Sewberath Misser, IDB Resident representative in Trinidad and Tobago said the loan is “an extremely useful intervention aimed at the improvement and modernization of Trinidad and Tobago’s public capital expenditure management.”
He said in order to qualify for the loan the government had to make reforms to its policy design, public procurement and financial management, and audit.
Speaking at the ceremony to sign the document, Dookeran said the government is adopting a three-pronged approach to the management of public capital expenditure.
The minister said government will use the funds to modernise the public sector investment management system, improve accountability and transparency in public procurement and enhance public financial management and control systems
He said the first step is to deal with weaknesses in public investment management. This would be followed by public financial management aimed at taking important steps towards “achieving a budgetary process to be fully capable of the strategic allocation of resources.”
Once these issues are tackled the government will move to the final phase, which seeks to enhance the integrity of the Government’s financial management operations "by reinforcing the independence of the Auditor General’s department and strengthening its oversight operations,” Dookeran said.
Hew added, “This disbursement of US $100 million on our fiscal account is particularly welcome in this budget year given the many challenges that we face.”
The loan was is for twenty years with a five year grace period on repaying the debt.
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