HELICONIANS SEEK MORE ACTION AND LESS TALK THE HELICONIA Foundation for Young Professionals has looked on in great disbelief as the Minister of Finance Larry Howai read what represented the largest budget in the history of Trinidad and Tobago carrying with it an unprecedented budgeted expenditure of TT$61.398 billion dollars predicated on oil prices of US$80 per barrel and a projected growth rate of 2.5%. Less Talk…More Action We, at the Heliconia Foundation, are deeply worried that even as our budgeted expenditure soared from TT$ 44.366 billion dollars in 2010 to TT$61.398 billion dollars in 2013; the government has failed to realize and or commence active pursuit of most of the high priority objectives presented in the last budget in the House namely: The 32 community police units The National Security Training Academy The Naval operations plan to combat the drug trade The restoration of East Port of Spain into a heritage city in collaboration with the Inter-American Development Bank Is our dependency on the IMF imminent? We also note with utmost concern the Minister’s reference to the total public sector debt as ‘sustainable.’ According to the Central Bank, the total public sector debt grew from TT$65.98 billion dollars in 2009 to TT$91.328 billion dollars in 2012 while the public debt ratio grew from 37.3% in 2010 to an estimated 44.7% in 2013. While we are aware of the impact of the bailout of CLICO and we are thankful that we have not yet had to resort to requesting financial assistance from the IMF; we caution that a debt ratio of 44.7% is not sustainable in the medium term and must be brought down to more acceptable international standards. In light of this gloomy debt reality, we must admit that we are also highly disappointed that the Government has planned to forego loan financing in its building of the highway from San Fernando to Point Fortin and has opted instead to burden taxpayers with the duty of footing the bill out of the current account at a cost of TT$7.5 billion dollars even in the absence of the development plan for the south west peninsula. Striking a Balance - Global Competitiveness, Economic Diversification We at The Heliconia Foundation are very disturbed that Trinidad and Tobago is ranked #92 out of 148 countries in the Global Competitiveness Index for 2013/2014. While we are excited about the classification of Trinidad and Tobago as an innovation driven economy; we believe there is a need for fair taxes to support the knowledge driven industries that should follow from an innovation-driven economy. ‘Vision with Action Can Change Trinidad and Tobago’ We are also disappointed that little has been proposed to stimulate the micro and small business sectors even if SMEs are believed to be one of the main drivers for economic diversification. As first time owners, we yearn for affordable housing opportunities and believe that the limit of TT$450,000 dollars is insufficient and makes it difficult to acquire property. Additionally, we were surprised to learn that the property tax was back given the bold words of the Prime Minister, Kamla Persad-Bissessar, who, in a television interview on September 6, 2010, made it quite clear – THERE WILL BE NO NEW TAXES! In short, we are calling upon the government to act prudently and responsibly on the objectives laid out in this 2013/2014 budget. More specifically, we are demanding that the Government place more strategic focus and emphasis on those critical areas that negatively impact our development: crime, inefficient government bureaucracy, corruption, insufficient capacity to innovate and access to financing (The Global Competitiveness report, 2013/2014).
Posted on: Sat, 14 Sep 2013 21:35:27 +0000
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