Presentation on theme: "ACCOUNTING FOR THE RESOURCES 2000 - 2005. Our Trinidad and Tobago Scorecard- Economic Growth Energy Sector Social Sector National Security Infrastructure."— Presentation transcript:
ACCOUNTING FOR THE RESOURCES 2000 - 2005
Our Trinidad and Tobago Scorecard- Economic Growth Energy Sector Social Sector National Security Infrastructure Housing Education Health Agriculture State Enterprises Tobago
The Growth of the Economy
Economic Growth Non-energy growth 4.7 percent Energy sector growth averaged 13.6 percent Overall the economy grew by an average of 7.7% since 2000 Trinidad and Tobago continues to lead with: The largest energy and manufacturing sectors in the English speaking Caribbean A rapidly emerging financial services sector
Economic Growth Our economy is one of the fastest growing in the Western Hemisphere. In Current GDP we achieved the following : 2000 $51.4 billion 2006 $101 billion 2007 $112 billion The size of the economy has doubled since 2000
Central Government Fiscal Operations Revenue Receipts Billions of Dollars 2000 -12.2 2001 -14.4 2002 -14.1 2003 -17.4 2004 -20.9 2005 -29.3 Energy is defined as Oil Companies receipts based on oil and gas assets. Petrochemical companies are classified as non energy.
Central Government Fiscal Operations Allocated Expenditure Billions of Dollars 2000 -12.5 2001 -14.0 2002 -14.2 2003 -16.6 2004 -20.7 2005 -27.3 Note that savings in the RSF is included in Central Government Expenditure. Note also fixed costs versus variable costs i.e. transfers.
Central Government Fiscal Operations Details of Current Transfers Fiscal 2005/2006 ($M) TOTAL CURRENT TRANSFERS 17,533.7 Educational Institutions1,128.5 University of the West Indies 677.4 University of Trinidad &Tobago 93.7 Higher Education Loan Programme 102.5 Grants to Government Secondary Schools 100.0 Households5,225.0 Public Officers Pensions and Gratuities 1,254.2 Subsidy Re-sale of Petroleum Products 1,322.2 Old Age Pensions 1,032.8 Social Assistance 268.2 Disability Grant 152.0
Central Government Fiscal Operations Details of Current Transfers (Cont’d) Fiscal 2005/2006 ($M) Other Transfers8,579.6 Infrastructure Development Fund 3,050.0 Revenue Stabilisation Fund 2,462.8 Government Assistance for Tuition Expenses (GATE) 250.0 Regional Health Authorities 1,071.1 Community Based Environmental Protection Environment Programme 425.0 National Social Development Programme 200.0 Petroleum Relief for CARICOM States 375.0
Central Government Fiscal Operations Details of Current Transfers (Cont’d) Fiscal 2005/2006 ($M) Transfers to State Enterprises1,941.7 Caroni (1975) Limited 266.3 PowerGen - Equity Investment 321.3 National Schools Dietary Services Limited 200.0 Caribbean New Media Group: Equity Investment 61.6 BWIA Equity Recapitalization 774.1 Loans and Grants 282.4 Trinidad and Tobago Electricity Commission 282.4
Central Government Fiscal Operations Results of Operations $ Millions of Dollars Year Revenue Expenditure Surplus/Deficit Surplus /Deficit as % of Revenue 2000 12,199.4 12,482.7 -283.3 2.3 2001 14,381.0 13,990.9 390.1 2.7 2002 14,122.5 14,226.8 -104.3 0.7 2003 17,366.6 16,591.6 775.0 4.5 2004 20,885.4 20,673.9 211.5 1.0 2005 29,286.2 27,274.7 2,011.5 6.9 Central Government recorded its third consecutive fiscal surplus in 2005.
Revenue Stabilization Fund (RSF) $1.26 billion was transferred to the RSF during fiscal 2004. $2.59 billion was transferred to the RSF during fiscal 2005. The size of the Fund increased to $5.484 billion TT as at December 31, 2005.
