Government increases public sector investment by over $32 million

Government increases public sector investment by over $32 million

This country’s Public Sector Investment Programme (PSIP) allocation for the 2020/2021 fiscal year is a slight increase from the revised 2019 PSIP allocation.

This is according to Minister of Planning and Development Camille Robinson-Regis.

The original allocation of $5.387 billion for 2019, was revised and funds were reallocated to other areas in support of measures to help the nation deal with COVID-19.

At the end of the 2019/2020 fiscal period, the final allocation to the PSIP was $4,077,516,555 billion.

The allocation for the 2020/2021 allocation is $4,110,000,000 a difference of $32,483,445.

According to the Ministry, this year’s allocation will assist with the implementation of projects to support programmes within the sectors of education, housing and shelter, health/HIV AIDS, community development, water security, roads and bridges, drainage, crime alleviation, workforce development among others.

The Ministry is the lead coordinator through the Policy Planning and Reconstruction Division (PPRD), supporting all other Ministries and Government Agencies in the development of their PSIP projects.

For the upcoming fiscal period, ministries developed their projects to continue achieving the goals set in Vision 2030, as well as the Government’s objective to attain the requirements of the global Sustainable Development Goals (SDGs).

During the 2019 Budget Presentation, the Finance Minister announced the $5.387 billion allocation, which was a few months before the world and Trinidad and Tobago felt the brunt of the COVID-19 pandemic.

Final figures indicate that over the past 5 years the PSIP allocations have averaged approximately $4 billion.

The PSIP total allocations with Infrastructure Development Fund (IDF) allocations included from 2016 to 2021

The Public Sector Investment Programme (PSIP) is a strategic investment plan of the Government in the formulation of the National Budget which reflects public investment against national priority areas for development.

Robinson-Regis emphasised that the PSIP is an avenue for the Government’s implementation of Trinidad and Tobago’s National Development Strategy, Vision 2030, which is also driven by the global Sustainable Development Goals (SDGs).

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