
Capture.JPG

and? You can't just exclude as an option because it has showed to be positive in recent times. It was positive in 2015 as well.

I'm not even sure what you disagreeing with me on at this point.
We have had years with negative net FDI and years with positive ones.

We also have a serious forex problem despite whatever those positions are.
We can only fix Forex in one sustainable way- get exports up. I don't disagree that borrowings and more FDI wouldn't help but the real solution is productivity increases and subsequently export growth.

Why don't you read what you originally stated if you can't understand what the disagreement is?

You said we can only get forex when we export which obviously isn't true.

Even in your last statement you disagreed with your original statement.

[Dizzy28]

Yes my initial statement was wrong in omitting the other sources of forex.
I am now stating sustainable forex growth can only be achieved through exports.

Even FDI projects would need to contribute forex eventually or else they end up like Pricemart and Unicomer - net users of forex

We can only get forex when we export

Not entirely true. There's FDI and borrowing.

Both require a forex withdrawal at some point - when repaying loans and when foreign companies repatriate profits, repay investors etc.

TT has had a net negative FDI position for years now b/c of repatriation.

It's still an option. It's not entirely true that you can only get forex when you export. Btw, it's only the last 2 years was negative IIRC. 2020 and 2019 was positive.

What about 2017 and 2018?
Capture.JPG

and? You can't just exclude as an option because it has showed to be positive in recent times. It was positive in 2015 as well.

I'm not even sure what you disagreeing with me on at this point.
We have had years with negative net FDI and years with positive ones.

We also have a serious forex problem despite whatever those positions are.
We can only fix Forex in one sustainable way- get exports up. I don't disagree that borrowings and more FDI wouldn't help but the real solution is productivity increases and subsequently export growth.

Why don't you read what you originally stated if you can't understand what the disagreement is?

You said we can only get forex when we export which obviously isn't true.

Even in your last statement you disagreed with your original statement.

[fiveforward]

We can only fix Forex in one sustainable way- get exports up. I don't disagree that borrowings and more FDI wouldn't help but the real solution is productivity increases and subsequently export growth.

.
Thoroughly enjoyed reading your objective contribution. You make common sense unlike much of what passes for contributions in this open sea of rancidity. Men acting like this is rocket science - FFS is simple O' Level economics but like the guavament; er sorry, PNM education system failed many.

[MaxPower]

What you Trinis beating up for?

They will raise a set of sheit of allyuh will cry for 2 days and then pay it comfortably.

[paid_influencer]

Yes my initial statement was wrong in omitting the other sources of forex.
I am now stating sustainable forex growth can only be achieved through exports.

Even FDI projects would need to contribute forex eventually or else they end up like Pricemart and Unicomer - net users of forex

funny thing with those two companies. When the former governor of Central Bank named the top forex users, Pricesmart and Unicomer (Courts) was on the list of the top 5.

both those companies in the last couple years set up logistics hubs right here in Trinidad. Apparently what they doing is buying goods from local distributors and exporting it.

so local distributors buy goods in USD, sell to Pricesmart in TTD, who re-exports for USD, which is then kept overseas.

maybe I mad but this whole forex controls scene is bound to abuse and cronyism and not a good thing for the economy.

[adnj]

When foreign exchange gets tight, the invisible exports of carnival start to look good to the carnival haters.

[Gladiator]

When foreign exchange gets tight, the invisible exports of carnival start to look good to the carnival haters.

Where we getting the forex to fund all of the Carnival expenses from - alcohol, mas materials, promotional materials, food and crap for all the all inclusive, equipment. The cost of carnival is an immeasurable sum and in totality outweighs the revenue made by a wide margin.

[zoom rader]

When foreign exchange gets tight, the invisible exports of carnival start to look good to the carnival haters.

You do know Carnival is used to wash money.

[zoom rader]

When foreign exchange gets tight, the invisible exports of carnival start to look good to the carnival haters.

Where we getting the forex to fund all of the Carnival expenses from - alcohol, mas materials, promotional materials, food and crap for all the all inclusive, equipment. The cost of carnival is an immeasurable sum and in totality outweighs the revenue made by a wide margin.

Money laundering, not much people speak of this as they all turn a blind eye to it.

[adnj]

When foreign exchange gets tight, the invisible exports of carnival start to look good to the carnival haters.

Where we getting the forex to fund all of the Carnival expenses from - alcohol, mas materials, promotional materials, food and crap for all the all inclusive, equipment. The cost of carnival is an immeasurable sum and in totality outweighs the revenue made by a wide margin.

How much of what is spent to participate or visit during carnival comes solely from foreigners?

[MaxPower]

With GE around the corner, i expecting some goodies this budget.

[pugboy]

them carnival bands earn good usd from the foreign signups

pea ask if the big exporters does convert back they usd to ttd, the snacks and biscuit companies
it’s a good question.

When foreign exchange gets tight, the invisible exports of carnival start to look good to the carnival haters.

You do know Carnival is used to wash money.

[Alpha_2nr]

hope thats sarcasm !!!

Why all the fuss about the budget?

We are a very poor country, and the govt will take steps to maximise our value for $ in this coming budget.

As evidenced by the state of the country, there's no money for state institutions, infrastructure repair etc.

We are a very poor country, with little to no export or income. So we must tighten our belts again.

And trust that the MoF and parliament with do the best with what little scraps we earn as a nation.

[Dizzy28]

We actually are still pretty middle income by global standards.

However we do not get value for money on what we purchase and Govnt carries a massive wage bill. I would say these are our two largest hindrances to budgeting.

hope thats sarcasm !!!

Why all the fuss about the budget?

We are a very poor country, and the govt will take steps to maximise our value for $ in this coming budget.

As evidenced by the state of the country, there's no money for state institutions, infrastructure repair etc.

We are a very poor country, with little to no export or income. So we must tighten our belts again.

And trust that the MoF and parliament with do the best with what little scraps we earn as a nation.