Budget 2025: Key announcements by Finance Minister Colm Imbert
The following are some of the key highlights of the 2025 Budget delivered by Minister Colm Imbert on Monday, September 30, 2024:
Budget Theme
Steadfast and resolute, forging pathways to prosperity
Estimates of Revenue & Expenditure
Total Budget Revenue – $54.224B
Total Budget Expenditure – $59.741B
Fiscal Deficit – $5.517B
Budget updates compiled by CNC3 & Trinidad Guardian
Tobago
Total allocation – $2.599B
Recurrent Expenditure – $2.376B
Development Programme – $205M
URP – $18M
CEPEP – $9.2M
Budget updates compiled by CNC3 & Trinidad Guardian
Energy price assumptions
Oil – US$77.80 per barrel
Natural Gas – US$3.59 per MMBtu
Budget updates compiled by CNC3 & Trinidad Guardian
Key allocations
Education – $7.512B
Health – $7.571B
National Security – $6.113B
Agriculture – $1.184B
Housing – $750M
Budget updates compiled by CNC3 & Trinidad Guardian
Measures
Public sector minimum wage increases from $20.50 to $22.50/hour from Nov 2024
Offer of 5% increase to public sector workers for period 2020-2022
Backpay for public sector workers at end of 2024 if new agreements met
All sports equipment (except clothing) is exempt from taxes & duties from Jan 1
Small and Medium Enterprises owed refunds will be paid in cash by Dec 31, 2024
Magdelena Hotel to be offered for sale or lease
Request for proposal for new 5-star resort hotel on Buccoo Estate
Request for proposal to develop yachting marina in Lowlands, Tobago
Govt to sell 49% shareholding in Clico
Govt to sell or lease Pointe-a-Pierre refinery
Budget updates compiled by CNC3 & Trinidad Guardian
Imbert: Economy is stronger, more resilient than before COVID-19
Real GDP to increase to 1.9% in 2024, driven by a 2.4% rise in the non-oil sector
Inflation declined to 0.3% in July 2024
Foreign reserves at US$5.5B or over 7 months cover
Heritage and Stabilisation Fund stands at US$6.1B
No intention of using TTRA to go after little people like nuts vendors
Online bank transfers and card payments are to be allowed for Property Tax
89,441 residential owners have paid taxes of $91M in revenue
Full proclamation of the Gambling Act in January 2025
Subsidised mortgage loans cost Govt more than $4B
Budget updates compiled by CNC3 & Trinidad Guardian
Measures continued
From Jan-Aug T&T Mortgage Bank raised $797M to meet new loan demands
Cumuto to Sangre Grande Highway nearing completion
100 new road paving projects to cost $210M in 2025
New Tobago airport could accommodate 3 million passengers per year
ANR Robinson Airport to be completed in 2025 costing US$130M
Another deepwater bid round before the end of 2024
T&T earned more than US$1B from new LNG pricing arrangements
Target by 2025, 30% of energy needs from renewable energy
In 2025, over 150 firms will receive support to improve technology
Air arrivals to T&T in 2023 surged by 36% year-on-year
Budget updates compiled by CNC3 & Trinidad Guardian
End-of-year 2024 visitor arrivals expected to vastly surpass 2023
Caribbean Airlines approved to acquire more aircraft
Aiming to improve cruise tourism arrivals to 500,000 by 2026
$56M renovation of Magdelena Grand Hotel underway
Applications expected from 3 internationally branded hotels in 2025
Govt to purchase of 2 fixed-wing aircraft for border patrol by 2027
By 2027, Govt to purchase 12 Coast Guard vessels
In 2025, Immigration will introduce an automated fingerprint identification system
Implementation of online digital embarkation and disembarkation card in 2025
Conversion from machine-readable to e-passports expected from 2025
Budget updates compiled by CNC3 & Trinidad Guardian
Measures continued
Police to acquire 2000 vehicles over the next 3 years, 500 in the first phase
New police training facility to be established in Cumuto
Phoenix Park donated US$10M in cancer diagnostic technology
Govt given 8 advanced healthcare robots from India valued at US$1M
Central block of Port-of-Spain Hospital 60% completed, to open March 2025
E-textbooks as part of e-learning system in schools by June 2025
Book grant system to continue in 2025 at cost of $20M; 20,000 benefited in 2024
GATE to undergo enhancements in 4th quarter of 2024
Govt to settle any mutually agreed outstanding UWI arrears in 2025
Govt to install 2500 LED luminaires, upgrade 300 streetlights along major highways
Budget updates compiled by CNC3 & Trinidad Guardian
RIC’s price review for electricity is still being considered by Govt
Ministry of Youth Development & National Service gets $338M in 2025 and another $150M to be made available for Youth in Agriculture programme
The post Budget 2025: Key announcements by Finance Minister Colm Imbert first appeared on CNC3.