Govt, IDB sign US$40M loan

A statement issued yesterday by the Planning Ministry said Planning Minister Camille Robinson-Regis signed on behalf of the Government at the 58th Annual Meeting of the Board of Governors of the IDB in Paraguay on Thursday.

The loan is geared to support the strengthening of this country’s public financial management system.

The objective of this five year programme, which will be executed by the Finance Ministry, is to improve the efficiency and effectiveness in the allocation of public resources.

The project is consistent with the Government’s strategy towards restoring and maintaining economic stability and budgetary reform, including the TT Revenue Authority.

IDB President Luis Alberto Moreno signed on behalf of the bank.

The ministry said the objective of this signing is for TT and the IDB to affirm the high priority given to support the strengthening of the public financial management system by improving the efficiency and effectiveness of this country to allocate public resources.

The Project’s specific objectives are to improve: (a) strategic allocation of public resources; (b) the control and stewardship of public resources; and (c) information management for decision making.

Robinson-Regis and Moreno also discussed the 50 years of positive cooperation between the Government and the IDB. The minister especially thanked the IDB’s Country Office for assisting TT over the past year in streamlining the loan portfolio now valued at approximately US$524 million with an improved implementation rate of 35 percent.

Robinson-Regis said the portfolio is leaner, achievable and sets the basis for future engagement with the Bank.

The ministry indicated that the Country Strategy Programme 2016- 2020 was approved and this programme sets the framework for a strengthened programme for TT.

Robinson-Regis also thanked Moreno for the decision to establish the Hub of the Inter-American Investment Corporation – the IIC, in TT. The IIC will focus on this country’s private sector market which will result in greater positive partnership for development.

The bank identified new areas for private sector involvement including, technology, media and telecommunication, tourism and Tobago specific activities such as agriculture, and coast management.