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.
CAF's more recent content
![Paving and maintenance of rural roads to guarantee progress in Peru Paving and maintenance of rural roads to guarantee progress in Peru](/media/4669192/fotos-guia-de-caminos-ndp.jpg)
Paving and maintenance of rural roads to guarantee progress in Peru
CAF presented in Lima the Guide “Rural roads: A door to development and territorial connectivity”, in which it offers guidelines that help guarantee the population's equitable access to opportunities for personal and professional development.![CAF and MCDF support Jamaica’s vision for a global logistics hub CAF and MCDF support Jamaica’s vision for a global logistics hub](/media/4669170/microsoftteams-image-1.png)
CAF and MCDF support Jamaica’s vision for a global logistics hub
The Multilateral Cooperation Center for Development Finance (MCDF) approved total financing of USD 550,000 in support of CAF’s partnership with the Jamaica Special Economic Zone Authority (JSEZA) to implement the Jamaica Logistics Hub Initiative (LHI) and the development of the Caymanas Special Economic Zone (SEZ), which will contribute to positioning Jamaica as a global logistics hub and gateway that will interconnect the Americas to the world.![What's next for the Regional Brand? 5 Lessons from Chile What's next for the Regional Brand? 5 Lessons from Chile](/media/4669114/img_3092.jpg)