Budget Presentation for Fiscal Year 2017 - Friday September 30, 2016

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• published: 30 Sep 2016
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2nd Sitting of the House of Representatives - 2nd Session of the 11th Republican Parliament Friday September 30, 2016 1:30 p.m. Summary: ~ 9 Papers are expected to be laid. ~ The Minister of Finance presented the Budget for the fiscal year 2017. Missing Audio: "In other words, the price of oil in 2016 has been less than half of the average period in the preceding 4 years. The global natural gas market has followed a similar course. The monthly average Henry Hub gas price for the first eight months of the calendar 2015 was US$2.02 per mmbtu. This price declined to US$1.73 per mmbtu in March 2016 before rallying to US$2.82 per mmbtu in August 2016. Madam Speaker, these adverse price developments have had a debilitating impact on activity in the energy sector, on government revenues, and on our foreign exchange earnings with negative effects on growth and employment in the economy as a whole. DOMESTIC ECONOMY -Economic Challenges Madam Speaker, the impact of the external shocks in the price of oil, gas and petrochemical was compounded by two adverse domestic developments, namely, the continuing decline in oil and gas production and the fiscal impact resulting from the carryover of significant unfunded liabilities (unpaid bills!) from the previous Administration. The urgent need to address these liabilities in an environment of declining revenues meant that many of the critical programmes of the incoming Government had to be scaled down or postponed." Click on the Order Paper below for details. Order Paper: http://bit.ly/oh20160930 Supplemental Order Paper: http://bit.ly/oh20160930s1 Details: http://bit.ly/d20160930 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Your Feedback: ✦ Understanding: Do you understand the issues discussed? ✦ Satisfaction Level: Are you satisfied with points raised by the Government, Opposition, and others present? ✦ Satisfaction Level: Are you satisfied with the integrity of this sitting/meeting? ✦ Concerns: What more can be done to resolve these issues discussed? ✦ Concerns: What issue(s)/question(s) do you have in relation to this sitting/meeting? ✦ Comments: Do you support the point(s)/suggestion(s) presented, and why? ✦ Comments: What point(s)/suggestion(s) do you disagree with, and why? ✦ Comments: Please suggest additional strategies/incentives, this will be forwarded to the Parliamentary Clerks. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Live Chat Service: Acceptable Usage Policy The Office of the Parliament is allowing you the viewers, to participate and make comments using this ‘Live Chat’ service, only during the live stream. It is our hope to encourage positive and constructive debates with all our public viewers. Please remember not to use language that may be interpreted as disrespectful to any member of the House or disrespectful to another viewer. The views and opinions expressed are not those of the Office of the Parliament of the Republic of Trinidad and Tobago. Our Policies: 1. Do not use the service to promote any form of propaganda or add links that may harm other users. 2. Do not use explicit language. 3. Do not use defamatory or prejudicial statements. Any such use may result in the ‘Live Chat’ service being disabled for the remainder of the live stream session. We may also choose to permanently disable this service and ban all forms of commenting. Please report abuse to support@ttparliament.org if you believe that a viewer is violating our policies. © 2016 Office of the Parliament. All rights reserved. Follow the Parliament of Trinidad and Tobago on-line: Website: http://www.ttparliament.org Facebook: https://www.facebook.com/ttparliament Twitter: https://www.twitter.com/ttparliament Google+: https://www.google.com/+ttparliament YouTube: https://www.youtube.com/ttparliament Instagram: https://www.instagram.com/ttparliament1 Flickr: https://www.flickr.com/photos/ttparliament1