BUDGET STATEMENT 2014
13
SUSTAINING GROWTH, SECURING PROSPERITY
Stock Exchange: CLICO Investment Fund, which
has been monetising the debt owed to holders
of short-term investment products of CLICO,
and First Citizens, which has made a successful
Initial Public Offer which was significantly
oversubscribed.
Mr. Speaker, having recognised these successes
we must also identify those areas where much
more work is required. The non-energy fiscal
deficit remains an issue. Much still needs to
be done to build the competitiveness of the
economy. The diversification of the economy
needs to be accelerated and the fiscal account
needs to be brought into balance; but we
recognise these challenges and are moving
rapidly to address them.
The sound balance of payments position has
beengeneratingbuoyant economic and financial
buffers. The build-up in gross official reserves
has been estimated in 2013 at US$9.4 billion,
the equivalent of 12 months of import cover.
The Heritage and Stabilisation Fund, with its
consistent and strong earnings, now amounts to
US$5.0 billion.
The net public sector debt stock, which
stands at 44.7 percent of GDP in 2013, will be
positively impacted by the projected cash flows
from the structured sale of assets of the CL
Financial Group.
The capital market is enjoying a renaissancewith
two recent listings on the Trinidad and Tobago
