PORT OF SPAIN, Trinidad–October 14th,2020–The Honourable Camille Robinson-Regis, Minister of Planning and Development is announcing to the public that Trinidad and Tobago’s Public Sector Investment Program (PSIP) allocation for the 2020/2021 fiscal year is a slight increase from the revised 2019 PSIP allocation.
The original allocation of $5.387 billion for 2019, was revised and funds were reallocated to other areas in support of measures to help the nation deal with COVID-19.
At the end of the 2019/2020 fiscal period the final allocation to the PSIP was $4,077,516,555.00 billion.The allocation for the 2020/2021 allocation is $4,110,000,000.00, a difference of $32,483,445.00.
The Ministry of Planning and Development is the lead coordinating Ministry through the Policy Planning and Reconstruction Division (PPRD), supporting all other Ministries and Government Agencies in the development of their PSIP projects.
>For the upcoming fiscal period, ministries developed their projects to continue achieving the goals set in Vision 2030, as well as the Government’s objective to attain the requirements of the global Sustainable Development Goals (SDGs).
During the 2019 Budget Presentation, the Finance Minister announced the $5.387 billion allocation, which was a few months before the world and Trinidad and Tobago felt the brunt of the COVID-19 pandemic. Final figures indicate that over the past 5 years the PSIP allocations have averaged approximately $4 billion.
The PSIP total allocations with Infrastructure Development Fund (IDF)
The PSIP total allocations with Infrastructure Development Fund (IDF) allocations included from 2016 to 2021are as follows:
PSIP TOTAL ALLOCATION
(CONSOLIDATED & IDF FUNDING) (TTMillion)
Over the course of the fiscal 2019-2020 original allocation of $5.387 B was reduced from the PSIP.
The Planning Minister emphasizes that the PSIP is an avenue for this Government’s implementation of Trinidad and Tobago’s
National Development Strategy; Vision 2030, which is also driven by the global Sustainable Development Goals (SDGs).
This year’s allocation will assist with the implementation of projects to support programs within the sectors of education, housing and shelter, health/HIV AIDS, community development, water security, roads and bridges, drainage, crime alleviation, workforce development among others.
The Public Sector Investment Program (PSIP) is a strategic investment plan of the Government of the Republic of Trinidad and Tobago in the formulation of the National Budget which reflects public investment against national priority areas for development.
It plays an important role in the transformation of Trinidad and Tobago towards becoming a developed country through the creation of infrastructural and socio-economic frameworks that will improve citizen’s lives and livelihoods through the acceleration of development outcomes, such as: increased employment and foreign exchange; sustainable debt to GDP ratios; citizen security; and wealth creation and investments.