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Trinidad and Tobago 2027 budget and recession debate

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2026-10-25 23:33 UTC → 2026-10-25 23:37 UTC · added ~~removed~~

Trinidad and Tobago has introduced its 2027 national budget, which focuses on reducing the fiscal deficit from $7 billion to $3.639 billion. Finance Minister Davendranath Tancoo unveiled the plan, which includes revenue-raising measures targeting high-volume electricity consumers, luxury goods, vaping products, and high-end imported alcohol. The government expects businesses and energy companies to contribute approximately $985.1 million in new revenue. Prime Minister Kamla Persad-Bissessar has defended the budget, describing it as “awesome” and a “rebalancing of policy” designed to benefit “law abiding hard working honest citizens.” To support vulnerable citizens, the budget includes a $250 increase in social grants for pensioners and persons with disabilities. The administration intends to prioritize the private sector as the primary driver of economic growth and aims to attract foreign direct investment to create employment. As part of a redirection of state resources, the Prime Minister announced plans to divest loss-making state enterprises, specifically highlighting Lake Asphalt. She alleged the company has moved from TT$279.34 million in cash reserves in 2015 to being effectively bankrupt in 2025, arguing that taxpayer funds should not subsidize failing state-run businesses. Disputes regarding the nation’s economic health have intensified. Opposition Leader Pennelope Beckles characterized the budget as “deceitful, deceptive and destructive,” while former Finance Minister Colm Imbert labeled figures as “mirage” and “fictitious.” Additionally, former Finance Ministry official Brian Manning argued the budget lacked substance regarding job creation. ~~Despite~~ Following these ~~criticisms,~~ debates, the House of Representatives passed the $63.4 billion Appropriation (Financial Year 2027) Bill, which now moves to the ~~Senate.~~ Senate for further deliberation.

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