debut: 2/16/17
39,454 runs
T&T "Government Focuses on Fiscal Discipline and SOE Reforms"
Two weeks into its term, the Kamla Persad-Bissessar administration emphasizes expenditure control.
Prime Minister Persad-Bissessar signalled fiscal restraint and the need for leaders to make sacrifices when she announced limits on tax exemptions for cars and state-funded housing for MPs at her first post-Cabinet briefing on May 8.
She recently stated in an interview that government advertising and the purchase of new cars are temporarily suspended. Phillip Watts, the minister of sports and youth affairs, added that he has mandated an audit of his ministry's hiring practices for contract workers. Even though these actions are only first steps, they show that real cost reduction is required, not just the replacement of contracts for friends and family.
Significant unpaid bills and business VAT refunds to the government could impede economic growth.
Reviewing State-owned enterprises (SOEs) is a significant challenge. Some have not completed audited fiscal statements for the last 10 years .
The government has financial stakes in 141 businesses and owns 47 SOEs.
Effective economic policy requires that the State refrain from taking part in activities that the private sector can handle, even though some SOEs reported profits in 2022.
A successful reform in this area could improve the nation's fiscal outlook and result in significant savings.
Sarge
Two weeks into its term, the Kamla Persad-Bissessar administration emphasizes expenditure control.
Prime Minister Persad-Bissessar signalled fiscal restraint and the need for leaders to make sacrifices when she announced limits on tax exemptions for cars and state-funded housing for MPs at her first post-Cabinet briefing on May 8.
She recently stated in an interview that government advertising and the purchase of new cars are temporarily suspended. Phillip Watts, the minister of sports and youth affairs, added that he has mandated an audit of his ministry's hiring practices for contract workers. Even though these actions are only first steps, they show that real cost reduction is required, not just the replacement of contracts for friends and family.
Significant unpaid bills and business VAT refunds to the government could impede economic growth.
Reviewing State-owned enterprises (SOEs) is a significant challenge. Some have not completed audited fiscal statements for the last 10 years .
The government has financial stakes in 141 businesses and owns 47 SOEs.
Effective economic policy requires that the State refrain from taking part in activities that the private sector can handle, even though some SOEs reported profits in 2022.
A successful reform in this area could improve the nation's fiscal outlook and result in significant savings.
Sarge
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