BUDGET STATEMENT 2014
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SUSTAINING GROWTH, SECURING PROSPERITY
• the resuscitation of the tourism sector
through the allocation of a further
$50.0 million to the Loan Guarantee
Fund which had an initial capitalisation of
$100.0 million;
• the designation of the Cove Industrial Estate
as a Free Zone for an initial period of 5 years;
• the designation of the Crown Point area as a
Special Development Area in order to attract
foreign direct investment; and
• the development and expansion of the
ANR Robinson International Airport in the
context of a Public Private Partnership.
Mr. Speaker, Caribbean Airlines Limited and the
Tobago House of Assembly are in collaboration
towards ensuring that the special airlift
requirements of Tobago are met in a structured
and efficient manner.
The budgetary allocation for the Tobago
House of Assembly for fiscal 2014 is $2.477
billion, of which $2.095 billion would be
for recurrent expenditure, $363.0 million
for capital expenditure and $19.0 million
for the Unemployment Relief Programme.
Furthermore, under the various other heads of
expenditure Tobago would receive an additional
$831.2 million.
Mr. Speaker, in total, Tobago would receive
$3.309 billion or the equivalent of 5.39 percent
of the National Budget.
I am pleased to say that this represents more
than the minimum 4.03 percent of the National
Budget, as recommended by the Dispute
Resolution Commission; and is very much
in keeping with the proposals made by this
Government earlier in the year, regarding an
appropriate share of the budget to be allocated
to Tobago.
10. TOBAGO HOUSE OFASSEMBLYAND
TOBAGO DEVELOPMENT
Mr. Speaker, I wish now to turn to Tobago. I am
pleased to acknowledge that, consistent with
the provisions of the Tobago House of Assembly
Act, the required budget documents were
transmitted once again by the Tobago House of
Assembly within the time-frame specified under
the Act. I must congratulate the Chief Secretary
and the Secretary of Finance for their efforts. I
am also pleased to report that, subsequent to
our receipt of the submissions, two consultative
meetings and other discussions were held
with Assembly officials in Tobago, as well as
in Trinidad, regarding the Assembly’s budget
proposals for fiscal 2014. We also addressed the
development challenges facing Tobago over the
short- to medium-term period.
Mr. Speaker, as far as the Government is
concerned, the significance attached to the
tourism sector in the Assembly’s proposals is
not surprising, given that sector’s importance to
the Tobago economy.
We are heartened by the recent indication of
some recovery in the tourismsector,withrespect
to both domestic and foreign tourist arrivals,
even though we would have been much more
satisfied with a faster and more widespread
turnaround in the sector.We hold strongly to the
view, however, that the Central Government’s
recent initiative to provide additional support
to the hotel and guesthouse sub-sector, in the
form of loan guarantees, will soon begin to bear
fruit. This will increase the size and quality of
the room-stock on the island and protect local
investors from some of the volatility that is so
characteristic of the tourism sector.
We shall support the revitalisation of the Tobago
economy through a broad-based approach
involving:
