TT global standing based on debt

TRINIDAD AND TOBAGO’S standing in the international community is based on its debt position and Prime Minister Patrick Manning called upon the nation’s statutory authorities to assist the Government in this regard.

Addressing the chairmen, CEO’s and members of statutory boards at the Cascadia Hotel yesterday, Manning observed: “Our standing in the international community  is determined in large measure, on the basis of our debt position. “Improvements in Trinidad and Tobago’s ratings translate into tangible benefits in terms of reduced borrowing costs, and this can be very significant. “At the end of September 2002, the outstanding debt of statutory authorities guaranteed by the Government amounted to $5.1 billion or 16 percent of the total public sector debt. “Achieving our macro-econ targets is therefore integrally linked to the quality of management that you exercise.”

The Prime Minister said while “in most instances, the statutory framework within which you operate already provides for the basic elements of governance, the Government proposes to introduce new mechanisms for more effective oversight”. “In this connection we are seeking to bring the statutory authorities into closer liaison with the Ministry of Finance. This has been long overdue,” he declared. Manning added:  “Today more than ever, our economic fortunes are inextricably tied to the manner in which we conduct the business of government. Increasingly, owners of capital are selecting destinations on the basis of integrity in the conduct of business.” Trade and Industry Minister Ken Valley said the nation’s statutory bodies are projected to manage a total budget of $6.8 billion this year and the Ministry of Finance has established a Central Audit Committee “to monitor processes and practices to ensure your compliance with applicable laws, instructions and regulations”.