Central Government Fiscal Operations Foreign Reserves YearGross Official Reserves Revenue Stabilization Fund Import Cover (months) 20001,405.565.74.3 20011,876.0160.55.6 20021,923.6160.55.5 20032,258.0247.75.4 20042,993.0449.96.9 20054,781.4867.19.5 Millions of US Dollars Between 2000 and 2005 Gross Official Reserves increased by 240.2 percent. The Gross Official Reserves as at December 31, 2005 represents 9.5 months of import cover.
Inflation—a challenge of expansion
Trinidad and Tobago’s positive investment climate continues to attract significant inflows of Foreign Direct Investment: Year US$ Million 2000 680 2001 835 2002 791 2003 808 2004 998 2005 940 Central Government Fiscal Operations Foreign Direct Investments
Central Government Fiscal Operations Public Debt Million $% of GDP 200020,74942.1 200120,04437.1 200220,63736.7 200321,46131.9 200422,04328.7 200521,52323.8 GROSS PUBLIC SECTOR DEBTCENTRAL GOVERNMENT DEBT Million $% of GDP 200026,79254.4 200129,75855.0 200232,79458.3 200335,49152.7 200436,91148.0 200536,80040.7 As a percentage of GDP, the nation’s public debt stock declined significantly between 2000 and 2005. International Benchmark- 50%
Central Government Operations Unemployment data 2000 - 12.2 % 2001 - 10.8 2002 - 10.4 2003 - 10.5 2004 - 8.3 2005 - 8.0 % 2006 - 6.9 % Trinidad and Tobago is now close to attaining full employment and has recorded an unemployment rate of 6.7 % for the October -December 2005 period.
By the end of 2005 Trinidad and Tobago had put in place most of the requirements for the implementation of the single market component of the CSME and was one of the 6 signatory countries at the official launch of the CARICOM Single Market on January 1st 2006. CARICOM Single Market and Economy (CSME)
Inflation 2001-5.6 % 2002-4.2 % 2003-3.8 % 2004-3.7 % 2005-6.8 % As the rate of economic activity accelerates a major challenge for Trinidad and Tobago continues to be the control of inflationary pressures. Both Government and the Central Bank are aggressively utilizing policy instruments to contain increases in the general price level brought about by a combination of strong external in-flows, rising public spending and strong demand pressures.
Energy Sector’s Contribution to National GDP
–the establishment of new regimes for the taxation of income from oil and gas production including a work programme for new exploration activities.(completed) –Supplemental Petroleum Tax review. (completed) –Fair Market Value for Gas contracts as opposed to contract price (completed) –Review of Production sharing Contracts (under consideration) –Resulting in more equitable distribution to the population of Trinidad and Tobago. (Internationally Competitive ) Energy Taxation Review
- the commissioning of Atlantic LNG Train IV –the commissioning of ATLAS Methanol Plant –the commissioning of Methanol Holdings (MHTL) - M5000 Plant –the commissioning Nitrogen 2000 Plant –the completion of Phoenix Park Gas Processors Limited expansion (PPGPL) Energy Investments
2005 CREDIT RATING OIL EXPORTING COUNTRIES KuwaitA+ Saudi ArabiaA Trinidad and TobagoA- MexicoBBB Russia Investment Grade BBB- Venezuela Speculative Grade B+ KuwaitA2 Saudi ArabiaA3 Trinidad and Tobago Baa2 Mexico Baa1 Russia Investment Grade Baa2 Venezuela Speculative Grade B2 Standard and Poor’sMoody’s
2005 ECONOMIC STATISTICS OF OIL EXPORTING COUNTRIES COUNTRYGDP US $ INFLATION RATE % UNEMPLOYMENT RATE % Kuwait $53.31 Billion3.5%2.2% (2004) Saudi Arabia $340.6 Billion0.4%13.0% (2004) Trinidad and Tobago $13.92 Billion6.8%6.9% Mexico $1.068 Trillion3.3%3.6% Russia $1.539 Trillion11.0%7.6% Venezuela $164.1 Billion15.7%12.3%
Hydrocarbon Production in Trinidad & Tobago (MBOED) Projected ALNG I ALNG II ALNG III WW II 1 st NH 3 Plant Pt. Lisas Construction Begins
Taking care of people A government has a responsibility to look after those in our society who are unable or even unwilling to look after themselves. Their share of the countries resources are normally provided based on identified need. Our social safety net allocates in excess of 20 % to those so affected. (Enill 02).
