Business
Trinidad & Tobago: Drop in oil prices results in loss of $1.2 billion
Trinidad & Tobago has reiterated its position that the drop in oil prices on the global market is not a signal for a sudden change in its economic development policies.
According to the twin-island nation’s Prime Minister, Kamla Persad-Bissessar, in a statement late last week, “Trinidad & Tobago has the capacity, the will, and the passion to secure the country’s future and will emerge stronger”.
Oil prices have dropped significantly from a high of US$104 a barrel in June to less than US$50 a barrel.
The Persad Bissessar administration has said that Trinidad & Tobago has lost approximately $TT7.5 billion (US$1.2 billion) as a result of the oil price situation and last Thursday the prime minister in an address to the nation outlined measures which she said her government would take to lessen the impact on the local economy.
There have already been promises from the administration that there would be no job cuts or cuts in social programs.
A government said the prime minister held an “important conversation with the business community” and that “representatives endorsed the approach taken in dealing with the current environment, and expressed their commitment to working with the administration on projects and initiatives to further expand the economy.”
The statement quoted Prime Minister Persad-Bissessar as assuring “business people that she would ensure that the present challenges are managed in a way that places people and country first, and also a strong focus on preserving the economic and social stability.
“She noted that the administration’s first approach includes review of our PSIP (Public Sector Investment Program) and recurrent expenditure with the aim of identifying savings of approximately TT$4.5 billion (US$711 million).”
