The document states:
"Over and over, our new Prime Minister Kamla Persad-Bissessar told voters if they stuck with her, “They will rise!”
"They did so en masse, thrusting the weight of great expectations upon the shoulders of the Nation’s first female Prime Minister.
"In this context, the Honorable Minister of Finance, Winston Dookeran delivered this Government’s inaugural Budget presentation, attempting in so doing to manage the aspirations of a hopeful Nation, while addressing the challenges of a stagnating economy, falling Government revenues and increasing inflation.
"In laying his first budget before Parliament the Minister attempted to deliver on the election promises of the People’s Partnership.
"At the same time, the Minister also sought to make fundamental changes to our development path while recognising the risks brought about by an uncertain economic climate and numerous challenges with crime, health and infrastructure.
"This approach presents difficult choices, particularly when the driving force in the economy – the energy sector - has not produced and is not expected to produce anything close to the record revenues of approximately TT$23 billion earned in the 2008 fiscal year.
"Against this background we asked ourselves what are some of the highlights announced by this Government in Parliament. In the more detailed report that follows, all of the fiscal measures are presented.
Big picture
"The “big picture” suggests that the People’s Partnership has sought to commence the process of transformation with a greater emphasis on stimulus rather than austerity.
"At a “macro” level, while the Minister projected a fiscal deficit for 2011 of $7.7 billion, or 5.48% of GDP, the net public sector debt to GDP ratio was contained to less than 50%...
"Trinidad & Tobago is still in an enviable situation compared to a number of selected countries. However, the country is faced with hard decisions in future years as the Minister seeks to bring his accounts into fiscal balance while meeting the needs of the country.
"By itself, deficit financing can be used by Governments to stimulate the economy. We must all, however, recognise that this is a short term measure by definition and that our international rating can be affected if our national debt gets out of line..."
Read the full review: Focus on Trinidad & Tobago Budget 2012
"At a “macro” level, while the Minister projected a fiscal deficit for 2011 of $7.7 billion, or 5.48% of GDP, the net public sector debt to GDP ratio was contained to less than 50%...
"Trinidad & Tobago is still in an enviable situation compared to a number of selected countries. However, the country is faced with hard decisions in future years as the Minister seeks to bring his accounts into fiscal balance while meeting the needs of the country.
"By itself, deficit financing can be used by Governments to stimulate the economy. We must all, however, recognise that this is a short term measure by definition and that our international rating can be affected if our national debt gets out of line..."
Read the full review: Focus on Trinidad & Tobago Budget 2012
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