The government invested resources to improve the lives of the following groups of vulnerable citizens : Socially Displaced Persons - A survey of socially displaced persons was conducted and a program to relocate the socially displaced elderly to homes for older persons has begun. Adolescent Mothers - Counseling, remedial and continuing education, skills training, child care training nursery or other services were provided to 50 young mothers and 50 infants at 6 centres nationwide. Ex-Prisoners - In conjunction with the ongoing work of the Halfway House for ex-prisoners, comprehensive proposals have been made for the effective rehabilitation and reintegration of ex-prisoners into the society, including addressing their employment, accommodation, health and networking needs. Social Sector Investments
On-the-Job Training Apprenticeship Programme (OJT) Retraining Programme: 5,234 persons trained during fiscal 2005 Multi-Sector Skills Training (MUST) Programme Helping You Prepare for Employment (HYPE) Programme: 1,330 persons trained during fiscal 2005 Social Sector Investment-Training Component
Social Sector Investment-Training Civilian Conservation Corps (CCC): 3,697 persons trained during 2004 and 2005 cycles. Youth Training and Employment Partnership Programme (YTEPP): 6,029 persons trained during fiscal 2005 Geriatric Adolescent Partnership Programme (GAPP): 826 persons trained during fiscal 2005 Non-Traditional Skills Training for Women Export Centres Programme Transformation and Development Centres (TDC )
Youth Apprenticeship Programme in Agriculture (YAPA): 2,617 persons trained during 2004 and 2005 Community Education Programme: 9,219 persons trained during fiscal 2005 Women in Harmony: 480 persons trained during fiscal 2005 Adult Education Programme: 96,000 persons trained during fiscal 2005 Patient Care Assistants (PAC) Programme Social Sector Investment-Training
Government invested $2,801 million in fiscal 2004 and $3,012 million in fiscal 2005 on 132 social sector interventions geared to correct a range of social needs : 78 developmental programmes 25 remedial programmes; and 29 preventive programmes Social Sector Investments $5 billion in 2 years
A Survey of Living Conditions is being undertaken in conjunction with the European Union’s Poverty Reduction Programme. The survey is expected to produce current data on poverty within Trinidad and Tobago to enable a more targeted approach to poverty reduction. The survey commenced in fiscal 2005 and will be finalized in fiscal 2006. The date of the last survey of living conditions was in 1992 which indicated the following: Unemployment Rate-15% Unemployment Rate-15% GDP-TT$23.1 billion GDP-TT$23.1 billion Poverty Rate-30% Poverty Rate-30% Survey of Living Conditions
Unemployment Relief Programme (URP) –28,456 unemployed men and 29,616 unemployed women received short term employment through the URP during fiscal year 2004 –In fiscal 2005, 48,301 unemployed men and 72,816 unemployed women were employed with the programme.
State funded Old age Pension In 1992 the old age pension was $356.15 In 2000 the old age pension was $720.00 in 2001 the old age pension was $800.00 In 2005 the old age pension was $1150.00 Pensioners can also access free medical and drugs Pensioners can also access the reverse mortgage facility Pensioners can also qualify for free bus passes Pensioners can access free education up tp tertiary levels Pensioners can access home ownership opportunities through the rent to earn program and grants
Community Environment Protection and Enhancement Programme) –6,100 persons were employed during fiscal 2004 –6,240 persons employed during fiscal 2005 Minimum Wage –The Minimum wage was increased from $8 per hour to $9 per hour in 2005.
Government has been responding aggressively to the rise in criminal activity. Budget Allocation The Ministry of National Security has consistently been among the top 3 ministries in terms of Government’s annual budgetary allocations. Year Allocation 2000 $1.4 billion 2001 $1.4 billion 2002 $1.6 billion 2003 $1.8 billion 2004 $1.9 billion 2005 $2.3 billion National Security
New Equipment Law enforcement and protective agencies have been provided with modern equipment and technology needed for proper intelligence gathering, effective law enforcement, and emergency response. These include: –182 vehicles for the Police Service (including 43 mobile police units equipped with CCTV) –Airships equipped with aerial surveillance systems –2 aerial surveillance helicopters –2 fast-patrol vessels National Security
New Equipment New Equipment 3 sky watch units Installation of 5 of the 10 radar sites designed to provide the country with 360-degree radar coverage 68 Fire Service vehicles, including 56 Water Tenders and Water Tankers, a Hazmat Unit and an Airport Fire Unit, in addition to other equipment such as Aerial Appliances (Hydraulic Platforms).
