Finance Minister Davendranath Tancoo Monday sought to re-assure several trade unions that appropriate provisions will be made in the budget of fiscal 2027 to meet all obligations settle now and when the fiscal package is tabled next year.
‘ I am reliably informed that tabulation and quantification…should be completed over the next few weeks and perhaps months and therefore, appropriate provisions will be made in the budget of fiscal 2027 to meet all obligations settled between now and budget 2027,’ Tancoo told legislators as he tabled the TT$2.93 billion (One TT dollar=US$0.16 cents supplementary budget . ‘So I want to tell nurses, teachers and whoever else that are currently at the bargaining table or are awaiting finalisation that relief is coming. Relief is coming. The documentations are being provided now and in fiscal 2027, the relevant appropriations will be made,’ said Tancoo, as the Kamla Persad-Bissessar government increased the national budget this year to TT$62.16 billion.
He said that it is instructive to note that until the government presents a full appropriation bill at the end of this financial year, supplementation is provided under the existing heads of expenditure and appropriate administrative arrangements are put in place to ensure that all government operations proceed seamlessly.
He said that the increase in the expenditure will facilitate payments to various sectors including the Office of the President, the judiciary, the Industrial Court, statutory authorities, service commission, as well as the Tobago House of Assembly, the Office of the Attorney General and Minister of Legal Affairs, the Ministry of Education, and the Ministry of Labour among others.
Tancoo said TT$20.76 million is needed by the Ministry of Foreign and CARICOM Affairs to settle outstanding arrears left to the Caribbean Community (CCARICOM) and to meet the cost of the government’s contribution to the UN peacekeeping operations.
Tancoo said the 2025-26 national budget had been based on an average oil price of US$73.25 per barrel and natural gas of US$4.25 per MMBTU.
‘Our estimation for oil and gas prices to the end of fiscal 2026 is US$85 per barrel and US$4.050 cents per MMBTU respectively,’ he said, adding that with this and other adjustments ‘we anticipate an increase in total revenue of TT$381.7 million with an overall resultant deficit of seven billion dollars.
‘…this supplementary expenditure will be financed through a combination of domestic and external borrowing including engagements with multilateral development partners,’ Tancoo said, adding that ‘this measured approach…will ensure that we can continue delivering on our commitments to the people of Trinidad and Tobago while maintaining fiscal stability.
‘Importantly, revenue measures introduced in October 2025 are also expected to yield their full impact during the latter part of this fiscal year and in future years and will directly contribute to addressing the deficit.’
Tancoo said that these measures coupled with ongoing reforms to strengthen revenue administration and improve compliance will provide additional fiscal space and help reduce the deficit over time.
Tancoo said that confidence is the most powerful currency in any economy, noting that when citizens have confidence they invest in their future.
‘When businesses have confidence they expand and create jobs. When investors have confidence they bring capital, technology and opportunity,’ he said, adding that ‘confidence in Trinidad and Tobago has been rebuilt both at home and abroad as this government continues to take responsible decisions to stabilise the economy, strengthen institutions and create a more attractive environment for investment and growth.
‘In just one year of hard work and tireless efforts by this government, the success of our approach is already evident. In January of this year, international capital markets signalled renewed confidence in Trinidad and Tobago through the government’s highly successful and heavily oversubscribed one billion US dollar nternational bond issuance”.
Tancoo said the following months, the Council of the European Union confirmed the removal of Trinidad and Tobago from the EU’s list of non-cooperative jurisdictions, adding ‘this removal from the EU strengthens Trinidad and Tobago’s international reputation, improves investor confidence and reduces reputational risks and enhances our ability to engage more effectively with international financial institutions’.
He said in March, the Development Bank of Latin America (CAF) reaffirmed its commitment to supporting Trinidad and Tobago’s agenda.
‘Accordingly, discussions also included the establishment of a CAF regional office in Port of Spain by 2027, positioning Trinidad and Tobago as an important hub for regional integration and development,’ Tancoo said adding that this follows a similar announcement in April this year by the World Bank.
Tancoo said that the US-based international rating agency, Moody’s elevated Trinidad and Tobago’s outlook from negative to stable while affirming the country’s BA2 rating.
‘This affirmation, this decision, follows closely on IMF’s own 2026 out of four assessments. Moody’s explicitly attributed this improvement to deliberate choices made by this government, proactive debt management, strengthening of the country’s financial buffers, and strong institutional strengthening,’ Tacoo told legislators.