T&T Prime Minister Patrick Manning. PORT-OF-SPAIN, Trinidad (CMC):
Prime Minister Patrick Manning, has unveiled a whopping US$42.2 billion (US$7.03 billion) budget outlining increased benefits for elderly persons, the disabled community as well as retired public servants in trinidad and Tobago.
In a presentation lasting just over three hours, Manning, who is also Minister of Finance, sought to downplay claims that the fiscal package was aimed at ensuring that his ruling People's National Movement (PNM) is returned to power in the next general elections that political observers say would most likely be held by October.
Debate on the budget begins next Monday when the Leader of the Opposition, Kamla Persad Bissessar, makes her presentation.
Manning said the budget was a continuation of the strategy to transform the oil-rich republic into a developed nation by 2020 and that he had every confidence that the population was fully supportive of this seminal project as they witness and benefit from the abundant positive developments in all areas of national life.
"Except for a handful of predictable, professional objectors, very visible from this distance, the citizens and government are in step, as we travel this historic road together," he added.
Manning said the budget is couched in the context of projected real gross domestic product (GDP) growth of seven per cent and an average inflation rate of six per cent in 2008.
Total revenue forecast
He said total revenue is forecast at TT$40,381.2 million (US$6.7 billion), comprising energy sector revenue of TT$15,363.6 million (US$2.5 billion) and non-energy tax collections of TT$18, 654.6 million (US$3.1 billion).
On the expenditure side, he said the Government intends to appropriate TT$36,477.2 million (US$6.06 billion) from the Consolidated Fund, while it estimates TT$ 5, 783.7 million (US$950 million) as the direct charges on the Consolidated Fund and other special funds.
Manning told legislators that a minimum retirement pension of TT$2,000 (US$333) monthly would be paid from January 1, 2008 and with effect from October 1, this year, the senior citizens' grant paid to elderly persons would increase from TT$1,350 (US$225) to $1,650 (US$275).
Manning said government has acknowledged that notwithstanding prudent fiscal and monetary policies, rising inflation levels continue to pose a challenge to the disposable incomes of our citizens especially pensioners.
As a result, he said the Government would implement a minimum pension payable to retired public officers at $1,650 (US$275) per month.
"In addition, given that it is proposed to commence the new NIS monthly payment in January 2008, every retired public servant in Trinidad and Tobago will receive a lump sum payment of $3,000 (US$500) to compensate for the months of October, November and December of this year until the new NIS payments are implemented. This measure will put more money in the pockets of 26,742 of our citizens," he said.
The Prime Minister also said that the disabled grant would be increased from TT$900 (US$150) to TT$1,100 (US$183) monthly as of October this year and there would also be an increased in the public assistance grants to households.
