Government Moves To Open World Bank Office In Port of Spain
Minister of Finance, Davendranath Tancoo, and Minister of Planning, Economic Affairs and Development, Dr. Kennedy Swaratsingh, responded to questions from the business sector at the Trinidad and Tobago Chamber of Industry and Commerce’s Budget Review event on Tuesday morning.
Minister Tancoo said removing the taxes on retiree benefits from private pension funds is a savings mechanism.
« We are trying to encourage a saving culture on behalf of everyone, because the more persons save — it’s basic economics. The more you save, the more we have the revenue to invest, and the more we stimulate the rest of the economy. »
Minister Swaratsingh also participated in the discussions.
« I can safely say now, because it is before Cabinet, that we are in the process of signing that establishment agreement with the World Bank to have them open an office here in Port of Spain. That will do several things: it will give us access to expertise, but also for funding for private sector projects. »
Minister Swaratsingh said the World Bank had been attempting to establish an office in Trinidad and Tobago for the past three years.
« They have an agency in the World Bank called MIGA, and they also give guarantees where government guarantees will not suffice, or government can’t give guarantees, they will bring guarantees to those projects. »
