One economist is contending that if Tobago is to see any significant economic development, more needs to be done and the island’s budgetary allocation must be increased.
Speaking on today’s edition of CNC3’s The Morning Brew show, Economist Dr Vanus James argued that the annual budgetary allocation to Tobago is insufficient.
Dr James says Government must change its perception of Tobago and view it as a developing state that is in need of realistic funding for developmental projects.
“We normally get about $2.4 billion out of the national budgetary allocations,” Dr James noted. “That needs to be reformed—along with the reform of the Constitution—to cater for an adequate share of development opportunity to the development budget of the country.”
“Where we are now is in line with the Dispute Resolution Commission in some broad sense,” he said. “The recurrent budget is reasonably well allocated on a per capita basis for all citizens, including Tobagonians; whereas the problem is with the development allocations.”
However, the Tobago economist did acknowledge that funding would need to be accessed from other sources, in addition to Central Government.
“That will allow budgeting on the development front, to deal with the 140 year old development hole that Tobago is in. That’s just to get you started,” Dr James explained.
“The bulk of the funding for development in Tobago has to come from external sources,” he points out. “Meaning, you have to borrow and put the money towards a good or well-designed development programme. I have not seen that well-thought-through development programme in the current regime, nor in the regime since 2010 or 2012. So, for 12 years now, Tobago has been playing hit-and-miss on its development agenda.”
The National Budget for 2024/2025 will be presented by Minister of Finance Colm Imbert in the Parliament, next Monday, September 30.