MEDIA RELEASE
30/09/2024

AMCHAM T&T appreciates the Minister of Finance's ongoing attempt to craft a budget that strives to balance economic revitalization with the challenges of prolonged reduced revenue while ensuring the preservation of an adequate social safety net.

On the positive side, the acknowledgment of the magnitude of the impact that crime is having on the economy and the focus on reducing home invasions and crimes on businesses is welcomed. We are encouraged by the focus on enhanced training for the TTPS. This is an area where there are opportunities for collaboration with the private sector and we stand ready to assist.

More broadly there is recognition that for national economic and development goals to be achieved it is essential to address and combat crime with a pragmatic plan that includes clear targets and deliverables. AMCHAM T&T is encouraged by the proposed measures announced by the Minister to tackle violent crime and criminality, including the implementation of body cameras, speed guns, and advanced fingerprinting technology, along with the acquisition of two search-and-rescue surveillance aircraft, and other surveillance measures announced to bolster crime prevention and detection. We look forward to the expedited implementation of these measures, under the appropriate procurement laws to provide much-needed relief to the business community and citizens.

The various initiatives to assist at-risk youth are also embraced as these are critical to steer our youth away from a life of crime.

The budgeted oil price seems reasonable based on similar forecasts from reputable energy forecasting agencies, and the more important revenue source, the estimated natural gas price seems reasonable, especially with the new pricing arrangements following the restructuring of Atlantic LNG.

We are grateful that the Minister has committed to clearing up outstanding VAT refunds and has acknowledged that the manner in which this was done for the major energy companies in the past had unintended negative effects. We trust that in clearing these debts for the energy companies, prior consultations will be held so that the eventual solution will achieve the desired results.

We are excited by some strides being taken to digitize government services such as the announcement of e-passports and e-immigration forms, the introduction of electronic health records and the D-Hub and the move to create a social services wallet linked to a unique National Identifier. We look forward to seeing these initiatives move into implementation early in fiscal 2025.

With regard to the push to renewables, we had hoped that there would have been clear timelines for feed-in tariff policy and legislation as this could have the most significant impact on households and businesses moving toward renewable power.

We eagerly anticipate the unveiling of the Renewable Energy Policy announced by the Minister, which was drafted by the Ministry of Energy earlier this year. We believe this policy has the potential to enhance opportunities for private-sector investment and facilitate a systemic transition to a low-carbon economy. Therefore, we hope the policy will be made publicly accessible for input before its finalization and implementation.

With regard to the CL Financial bailout, we urge the Government to provide details so that the public is aware of the facts and details.

We support divestment of assets that would be better managed by the private sector.

As the Ministers deliver their detailed statements on the plans for their Ministries, we look forward to further information on timelines for implementation of measures announced and how success or impacts will be measured. We also recommend that ministries report on initiatives and commitments made in prior budget statements so that the public can be apprised on their progress, and what impacts they have had. We, therefore, encourage the Government to set clear priorities for outcomes in every ministry and provide regular updates on progress.



For further questions or comments please contact: Nirad Tewarie, CEO AMCHAM T&T at niradtewarie@amchamtt.com.

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