Businesswoman Diane Hadad, former chair of the Tobago branch of the TT Chamber of Industry and Commerce, has praised the government’s initiative to shift towards project-based budget allocations for Tobago. This proposal, unveiled by Prime Minister Kamla Persad-Bissessar during a special sitting of the Tobago House of Assembly (THA) on November 4, aims to replace the current population percentage-based budgeting system with a more equitable and transparent model. However, Hadad emphasized the necessity of a comprehensive development plan for Tobago before any fiscal policy changes are implemented. Speaking to Newsday on November 5, she highlighted the island’s lack of a clear strategy for its 116 square miles, which she believes has hindered its progress. “Tobago needs to articulate its vision and goals before discussing autonomy or funding,” she stated. Hadad compared the situation to seeking a bank loan, where a solid business plan is essential to secure investment. She also criticized the past two decades of PNM-led governance, noting that Tobago’s infrastructure and human capital have not significantly improved despite budget allocations. Meanwhile, Mariano Browne, former trade minister and current CEO of the Arthur Lok Jack School of Business, cautioned that the Prime Minister’s proposal lacks detailed implementation strategies. He pointed out the nation’s strained fiscal capacity, with expenditures exceeding revenues, and questioned the feasibility of additional funding for Tobago. Browne explained that an equalization fund aims to redistribute resources to reduce regional disparities but stressed the importance of objective criteria for project selection and funding. He raised concerns about project viability, including technical, financial, operational, market, and legal considerations. While the shift to project-based budgeting is seen as a positive step, both Hadad and Browne agree that meticulous planning and transparency are crucial for Tobago’s sustainable development.
Stakeholders on PM’s project-based funding: What is Tobago’s vision?
