CAF Approves USD 300 Million Loan to Leverage Fiscal Sustainability in Trinidad and Tobago
With this loan, CAF –Development Bank of Latin America– continues to support the government of Trinidad and Tobago towards fiscal sustainability, affected by lower international energy prices.
CAF –Development Bank of Latin America– granted a USD 300 million loan to Trinidad and Tobago to support actions and public policy reforms aimed at strengthening fiscal sustainability, improving tax administration, efficient public spending and public debt management, while also analysing alternatives to adapt the nation’s regulatory framework for the utilization of the Heritage and Stabilisation Fund.
“With this loan, CAF continues to fulfil its countercyclical role and confirms its support to Trinidad and Tobago in drafting and implementing structural reforms to address the impact of the reduction of international energy prices on the nation’s economy”, said Luis Carranza, Executive President of CAF.
This new loan will complement several of the fiscal reforms and consolidation measures promoted by the government of Trinidad and Tobago, including better targeting of transfers to social programs, and the strengthening of public investment, among others, and will contribute to reducing the country´s economic vulnerability to external fluctuations and volatility.
The funds will be managed by the Ministry of Finance and are aligned to the Government’s initiatives outlined in the Budget Presentation of 2018, and the 2016-2030 National Development Strategy of Trinidad and Tobago (Vision 2030).
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