BUDGET STATEMENT 2014
4
SUSTAINING GROWTH, SECURING PROSPERITY
1. INTRODUCTION
Mr. Speaker, it gives me great pleasure to deliver
this Financial Year 2014 Budget Statement. This
is the fourth since this Administration assumed
office in May 2010 and is being delivered
under the auspices of the People’s Partnership
Administration led by our Prime Minister, the
Honourable Kamla Persad-Bissessar.
Our Prime Minister’s leadership has been
instrumental in charting a pathway towards the
resumption of economic growth and optimism
for the future despite the challenges consequent
on the global financial crisis of 2008/2009.
Indeed, I acknowledge an immense debt of
gratitude to the Prime Minister whose astute
leadership distinguishes our public affairs and
has created the conditions for higher levels of
confidence in our economy and society.
I take this opportunity also to thank the
Honourable Vasant Bharath, Minister of Trade,
Industry and Investment and Minister in the
Ministry of Finance and the Economy and the
Honourable Rudranath Indarsingh, Minister
of State in the Ministry of Finance and the
Economy. Their collective efforts have been
instrumental in assisting me in ensuring that the
economy was brought onto a growth path.
My colleagues in the Government have all
played key roles and I thank them for the trust
and confidence placed in me. I also owe a
debt of gratitude to the staff of the Ministry of
Finance and the Economy whose reputation for
providing independent advice with sincerity and
intelligence on matters of public policy, is well-
established in this country.
GROWTH AND DEVELOPMENT
Mr. Speaker, I am very pleased to report
that our economy has recorded positive
economic growth in the last four consecutive
quarters. With output in the energy sector being
constrained by ongoing maintenance activity,
the non-energy sector has risen to the challenge
and has been driving the resumption of eco-
nomic growth in Trinidad and Tobago. Indeed,
just last month in August 2013, the Executive
Board of the International Monetary Fund, hav-
ing concluded its 2013 Article IV Consultations
with Trinidad and Tobago, welcomed the signs of
economic recovery and agreed that the authori-
ties’ macroeconomic policies are appropriately
supporting the recovery in the near term.
Building on the successes of the past year and
heralding a new era of growth, this year’s Budget
theme is SustainingGrowth, SecuringProsperity
as we recognise these successes and focus on
those measures not yet fully realised.
I caution though that the uncertainties in the
global economy warrant circumspection if we
are to progress to that degree of consistency
in growth necessary to fulfill our development
objectives.It is requisite too that thepublicsector
debt should remain at a sustainable level.Within
this framework, we must recognise that the
transformation of our economy from its present
commodity base to one which is fully-diversified
can only occur over time; but we have identified
the growth sectors, assigned responsibility and
developed the plans for achieving our objective.
Mr. Speaker, I am certain that the policies
outlined in this Budget will improve Trinidad and
Tobago’smacroeconomicstabilitybycreatingan
environment conducive to sustained economic
growth. This Budget continues on the path of
reducing the fiscal deficit, while still funding
adequately economic and social programmes
and investment in infrastructure.
