Finance Minister, Colm Imbert

Finance Minister Colm Imbert says government intends  to access a US$300 million loan from the Andean Development Corporation in this fiscal year.

The fiscal year ends on September 30, 2017. Speaking on the bill to provide for the membership of Trinidad and Tobago in the corporation, Mr Imbert said in the 2017 budget, the Government had indicated “very clearly that its expenditure was budgeted at $52 billion.

However, he said  its revenue, including one-off sources of revenue, was projected at $46 billion, less a projected deficit of $6 billion, part of which was being financed by the withdrawal of (US$251 million) TT$1.7 billion from the Heritage and Stabilisation Fund.

The Minister said that leaves another $3 billion of financing for the budget which has to be realised by way of borrowings.

Mr Imbert said one of the benefits of accessing funding in foreign currency was that the loan would immediately assist with the country’s foreign reserves position.