Finance Minister Colm Imbert announced a covid19 relief package that will cost between $70m and $80m as Government seeks to mitigate the economic strain some are experiencing as a result of the public health restrictions implemented to try and halt the rise in the rate of new infections of the virus.
Speaking at a virtual press conference on Monday, Imbert noted TT does not have the kind of money as it did last year, to help citizens, but assured that Government would find the money somehow to provide relief to citizens to at least have food to eat.
“When I was asked to look at relief to support what the Prime Minister announced a couple weeks ago at the end of the month – which was really the closure of bars and restaurants and so on – we were estimating a value of about $35 to $40 million,” Imbert said.
“With these new measures (announced last week) it is expected to cost double that (in the region of) $70 to $80 million.”
“We don’t really have a choice,” he noted. “We have to do what we feel we can do. If we have to borrow the $80 million...then so be it.”
Imbert pointed out that countries the world over are sacrificing their debt-to-GDP ratios, to borrow money to provide relief for their citizens and unlike the United States and the United Kingdom, TT does not print money and would have to depend on loan facilities and taxes to provide relief to the more vulnerable in society.
Imbert broke down the various grants which contributed to the billion-dollar deficit last year. The Ministry of Social Development and Family services, the Ministry of Social Development, Ministry of Finance and religious bodies provided relief to the tune of $354 million in 2020.
While answering questions from the media, he also said all efforts are being made to clear off outstanding tax refunds through working with the Board of Inland Revenue.
He added that grants were provided for business support, support to the arts and that Government cleared all outstanding tax returns and paid VAT refunds through tradable VAT bonds.
Imbert said according to his information, there are still thousands eligible for salary relief grants and taxi fuel grants.
He said the 2020 relief package cost upwards of $5 billion – a feat Government may not be able to repeat, but people would still be able to access some form of relief.
He said that for this year, the ministry agreed to find resources to provide support in May in the form of income support for those who are not in the NIS system; and salary relief grants for those who are.
He said the grants would be the same as last year – $1,500 for those affected by restrictions imposed in the beginning of May and $1,000 for people affected by the latest restrictions announced last week including the suspension of all construction work.
Imbert said these efforts could assist an estimated 20,000 displaced workers in May.
The Ministry of Agriculture, Imbert said, on Monday began implementing a programme to
