Planning Minister said T&T is not in recession. He outlined a five-pillar plan for fiscal 2027 to 2031.
Planning and Development Minister Dr. Kennedy Swarathsingh told the Senate on Monday that Trinidad and Tobago is not in a recession, rejecting Opposition claims as he outlined a national development plan for fiscal 2027 to 2031.
Speaking during the debate on the Appropriation (Financial Year 2027) Bill, 2026, Swarathsingh said the plan seeks to use the country’s energy, financial and industrial assets to drive sustainable growth. It has five reform pillars: fiscal stability, sustainability and public sector effectiveness; private investment and access to finance; economic diversification, exports and foreign exchange; human capital, productivity and innovation; and infrastructure, energy security and climate resilience. He said the recent move to secure the sale of the Magdalena Grand Beach and Golf Resort, and plans to divest the national quarries and Labidco, reflect the diversification pillar and an effort to improve the performance of state-owned assets. Under the plan, the 43 state enterprises were reviewed and placed in one of three groups: to be protected and optimized, to be reformed and strengthened, or to face a time-bound restructuring decision. Value-generating enterprises will operate under dividend and performance policies, and subventions will become agreements to deliver defined outcomes.
The minister pointed to what he called encouraging indicators. Headline inflation fell to 0.6% in July, and food inflation declined from 4.7% to 1.7%. Net reserves stood at US$5.4 billion, equal to 6.2 months of import cover, and the Heritage and Stabilization Fund reached US$6.58 billion.
Government Senator Anil Roberts also dismissed Opposition claims of a recession, arguing the economy is recovering from years of decline under the previous administration. He said more than 6,243 small and medium-sized businesses closed in the eight years before the COVID-19 pandemic. He said Cabinet ministers recused themselves 720 times under the previous government and that the current policy is for the country’s resources to benefit citizens directly. Roberts said import cover fell from 13.3 months to under six months. He described the Heritage and Stabilization Fund balance as the highest in the history of the country. These figures are the senators’ own claims and were not independently verified.