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Delayed Funding Hinders Tobago's Development Plans

2025-01-18 04:52:12.952000

Tobago's development plans are facing significant challenges due to the late release of funds from the central government, according to THA Finance Secretary Petal-Ann Roberts. Chief Secretary Farley Augustine had requested 5.8% of the national budget for 2025, but Tobago only received $2.599 billion, which amounts to 4.35% of the budget. Roberts noted that she only received the allocations for January and February last week, forcing her to activate an overdraft policy that incurs an 8% interest rate, leading to an accumulation of about $50 million in costs. Discussions with Finance Minister Colm Imbert revealed that meeting Tobago's funding request would necessitate a reduction in allocations to Trinidad's ministries. Roberts emphasized the critical importance of timely funding for the THA's plans and highlighted ongoing projects aimed at supporting local entrepreneurs. The situation underscores the broader implications of funding delays on Tobago's economic development and the execution of essential projects. [f39292b5]

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