分类： business

On October 13, Trinidad and Tobago’s Finance Minister Davendranath Tancoo presented the national budget for the 2025-2026 fiscal year in the House of Representatives. The government has outlined a planned expenditure of $59.232 billion, based on projected oil prices of US$73.25 per barrel and natural gas prices of US$4.35 per mmbtu. However, current market prices stand at approximately US$60 for WTI crude, US$63.50 for Brent crude, and US$3.09 per mmbtu for natural gas, indicating potential revenue challenges. Minister Tancoo projected total revenues of $55.367 billion, resulting in a fiscal deficit of $3.865 billion, which equates to about 2% of the country’s GDP. This deficit remains within the internationally accepted benchmark of 3%. The budget prioritizes key sectors, with education and training receiving the largest allocation of $8.76 billion, followed by health ($8.21 billion), national security ($6.36 billion), public utilities ($3.39 billion), and infrastructure ($1.94 billion). Tancoo emphasized the government’s commitment to inclusive growth, stating, ‘When the UNC wins, everybody wins,’ and expressed pride in the budget’s figures.

In a significant fiscal move, Trinidad and Tobago’s Finance Minister, Davendranath Tancoo, announced the introduction of a 0.25% asset levy on commercial banks and insurance companies operating in the country. The announcement was made during the presentation of the 2025/2026 national budget at the Red House on October 13. Minister Tancoo highlighted that these institutions, due to their substantial size, profitability, and strong asset bases, have consistently reported high earnings and liquidity ratios. He attributed these outcomes to conservative lending practices and favorable monetary conditions. However, he noted that the average citizen continues to face exorbitant fees and negligible returns on savings and investments. The proposed levy, which excludes institutions operating under the Special Economic Zones Act, is set to take effect on January 1, 2026, and is projected to generate approximately $575 million annually for the national revenue.

Following weeks of speculation, Caribbean Airlines (CAL) announced on October 13 the immediate resignation of its CEO, Garvin Medera. The airline’s board of directors confirmed the departure and appointed Chief Operating Officer Nirmala Ramai as the acting CEO to ensure operational continuity and stability. In a formal statement, the board expressed gratitude for Medera’s years of dedicated service and leadership, extending their best wishes for his future endeavors. Medera, in his farewell message, thanked CAL employees for their resilience and commitment during challenging times, as well as partners and customers for their unwavering support and loyalty. He emphasized the collective efforts that have driven the airline’s success. Under Ramai’s interim leadership, CAL’s senior management team will collaborate closely to navigate this transitional phase. The airline assured customers and partners that its full flight schedule will remain unaffected. The board highlighted that this leadership change aligns with CAL’s broader focus on stability, safety, and accountability. As part of the transition, CAL outlined five key initiatives: fostering open communication and care for employees and stakeholders; optimizing operations for efficiency and modernization; enhancing customer experiences through improved services; crafting a sustainable, long-term growth strategy; and conducting comprehensive audits to reinforce governance and safety. Additionally, CAL reaffirmed its commitment to internal talent development, prioritizing career advancement opportunities for existing employees before considering external candidates.

In a moment of reflection and prayer, Finance Minister Davendranath Tancoo sought divine intervention as he prepared to present the United National Congress (UNC) government’s inaugural National Budget on October 13. Tancoo, who also serves as the Member of Parliament for Fyzabad, shared a heartfelt message on social media, accompanied by a photo of himself in his office at the Eric Williams Financial Complex in Port of Spain. He expressed his hope that the decisions made during the budget presentation would enhance the lives of all citizens and pave the way for a prosperous future for Trinidad and Tobago. The budget, scheduled for delivery at 1:30 PM in the House of Representatives, marks a significant milestone for the UNC administration under Prime Minister Kamla Persad-Bissessar’s second term. Tancoo has previously indicated that the budget will likely reflect a deficit, a continuation of the fiscal trends established by the previous People’s National Movement (PNM) government over the past nine years. The 2024/2025 budget had projected revenues of $54.224 billion, expenditures of $59.741 billion, and a fiscal deficit of $5.517 billion. As the nation eagerly anticipates the budget’s unveiling, many are hopeful that the government will deliver on the promises that secured their victory in the April 28 general election.

In a significant move aimed at easing the financial burden on citizens, Trinidad and Tobago’s Finance Minister, Davendranath Tancoo, has announced an immediate $1 reduction in the price of super high-octane gasoline. This decision, unveiled during the 2026 national budget presentation on October 13, marks the first measure of the new fiscal plan designed to benefit all citizens of the nation. Tancoo emphasized that the reduction was a direct initiative of Prime Minister Kamla Persad-Bissessar, reflecting the government’s commitment to restoring affordability and fostering economic fairness. ‘This is the first announcement by this caring government in this budget that would benefit every single citizen of TT,’ Tancoo stated. The price cut took effect immediately, offering broad-based relief to the public. The move aligns with the United National Congress (UNC) administration’s campaign promises to review energy pricing and ensure citizens are not unfairly overcharged. It also reverses part of the previous People’s National Movement (PNM) administration’s phased removal of fuel subsidies, which had led to consistent increases in pump prices over the past decade. The announcement underscores the current government’s focus on addressing economic disparities and providing tangible benefits to the populace.

Finance Minister Davendranath Tancoo has launched a scathing critique of the previous government’s handling of Caribbean Airlines Ltd (CAL), labeling it as ‘criminal negligence.’ During his 2025/2026 budget presentation in Parliament on October 13, Tancoo revealed that CAL had spent over $60 million on audits conducted by international firms Ernst & Young and PriceWaterhouseCoopers (PwC) but failed to submit any audited financial statements for nearly a decade. Despite this lack of transparency, the former finance minister repeatedly approved funding for CAL in 2017, 2018, 2019, and as recently as March 2025 to address operational pressures. Tancoo condemned this oversight, stating that the former administration turned a blind eye as CAL descended into inefficiency, non-compliance, and fiscal indiscipline. To address these issues, Tancoo announced the appointment of a new board tasked with making the tough decisions necessary to restore accountability and efficiency in the national airline. Additionally, the Ministry of Finance is updating the ‘obsolete’ State Enterprise Performance Monitoring Manual, replacing outdated frameworks with modern governance standards to ensure corporate governance, transparency, and value for taxpayers’ money.