Trinidad warns of big cuts, revises budget amid drop in oil prices
PORT-OF-SPAIN, Trinidad _ Trinidad & Tobago’s prime minister is warning of major cuts in expenditures following a sharp drop in oil prices that has forced the government of the wealthy twin-island nation to reduce its projected revenue this year.
Kamla Persad-Bissessar said in a televised address late Thursday that Trinidad had expected to earn $80 per barrel of oil but has revised that to $45 per barrel. The government already has reduced expenditures by $7 million, and more cuts are expected.
Trinidad is a major fuel supplier for the U.S. and other nations thanks to oil and natural gas reserves that make it one of the most prosperous countries in the Caribbean.
Persad-Bissessar said falling energy prices have led to a $1.18 billion deficit.
The Associated Press
Alwin Marshall-Squire is the Editor-in-Chief of S-Q Publications Inc., overseeing editorial strategy for GTA Weekly, GTA Today, and Vision Newspaper. He leads the publications’ mission to deliver bold, original journalism focused on the people and communities of the Greater Toronto Area, Canada, and the global Caribbean diaspora.
Also writes for GTA Weekly and GTA Today.
