Trinidad gov’t to spend billions on energy and infrastructure to boost economy

The Trinidad and Tobago government plans to spend billions of dollars on new energy projects in an effort to boost the Caribbean nation’s economy.

Finance Minister Winston Dookeran tells parliament the government wants to inject $2.5 billion into oil and natural gas projects and $1.4 billion into the petrochemical sector.

Dookeran made the announcement Monday while presenting the 2012 fiscal year budget. It has a $1.2 billion deficit, and is the third consecutive deficit for one of the region’s most advanced economies.

Dookeran says will borrow to cover the deficit and to fund public works projects.

The economy grew 1.7 percent over the past year, and Dookeran says unemployment has risen to 6.3 percent from 5.6 percent.

Copyright 2011 The Associated Press.