economy

Government signs for first tranche of CAF loan, valued at US$180 million

Minister of Finance Colm Imbert has signed the first tranche of a Policy-Based Loan Agreement in the sum of US$180 million with the Corporación Andina De Fomento (CAF) Development Bank.

The total loan of US$300 million will be used for the implementation of the programme to support Government’s “Medium-term Fiscal Consolidation Strategy – Phase II”, to boost potential growth and reduce the economy’s vulnerability to external fluctuations and volatility of external terms of trade.

Tobago forecasts 236% increase in tourist arrivals this season

The 2017-2018 cruise season is setting up to be the most successful in terms of passenger arrivals in Tobago’s history, Tobago tourism officials have said.

By the time the season closes next month, Tobago is projected to have received close to 80,000 cruise passengers.

It’s an increase of over 236 percent from the 2016-2017 season, when 23,821 cruise passengers visited the island.

Secretary of Tourism, Culture and Transportation Nadine Stewart-Phillips said this is “great news” for the island, which is working to stimulate growth in the tourism industry.

IMF forecasts small growth for T&T, big decline for Venezuela with inflation near 13,000%

The International Monetary Fund (IMF) is forecasting a 0.2 percent growth in Trinidad and Tobago's economy this year.

The figure was listed in the IMF's World Economic Outlook for 2018, released today.

It also forecasts the same growth rate of 0.2 percent for the year 2019 but has a five-year forecast of 1.9% growth in 2023.

According to the IMF figures, Trinidad and Tobago was among three of 32 countries in Latin America and the Caribbean, that registered a decline in its economy last year.

The IMF figures show that real GDP fell 2.6% in 2017.

Report: T&T losing estimated $200 million per year in oil tax revenue

An international report is claiming that Trinidad and Tobago loses an estimated $200 million dollars a year in tax revenues from international oil companies.

The report which was conducted by the anti-corruption agency 'Publish What You Pay', claims that giants like Exxon Mobil, Chevron and Tullow Oil establish subsidiaries in Caribbean territories to exploit loopholes in the tax systems.

The agency claims the main purpose of these subsidiaries being planted in Caribbean countries is to secure “treaty benefits” that would otherwise be unavailable to them.

NGC profit up 37% to $989 million

The NGC Group has recorded profit after tax of $989 million for 2017, a 37.3% or $269 million increase above the 2016 reported profit after tax of $721 million.

Revenue increased by $2.977 billion from $10.903 billion in 2016 to $13.881 billion, driven by higher ammonia and methanol prices of 2% and 61% respectively.

A statement by the NGC says that the board and management’s agenda to re-engineer the business for sustainable growth, improved profitability and continuous industry-wide development has been successful.

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