BUDGET STATEMENT 2014
39
SUSTAINING GROWTH, SECURING PROSPERITY
Investment is required. We are putting in place a
growth-orientedtaxsystemandweareimproving
the efficiency of our regulatory framework. With
this investment and the consistent and growing
current account surpluses our recovery will be
sustained and new sources of growth created,
thereby emphasizing the theme of our Budget:
Sustaining Growth, Securing Prosperity.
Mr. Speaker, this is responsible economic
leadership. We recognise our Government is
not without fault; but I urge our citizens to judge
us on our record. We have made tremendous
progress in achieving our mandate. We are truly
proud of these achievements.
I wish to enumerate once again, more of
the achievements since this Administration
assumed office. We have:
• refurbished, upgraded and reopened the
Magdalena Grand Beach Resort in Tobago to
add 200 high quality rooms;
• expanded the GATE programme to include
technical and vocational Training: 59,476
students are now in the GATE Programme;
• distributed laptops to more than 70,000
form one students;
• introduced the Land for the Landless
Programme;
• distributed home improvement subsidies
totaling over $22 million: 1,241 households
have benefited;
• increased the minimum wage from $9.00 to
$12.50 per hour;
• brought calm to the industrial relations
climate; 68 salary and wage negotiations
involving 20 trade unions have been settled;
13. CONCLUSION
Mr. Speaker, our public policy agenda remains
as relevant and as credible as it was in 2010
when the citizens of this country provided the
People’s Partnership Administration with an
overwhelming mandate. Under the astute and
proactive leadership of our Prime Minister,
Honourable Kamla Persad-Bissessar, we have
kept our economy shielded from the hurricane-
like winds emanating from the 2008–2009
global financial crisis.We have taken bold action.
We are moving towards a return to balanced
budgets; while keeping our debt burden within
sustainable levels. We have put jobs at the
core of our agenda and we have protected the
vulnerable. We have rolled-out productivity-
enhancing infrastructure to catalyse growth
and development.
Mr. Speaker, there is mounting evidence that the
economic and financial indicators are moving
in the right direction. Illustratively, in 2013 the
GDP expanded by 1.6 percent and in 2014 it will
expand by 2.5 percent. Importantly, the non-
energy GDP has been expanding at a moderate
pace for sometime; but there is much that can
go wrong; but this is a pro-active Government.
We are taking steps on two broad fronts:
First, we are ensuring that the framework
conditions remain conducive for generating
growth and development. At the heart of this
policy is the pursuit of low and stable rates of
inflation and interest rates as well as a stable
exchange rate. Second, we are ensuring that
as far as possible, the recovery takes root and
secure enormous gains by generating new and
broader sources of growth.