Infrastructure Upgrade Phase 1 of the police station repair and refurbishment programme has been completed. This Phase specifically targeted the repair and refurbishment of the police charge room, air conditioning units, bathroom facilities, kitchen, ceiling and reception areas so as to provide a more comfortable working environment for the nation’s police officers. Work has commenced on: the construction of 5 new police stations in Belmont, Tunapuna, Gasparillo, Mayaro and Toco a $14.3 million refurbishment and upgrade for the Police Training College. National Security
Institutional Strengthening Commencement of the implementation of a modern merit-based Performance Management System to transform the Police Service from the existing inefficient seniority-based system, to one that adequately rewards an officer’s performance. The National Office of Disaster Preparedness and Management (ODPM) with responsibility for bringing disaster management to the forefront of national consciousness has been commissioned. National Security
INFRASTRUCTURE Flood Mitigation Waste Water Treatment Roads and Bridges Public Transportation New Infrastructure
On-going flood mitigation works continue on key rivers, including: the Marabella, Cipero and Vistabella Rivers in the South of Trinidad; Richplain Ravine, North Oropouche and Watercourses in Maraval/ Diego Martin areas in the North of Trinidad the Caroni River in Central Trinidad. Wastewater Treatment The Municipal Wastewater Treatment Facility at the new Beetham Plant has been completed and will provide a better service to over 30,000 individuals in Port of Spain and environs from Diego Martin in the West and Mt. Hope in the East. Flood Mitigation
Roads and Bridges Under the Roads and Bridges Rehabilitation component of the National Highways Programme, construction work was completed on the Couva Main Road, Cedar Hill Road, Diego Martin Road, Guaracara/Tabaquite Road and the Mayaro Guayaguayare Road. Reconstruction work was completed on bridges in Paria, Hololo Road, Morne Diablo Quarry Road and Southern Main Road in Cedros. Public Transportation –$1.6 million was spent to purchase 5 purpose built buses for the physically challenged in 2004 –12 articulated buses were acquired at a cost of $21.3 million in 2005 to increase the fleet of PTSC buses and improve its service to the public –A further 27 buses were retrofitted in 2005 at a cost of $4.7 million –The Old Railway Building transport hub central office was refurbished at a cost of $1.5 million.
Investment in shelter for citizens
Accelerated Housing Programme Fiscal 2004-- 4,143 housing units constructed Fiscal 2005 -7,436 housing units constructed (est.) Maintenance and Rehabilitation Under its Maintenance and Rehabilitation Programme the Ministry of Housing engaged 50 contractors in 64 projects during fiscal 2004 for maintenance and upgrading works to maintain the aesthetics of its housing settlements. The Ministry also engaged in a further exercise to upgrade properties at 7 sites in order to maintain its housing stock. Home Improvement Grants for the Disadvantaged During fiscal 2004 Government’s Home Improvement Grants Programme issued 1,006 grants in the sum of $10,000 per beneficiary to old age pensioners and the less fortunate in society to assist them in effecting homes repairs. Approximately 577 grants were issued during fiscal 2005.
Squatter Regularization and Relocation Upgrade work was completed on 5 sites under the first cycle of Government’s Squatter Regularisation Programme, which seeks to regularise approximately 5,400 squatter families. These 5 sites have yielded 855 lots. During 2004, 190 house units were also constructed for the relocation of squatter families at Thompson Gardens and KP lands in Valencia. Community Commercial Complexes To deter the construction of unauthorized structures on older NHA estates, three (3) Commercial Complexes were constructed at Maloney ($16 million), La Horquetta ($10.2 million) and at Pleasantville to house a mix of commercial activities and further encourage the entrepreneurial spirit among residents.
