IMF: Trinidad and Tobago Is Not In A Crisis

The International Monetary Fund (IMF) issued a release today stating that Trinidad and Tobago is not in a crisis, despite the challenges brought forward due to the fall in energy prices. It also indicated that the Government had taken effective measures in order to combat the economic situation.

The IMF stated that "Despite the great challenges posed by the need to adjust to energy prices, Trinidad and Tobago still has enormous strengths, including a well-educated work force and a stable political system. With substantial financial buffers and low, albeit rising levels of public debt, Trinidad and Tobago is not in a crisis"

The international monetary body also highlighted that the new Government had taken some difficult but necessary steps in the face of sharply lower energy revenues. These included widening the VAT tax base, cutting fuel subsidies and reducing the number of Ministries, among other initiatives.

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