CAF supports fiscal consolidation in Trinidad and Tobago
USD 300 million were approved to promote the consolidation process of the country's fiscal accounts, preserving productive activity and employment
CAF, Development Bank of Latin America, granted a loan of up to USD 300 million to the Program to Support the Medium Term Fiscal Consolidation Strategy, which will complement the efforts of the Government of Trinidad and Tobago to increase the efficiency of public expenditures and induce a process to diversify the economy.
The program, executed by the Ministry of Finance, will focus on the 2015-2020 period, will be a significant input to strengthen the fiscal incomes of the non-energy sector, increase the efficiency of public expenditures, promote the optimization of state assets, and progressively reduce the subsidy to fuels and private transportation.
Enrique García, CAF's Executive President, stated, "This loan is part of CAF's anti-cyclical role, and its objective is to maintain stability and increase microeconomic efficiency while at the same time, strengthen the country's institutions for a greater efficiency in public management. Thus, we are contributing to the consolidation of the conditions that are necessary to achieve sustainable growth in Trinidad and Tobago".
The program responds to the need to reduce the negative impact that the fall in energy prices and other changes in the global and regional economy have had on the country's fiscal balance, and considers the provision of freely available resources for the 2016-2017 exercise.
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