Textbooks for the Nations Children- Rental Programme During the period 2000 -2005 :. 221,300 books in 2000 (primary schools only). 340,000 books in 2003. 450,000 books in 2004. 1,200,000 books in 2005 the programme was expanded to include students at early childhood Centres and students at special educational institutions.
Meals for the Nations Children while at school 1000 breakfast school meals in 2000 25,000 breakfast school meals in 2004 37,208 breakfast school meals in 2005. 80,000 lunchtime school meals in 2000. 92,000 lunchtime school meals in 2004 94,736 lunchtime school meals in 2005.
Transportation for the nations children to school provided by the government Qualified students were provided with free transportation through the purchase of bus tickets and maxi taxi places – 1,263,754 (bus tickets) 633,830 (maxi taxi places) Security Physical security measures including fencing and security lighting were introduced at 17 secondary schools 60 primary schools provided with security services under the School Security Programme the School Discipline Initiative was strengthened through the establishment of a school joint task force with the Ministry of National Security – 182 school safety officers were deployed to secondary schools throughout the country
Improvements in the system Human resources agenda –4 Junior Secondary Schools in Aranguez, Five Rivers, Siparia and Carapichaima were deshifted. –A National Curriculum Council was introduced to examine curricula in Primary and Secondary Schools –Skill tutors were introduced at secondary schools to guide students in academic and non-academic art
Improvements in the system –A Pre-School Education Program was launched –A system of local school boards to foster links between school and communities was introduced –School Intervention Strategy projects were implemented including: Peer Meditation, Peace, Love and Understanding (PLUS) School Time Out Programme (STOP) Together We Light the Way (TLTW) –A Teacher Professional Development Unit was established.
Enrolments at Major Public Tertiary Education Institutions Fiscal 2002 - 11,244 persons Fiscal 2005 - 20,358 persons (an increase of 81 %) Skills Development and Training Programmes Approximately 37,370 persons were trained during fiscal years 2004 and 2005. During 2004 the Laventille Technology and Continuing Education Centre (LTCEC) was opened and has enrolled 442 full-time and 115 part-time students to date.
G overnment Assistance for Tuition Expenses (GATE) Programme GATE has made tertiary education more affordable to all citizens of Trinidad and Tobago In fiscal 2005 approximately 24,117 persons applied for financial support through GATE to the value of $126.2 million. This was: –more than double the 10,500 applications under the Dollar for Dollar program during fiscal 2004 –an increase of over 500 % since fiscal 2002 Through the Revised GATE free, tuition is now available to all Trinidad and Tobago nationals.
University of Trinidad and Tobago Construction of the interim administration and teaching campus at O’Meara for the University of Trinidad and Tobago has been completed. There are 1,706 Trinidad and Tobago nationals registered at the UTT for the 2005-2006 term. Quality Standards The Accreditation Council of Trinidad and Tobago (ACTT) has been established as a key instrument for the development of quality tertiary education in Trinidad and Tobago by facilitating registration, recognition, quality enhancement and accreditation of tertiary education and training institutions and programmes.
–Completed Regulations to effect the Tissue Transplant Act which legalizes harvesting storage and transplanting of cadavers and live donors –Introduced the North Central Regional Health Authority (NCRHA) to govern Eric Williams Medical Sciences Complex, Caura Chest Hospital and 19 Health Centres –Opened New Health Centres at Brasso Seco, Maloney, and Blue Basin –Expanded the C-Dap Program to cover Arthritis, Asthma, Enlarged Prostrate and Mental Depression –Achieved a 36.8 % decline in the infant mortality rate at the Mount Hope Maternity Hospital between 2002 and 2004. Improving health care for our citizens
–The first country in region to ratify the framework Convention on Tobacco Control –Commissioned additional operating theatres at major health institutions –Purchased : 136 additional beds at the San Fernando Hospital with the opening of the new wing and Urology ward 68 additional beds at the Eric Williams Medical Sciences Complex with the expansion and refurbishment of its Adult Medical and Surgical Wards and the Chaconia Suite. –Performed 100 Cataract surgeries in fiscal 2004 and over 4,000 surgeries in fiscal 2005 under the joint initiative between Government and the Opthamalogist Society of Trinidad and Tobago Improving health care for our citizens
–Performed 30,000 surgical procedures, significantly reducing the waiting list at our Public Health Institutions. –Performed 11,041 CT Scans at our Health Institutions –Achieved a reduction in HIV/AIDS mortality by 50% between 2002 and 2005 –Provided free medication for 150,000 citizens through C-Dap –Provided free mammograms at all major health institutions Improving health care for our citizens
–Launched the School Hearing Programme and commenced screening of some 40,000 primary school children for hearing impairments –Trained over 1,000 nurses and assistants –Trained over 1000 Patient Care Assistants –Introduced Customer Relations Officers at major Health Institutions
Allocation to the Ministry of Agriculture Millions of Dollars Year Budgetary Transfers to Allocation Allocation Caroni less Transfers 2000 636.4317.0319.4 2001 353.7 90.0263.7 2002 249.8 -249.8 2003 391.6 90.0301.6 2004 427.2 81.3345.9 2005 453.0 -453.0
Ministry of Agriculture Budgetary Allocation and Transfers to Caroni (1975) Ltd.
Caroni (1975) Limited Following the closure of Caroni (1975) Limited in 2003 action has been taken to ensure the productive and sustainable economic use of Caroni’s former lands. Government has vested these lands in the Estate Management and Business Development Company (EMBD) which has been actively identifying and surveying lands for the development of commercial complexes, light manufacturing and agricultural and housing estates. Residential Lots: –22 sites have been identified –6,755 former employees are eligible for priority consideration –preliminary allocation has been completed –delivery is scheduled on a phased basis to be completed by mid-2007
Caroni (1975) Limited (cont’d) Agricultural Estates: –17 sites have been identified –7,247 former employees are eligible for priority consideration –field identification exercises have been completed in respect of 1,200 plots on 6 sites –delivery is scheduled on a phased basis to be completed mid-2007 Retraining and Retooling of Former Employees: –4,752 applications received by the end of November 2005 –3,596 or 76.0% of courses completed, 402 in respect of former monthly-paid employees and 3,194 in respect of former daily-paid employees –936 former daily-paid employees participated in more than 1 course –41 % of Caroni’s former employees took part in training courses
Agricultural Census During 2004 Government conducted the first National Agricultural Census to be undertaken since 1982. Institutional Support & Strengthening A National Agricultural Information System was launched so as to further modernize the agricultural sector and a field inventory of 18,000 parcels of agricultural land’s was entered into the system’s databases.
Agricultural Access Roads In addition to routine road maintenance, a total of 61 km of agricultural access roads were constructed, inclusive of 4 bridges and 23 culverts. These benefited over 3,280 farmers and serviced over 9,303 hectares of agricultural land. Water Management and Flood Control A total of 2,109 farmers benefited from Government’s Water Management and Flood Control projects which serviced 1,880 hectares of agricultural land. These projects included: The construction of 45 new ponds and reconstruction of 62 ponds The de-silting of 105 km of drains and waterways.
Infrastructure Upgrade Upgrade work on the country’s agricultural infrastructure continued including the upgrading of a number of fishing centres and markets to HACCP standards. Youth Apprenticeship Programme in Agriculture (YAPA) Youth involvement in agricultural activity was encouraged by the training of 2,462 young people between the ages of 17 and 25 and a further 155 youths respectively under Phases I and II of the YAPA during 2004 and 2005. The distribution of agricultural state lands and Caroni lands to farmers and to graduates of YAPA and the Eastern Caribbean Institute of Agriculture and Forestry (ECIAF) was accelerated.
Agricultural Incentive Program During 2005 registered farmers received direct financial benefit from Government’s Agricultural Incentive Programme to the value of $14.9 million. Agricultural Credit Government provided increased access to agricultural credit and protection for domestic agriculture producers from unfair foreign competition through the CET and import surcharges.
