Economic Drivers (An extract from Foreign Direct Investment)

With energy and commodities international prices drastically declining and forecasted to fall even further, extractive industries especially petroleum exporting nations, must focus on other sectors and industries to generate its foreign earnings. A Ministry of Energy and Energy Industries, responsible for monitoring, controlling and regulating the energy and mineral sectors, developed over the last century, cannot easily be replaced as the main earner, but the effort to do so must start NOW! Not just by investment in renewables but through a mixed of economic drivers.

Infrastructure Management (An extract from Foreign Direct Investment)

In times of surpluses, savings and investments, especially in infrastructure should be expanded. In times of deficits, infrastructure must be preserved; efficiently utilized and maintained. The nation’s housing stock, buildings and general monuments, public utilities, works and transport, and other miscellaneous items needs urgent attention.

The Ministry of Public Utilities facilitates the effective delivery of efficient, affordable and quality public utilities services through a committed, resourceful team of professionals in close collaboration with all stakeholders. It provides meteorological information and advice consistent with international standards towards the pursuit of national, scientific, social, economic and cultural goals and sustainable development. It is responsible for the inspection and certification of electrical works. Directs and regulates the fare distribution of electricity, water and the management of waste through its allocation to and oversight of State Enterprises. And through its Community-based Environment Protection and Enhancement Programme (CEPEP), focuses on environmental protection, enhancement and beautification in communities.

Human Development (An extract from Foreign Direct Investment)

Good health, sound education, social empowerment, physical activities and community interaction are the essentials for Human Development.

Charged with oversight of the entire health system, the Ministry of Health plays a central role in the protection of the population’s health and in ensuring that all organizations and institutions that produce health goods and services conform to standards of safety. This ministry provides effective leadership for the health sector by focusing on evidence-based policy making; planning; monitoring; evaluation; collaboration and regulation. The ministry establishes national priorities for health and ensures an enabling environment for the delivery of a broad range of high quality, people-centred services from a mix of public and private providers. Healthcare involves nutrition, directs wellness through physical activities, controls drugs through dispensary, manages rehabilitation for addicts and delivers emergency programs through regional clinics and hospitals along with special treatment centers, and is responsible for building new, for expanding and maintaining facilities, and recruitment and training personnel, as stated in the national budget.

Fiscal Policy (An extract from Foreign Direct Investment)

The people must appreciate, the nation, the state, the citizenry, the economy depends on sound fiscal policy, the means by which spending adjustments are made to bring it in-line with expected revenues to influence economic growth, controlled by the elected executive cabinet under the direction of the Minister of Finance. The Ministry of Finance (MoF) is primarily in charge of the national budget and the state of the economy; forecasting revenue and collections, approving and disbursing funds previously allocated to budgeted expenditure, negotiating borrowing terms and conditions within the authorized debt ceilings, retiring debt, and dealing with unforeseen expenditures, all to bring about a fair distribution of wealth or of sacrifice.

Resource Preservation (An extract from Foreign Direct Investment)

Crime, corruption and waste are the chief disincentives to sustainable development and economic growth, falling squarely under the ambit of the divisions of the Ministry of National Security and, for all intents and purposes, are key mandates of the Police Service. Employing numerous Resource Preservation strategies to protect life, guard the borders, prevent and detect crime, investigate evidence of corruption, spot and stop waste of the country’s physical assets. The necessary policies, essential tools and equipment, heavily supported by real-time intelligence and both witness and scientific evidence are addressed in the national budget, equivalent to 14.76% of total estimated expenditure up by 42.89% from the previous year.

People ‘An Economic Driver’

The debate has started, with a free top of the line, world class, Human Development system available to all citizens, straight out of the womb, should locally trained but foreign employed persons contribute, voluntarily or by some other enforcement mechanism, back to the Human Development system to maintain standards for future generations. The objective is not to stop the brain drain but to build national pride; it is not to deter immigration but to tangibly show gratitude. The previous generations built this Human Development system that supported the success presently enjoyed and it needs returns on the investment to fund its future successes.

A level playing field

Getting the politics out of financing crucial nation building issues requires strong, enforceable and actionable procurement legislation. Under the threat of fines and forfeitures and lengthy jail terms, Politicians and public sector employees must play no role in the award of commonly called Government Contracts. All private sector operations depend on the rule of Laws and enforceable Regulations to create success for their very survival. The public sector employees are placed in a difficult situation, a moral dilemma, witnessing politically driven abuses and being offered financial inducements, far in excess of their salaries, to turn a blind eye or, in many cases, actively participate.

Borrowing for Economy Growth

Appreciably, the Executive arm of Government, the Cabinet led by the Prime Minister, has many expert voices at its disposal, economists and financial analysts that will demand that all public borrowings be directly linked to growth in the economy, traditionally measured by Gross Domestic Product. GDP is the monetary value of all the finished goods and services produced within the country's borders in a specific time period, estimates are commonly used to determine the economic performance and standard of living of the whole country and to make international comparisons. The question therefore is “How would any proposed borrowings affect GDP?”

Public Money

Apathetically, we the people are born owing money; live naively contributing to the ever increasing unpaid bills and will die leaving the next generation in more debt. Totally unaware, and in most cases, indifferent to the state of our economy, as we selfishly divide along political party lines or even worse, individually, failing to acknowledge responsibility for or of the out of control debt. The people must now unite or with be forced to come together later, by international lending agencies, when we cannot pay our current bills. Neither Politicians nor Individual Greed can build a prosperous future.

Capital Revenue

Serendipitously, the 2009 CLICO bailout or investment brought substantial capital revenue to the Republic of Trinidad & Tobago, in 2013, 4 years after. And in 2014, as oil and gas prices decline, CLICO along with the listing of First Citizens’ shares on the local stock exchange grew these extraordinary revenue items by over 200% from the previous year. The listing of NGL and the sale of key property assets formed part of the revised estimates in Apr 2015, budgeted at over 300% from 2014 actual figures. This trend was continued in the 2015-2016 budget projecting $7,300,000,000 in revenue a further 50% increase from the 2015 revised estimates.