This country is still in a difficult period, Prime Minister Patrick Manning said on Monday night.
Addressing a PNM Laventille meeting, Manning gave a brief insight into the country's financial situation. He said last year was a difficult year for T&T and the world due to falling oil and gas prices. He told Laventille residents that not only was their area affected by the situation, but all of T&T also. Manning said T&T was passing through a difficult period. "We're still in it," he said. Manning said revenue fell to the extent that when the last budget was presented, a shortfall of $8,450 million was projected. Government closed the year with a deficit of $6,900 million, which, he said, was "still plenty money." This year, he said, Government expects a deficit of $7,800 million, which, he also said, was "plenty of money." He said Government had cut back on expenditure and established new priorities.
However, Manning assured Laventille that the area has not been forgotten. Last week, the Finance Ministry met on new priorities for development, including water and roads. He said projects may have to be funded by borrowings and that Government will closely monitor the extent. Manning outlined the status of other Caricom states where borrowings are concerned. This is measured on their debt to gross domestic product (GDP) ratio. The others islands' statistics ranged from 67 per cent to 180 per cent. Manning said T&T's level was only 29 per cent. If T&T borrows for future projects, Manning said the figure may reach 56 per cent which, he said, was "quite tolerable" since T&T has natural resources with which to repay. Manning added, "The IMF (International Monetary Fund) will look at us closely, but they wouldn't baulk.... there's a plan for borrowing. Government understands what it is doing. I've been in Government for 38 years, I not 'vooping'–if you watch me, is no daylight between bat and pad. You can't see the wicket at all."
