Maroc - NEWSDAY.CO.TT - A la Une - 20/Sep 22:25

Chief Secretary bracing for budget let-down

  Stakeholders in Tobago are bracing for disappointment in the 2025 budget package, which is expected to be delivered on September 30. THA Chief Secretary Farley Augustine, speaking with Newsday on September 20, said he has no expectations. “Tobago, for most of the last two decades, has been left disappointed. I prefer to approach the budget without expectations. If we are surprised with goodwill, we will take it.” He said he is not hopeful that the budget measures will redound to the rebounding of the economy. “Not hopeful that the measures he will present will provide for peace, safety and security for all. Not hopeful that the budget will cause citizens to hope for a brighter future. Not hopeful that Tobago will be treated well in the measures to be presented.” THA Minority Leader Kelvon Morris said he anticipates the THA’s allocation will remain at the traditional 4.3 per cent of the national budget. Morris said while Tobago undoubtedly requires more resources to catch up with the rest of the country, it was clear that the allocations received over the past three years, despite increasing annually, have not been managed effectively. “Under proper leadership, these funds can drive real transformation in key areas such as tourism, infrastructure, agriculture, manufacturing, and education, sectors crucial to Tobago’s sustainable development.” He said the People’s National Movement (PNM), under the leadership in Tobago of Ancil Dennis, has a clear vision for Tobago, ensuring every dollar is strategically invested to improve the lives of all Tobagonians, with a focus on diversifying the economy and creating jobs. “Unfortunately, the current THA administration has demonstrated that more money in the wrong hands only leads to waste and stagnation. “Over $7 billion has been squandered, with little to show for it. Abandoned projects litter the island and the tourism sector, once our economic lifeblood, remains in decline.” A new PNM administration, he said, will ensure these resources are directed toward high-impact initiatives: completing long-overdue projects, revitalising tourism, investing in agriculture for food security and fostering entrepreneurship through local manufacturing. “Tobago deserves leadership with a clear vision, one that prioritises development over politics, and we are ready to deliver the real change Tobagonians deserve.” Other stakeholders also weighed in, saying they are not eager about the upcoming presentation either. Head of the Tobago Division of the TT Chamber of Industry and Commerce Curtis Williams said is hoping for more money for the island. “We are hopeful of course that we get some more monies,that the THA get some more funds to deal with the outstanding bills they have – when I tell you outstanding, millions of dollars outstanding. So we’re hoping that the central government could give the THA funds to pay those outstanding bills. “I personally have bills dated 2022/2023 that is owing by the THA and they indicated that they don’t have any funds, so we’re hoping that they get some more funds to pay these outstanding debts from suppliers and vendors that’s owing for these periods 2022/2023 and even 2024.” Tobago Chamber chairman Martin George is calling for the immediate repeal of the Foreign Investment Act, which he said continues to stifle businesses on the island. “This is legislation which has been on the books since 2008-2009 and it has hampered and stymied any and all foreign investments in Tobago. Every day you hear businesspersons complaining about the lack of foreign exchange, the difficulty to acquire foreign exchange, the inability to source their goods and to pay for things that are coming in from abroad. And yet still you have legislation on the books that is hampering and preventing and creating an obstacle to direct foreign investment in Tobago.” George said the minister should also consider making Tobago a VAT- and duty-free zone. “Tobago can be the centrepiece for retirement in the Caribbean if you make it a VAT-free zone. People can come here to retire and they do not have that burden of VAT. It’s going to be attractive for even Trinidadians to come here and retire.” President of the Tobago Hotel and Tourism Association (THTA) Alpha Lorde said he has no big expectations. “New year, same thing. The reality is historical lyrics. We have had budgets read and numbers put forward as to X for security, X for tourism, and we have not had an accountability that says for the money put forward, we would have achieved the things that we were going to do. "My concern is we are going to go into a new fiscal year not necessarily being able to review clearly the things that were supposed to get done.” He said nine out of ten times, the offer from Central Government is usually smaller than that which is budgeted, so the expectation of being able to achieve something is shrunk immediately and items have been reprioritised. Yet he is still hoping to see measures that work to help the island generate forex to ease the existing shortage. “Invest in tourism a whole lot more and tourism can help alleviate the forex challenge. That is not a debatable question. The fact is, the tourism sectors will bring hard dollars to the destination and those hard dollars will offset the forex challenges.” Several people on the street also spoke anonymously. One woman said: “My thing is raise salaries, and the pensioners, the same thing.” Another woman said: “We would like the price of things to go down. Cost of living is definitely too high.” The island's current request includes a recurrent expenditure of $2.81 billion, $1.002 billion for development programme expenditure, $91.9 million for the URP and $43.8 million for CEPEP. Last fiscal year, the assembly requested $4.54 billion, and received $2.585 billion, with $2.298 billion allocated for recurrent expenditure, $216 million for development programme expenditure, and $18 million for the Unemployment Relief Programme. The post Chief Secretary bracing for budget let-down appeared first on Trinidad and Tobago Newsday.