Consumers are already bracing for increased food and transportation prices as Finance Minister Colm Imbert gets set to read the budget on September 30. Among the key announcements expected are the possibility of subsidies on fuel, transportation, and other sectors being completely wiped out or reduced significantly.
The impact will increase the cost of living directly and already low and middle-income citizens are reeling in fear of what could be in the budget.
Expect to be paying more for tobacco and alcohol products from September 30 when the 2016-2017 budget is presented.
The Finance Ministry says the line minister, Colm Imbert, will read the budget at 1.30 pm in Parliament and it’s going to be an austerity budget in light of the country's declining revenues from the energy sector which Prime Minister Dr Keith Rowley said have fallen by as much as 70 per cent. The budget has to be in place by the end of October for start of the new financial year. Imbert gave the date in an announcement in Parliament yesterday.
The 2017 National Budget of Trinidad and Tobago, will be presented in the Parliament by the Minister of Finance, Colm Imbert on Friday 30th September, 2016 at 1:30 p.m.
The confirmation came from the Ministry of Finance this afternoon.
September 30th is the very last day of this country's financial year, which runs from October 1st to September 30th.
After the Budget is read, it will be debated in both the House of Representatives and the Senate before it can be effected,
A four-member team of the Tobago House of Assembly (THA) will meet Finance Minister Colm Imbert and other senior officers of his ministry on Wednesday to have pre-budget discussions on Tobago’s 2017 budget requests.
The meeting takes place at the Ministry of Finance starting at 1 pm, the THA said.
The Assembly’s team will be led by Chief Secretary Orville London and includes Finance Secretary Assemblyman Joel Jack, Chief Administrator Raye Sandy and Administrator in the Division of Finance Claire Davidson-Williams.