After presenting two budgets in the midst of a pandemic and a resulting worldwide economic crisis, the government will in a couple months lay its third budget in its second term.
The Prime Minister, in a press conference on Monday, announced that Finance Minister Colm Imbert will present a review of the economy, and shortly after, will lay the appropriation bill for the financial year 2022-2023 in Parliament.
He said the budget will be laid before Parliament earlier than its usual time, in October.
The announcement has resulted in mixed responses among the business community, with some expressing concern and others saying whether the next budget brings good news or bad, it would be better to know early.
TT Chamber: Better to know early
Despite mixed reactions to the announcement of an early budget and financial review, Charles Pashley, president of the Trinidad and Tobago Chamber of Industry and Commerce said it is better to know early whether the news that is coming is good or bad.
“When you have potential challenges, it is better you plan ahead of these challenges. So having an early budget is a positive indication that we are taking our challenges seriously and therefore want to put plans in place to grow out of the challenges,” he said.
“Whether it is good news or bad news, it is better to face it early. If it is bad news you can plan for it and if there is good news, well, then we have more time to go and build on that good news.”
Arima Business Association president Christian Rampersad said he was worried. “An early budget is not a good thing,” he said.
“If you are having an early budget that could mean that you have run out of money early. You have to look at running a country like running a household. If in the middle of the month or before pay day, you say I need a tax injection or I am going to see what I have to do and I am going to plan early for that, that means that something is either wrong or something very good has happened.
"But usually it is because something is wrong.”
Pashley highlighted the reality that the world is still battling a pandemic on both public health and economic fronts which has made things difficult the world over.
“When you talk about debt and the debt to revenue side of things, that will continue to be a plague for the world for the foreseeable future,” he said.
“Inflation and supply of goods and services will continue to be a challenge over the next 24 months or so in those areas, so we expect that there will be some discussion around that.”
Chambers: Some promises materialised
The 2021-2022 budget was laid in October last year based on assumed oil and gas prices of US$ 65a barrel and US$3.75 per MMBtu respectively.
[caption id="attachment_965735" align="alignnone" width="1024"] In this photo taken in April, Paul Anthony replaces the nozzle after filling his pickup with Diesel at St Christopher's Service Station, Wrightson Road, Port of Spain. Fuel prices have been fluctuating owing to the war in Ukraine. - JEFF K MAYERS[/caption]
The total
