Stakeholders are not expecting any “sweetheart” budget when Finance Minister Colm Imbert delivers his tenth consecutive National Budget presentation at the Red House in Port-of-Spain from 1:30pm today.
The last budget before an election is often viewed as a possible “sweetheart” budget or a presentation loaded with incentives and promises for the public.
However, many stakeholders are not expecting that today, following the Prime Minister’s recent claim that citizens would have to hold the fort for a few more years due to the uncertainty of the energy industry.
During his feature address at Atlantic’s 25th anniversary and restructuring celebrations in Point Fortin on Friday, Dr Keith Rowley said: “The period between now and 2027 second quarter will be one of difficulty for the people of T&T, because the current levels at which we are producing, and the market situation, would cause us or should cause us to be responsible and, hold, hold the fort, with a very good view and good confidence that come 2027, we will be in a better position with this industry.”
In last year’s budget, Imbert forecast a total revenue of $54 billion and a total expenditure of $59.2 billion, for a deficit of $5.197 billion. He revised the budget to $61.5 billion in the mid-year review.
In the mid-year review, the Finance Minister confirmed that revenues were projected to be $3 billion less than expected for fiscal 2024. This was largely due to less than expected returns for the energy sector.