STATE ENTERPRISES IN TRINIDAD AND TOBAGO
Special Purpose State Enterprises To overcome the cumbersome bureaucratic procedures in the public sector and increase the rate of implementation of Governments investment programme Government has designated 15 special purpose State Enterprises with a mandate to fast track, among other things: –the improvement of roads and drainage –the construction of cultural centres and community sporting facilities –the stimulation of new business activity in the Industrial Light Manufacturing Sector and the Tourism Sector – the design and construction of Housing Estates
REPORTING OBLIGATIONS To The Public State Enterprises must produce yearly audited Financial Statements These financial statements must be published in the major daily newspapers for the information of the public To The Ministry of Finance State Enterprises are required to present timely reports o the Ministry of Finance Important reporting topics include strategic plans, project definition and appraisal, contract procedures and capital expenditure that require Cabinet Approval
REPORTING OBLIGATIONS To The Integrity Commission The Integrity in Public Life Act 2000, Section 4 Code of conduct states: “ No person to whom this part applies shall be a party to or shall undertake any project or activity involving the use of public funds in disregard of the Financial orders or other regulations applicable to such funds” Board of Directors must pay attention to the Act that requires not only specific disclosure but suggests operating procedures especially in procurement matters
REPORTING RELATIONSHIPS Security Matters State enterprises are required under current laws, to report any activity or transaction that entails money laundering or any circumstance that may affect organisation or national security State Enterprises have a duty to ensure that the security of the publicly owned property is managed effectively and reports of breaches of security should be made promptly to the relevant authorities
National Broadcasting Network (NBN) Government has finalized the rationalization of the loss making NBN and has incorporated the new state owned Caribbean New Media Group Company Limited. Financial Support for Strategic Industry In light of its strategic national significance, we have also provided substantial financial assistance in support of the restructuring of the national air carrier.
THA Allocation for Fiscal 2000-2006 2000 - 351.9 2001 - 525.0 2002 - 708.0 2003 - 742.9 2004 - 900.0 2005 - 1,023.8 2006 - 1,340.9 Millions of Dollars
Resources Allocation Government has been working in partnership with the Tobago House of Assembly (THA) for the development of Tobago, and has demonstrated its commitment to Tobago by ensuring adequate funding for the THA: –In fiscal 2004 the allocation for capital and recurrent expenditure was increased by 21 percent to $900 million –In fiscal 2005 the allocation for capital and recurrent expenditure was increased by 14 percent to $1.023 billion.
Resources Allocation In addition the following access to additional resources has been opened up by way of borrowing facilities for the THA: –up to a maximum of $400 million in fiscal 2004; and –up to a maximum of $500 million in fiscal 2005 In effect the total resources available to the people of Tobago more than doubled between 2003 and 2005.
Improving the quality of life of Tobago The Central Government’s partnership with the THA during fiscal years 2004 and 2005 include: –the expansion of international air arrivals to Tobago to 78,729 in 2004 and an estimated 87,796 in 2005 –the doubling of the number of persons employed in the tourism industry from 7,000 in 2002 to 15,000 in 2004 –the achievement of virtual full employment in Tobago –significant improvements in the international air-links to Tobago –the leasing of the LYNX and CAT fast-ferries for increased comfort and decreased travel time on the sea-bridge between Trinidad and Tobago
Improving the quality of life of Tobago –the construction of 3 new secondary schools at Mason Hall, Speyside and Goodwood and the achievement of surplus secondary school places in Tobago –the purchase of Pigeon Point by the THA to keep one of the nation’s treasures in the hands of the people of Tobago forever –the purchase of the Courland Estate at a cost of $90 million –the immediate and effective response to the suffering and destruction arising from the widespread flooding and landslides of November 2004 and from Hurricane Ivan –progress in the fight against HIV/AIDS
Improving the quality of life of Tobago –the revitalization of Kendal Farm School into a training institute for the provision of training to farmers in entrepreneurial development –the enhancement of the investment incentive for farmers and fishermen to lighten the cost of food processing items –the formation of the Agro-processing Association of Tobago (APAT) to increase the regional competitiveness of Tobagonian condiments –the establishment of 5 new primary schools in organic farming (linked to YAPA) with assistance from the FAO –the launch of a Pilot Credit Programme for farmers in collaboration with the ADB and BDC.
Thank you Telephone: (868) 627-3537 Fax: (868) 627-5882 Email:EnillC@gov.tt Websites: www.finance.gov.tt www.ird.gov.tt Port of Spain Waterfront Project (Under construction)