Trinidad and Tobago’s finance minister previews Monday’s second national budget. He stressed accountability, restraint and oversight of spending.
PORT OF SPAIN, Trinidad and Tobago — Trinidad and Tobago’s finance minister Davendranath Tancoo said the government will present its second national budget on Monday, Oct. 12. He described the plan as an account of how public money is raised, spent and monitored. In a pre-budget address, he said the exercise would cover the year ahead, including how the government intends to collect revenue and invest in policies and programs. He added that it would also report on what the administration has already done.
The minister said the budget is the product of months of work by Finance Ministry staff, other ministries and consultations with business, labor and civil society groups. Alongside the main speech, Parliament will receive supporting documents on budget day. These include the estimates of revenue and expenditure and the public sector investment program. He said ministry teams reviewed economic growth, sector performance and areas with untapped potential before proposing measures on stability, diversification and job creation. They also considered protections for vulnerable citizens and pressures such as inflation, unemployment, health care, education and community safety.
According to the minister, the Budget Division examined spending estimates from every ministry and department, while revenue divisions supplied data on tax collections. Other teams provided analysis of debt, financing, investment and public financial management. He said he set the policy direction with the prime minister’s guidance and technical advice, weighing ministry proposals against affordability and government policy. Some projects received immediate funding, he said, while others were put on hold because resources are limited. He characterized the process as one that requires discipline and restraint.
The minister said passing the budget in Parliament is only one step, and that oversight continues through the year. He said the Treasury Division manages the release of funds and maintains public financial records, and that ministries must follow accounting rules and track spending against approved allocations. Public accounts, he added, are subject to audit. The address did not include revenue forecasts, spending totals or tax measures, which are expected to be detailed in Monday’s presentation.
Information for this report came from a pre-budget address by Trinidad and Tobago’s finance minister.