(Trinidad Guardian) Prime Minister Dr Keith Rowley says T&T has to cut costs to be able to live on the limited resources in the country.
“The conversation of the country has to be what action we will take to address the challenges. We have to cut to suit what we have,” he said.
Rowley spoke on Wednesday night at the T&T Chamber of Commerce’s first quarterly business dinner at the Hyatt Regency, Port-of-Spain.
He spoke about the sharp fall in the revenue of the country over the last eight years because of the collapse of energy prices.
Crude oil peaked at US $145 in July 2008, while in January 2016 it is hovering around US $30 a barrel.
He said 2008 was the year of T&T’s largest earnings and now for fiscal year 2015 to 2016 the country has a budget of $63 billion.
To solve the gap between the country’s needs and falling oil prices, the Government has to increase its tax collection potential to generate more revenue.
