$6.2 billion PSIP focuses on economic and social transformation



File Photo/Jeff K Mayers

The government has allocated $6.2 billion to the Public Sector Investment Program 2023, which continues its national development strategy for 2016-2025. This segment is for 2023-2025.

Of this allocation, 51.6%, or $3.2 billion, comes from the Consolidated Fund for programs undertaken by ministries, local governments and the Tobago House of Assembly.

The balance of $2.98 billion, or 48.4 percent, will be taken from Infrastructure Development (IDF) for use by special-purpose public enterprises.

PSIP continues to focus on diversification, improving institutional capacity, expanding business in foreign markets, foreign investment, and information-driven transformation.

This includes the restructuring of the Central Statistical Office into the TT National Institute of Statistics; investment in the creative sector, agriculture, tourism, manufacturing and youth health and development, with a focus on HIV/AIDS health care.

As part of the National Institute of Statistics plans, $2 million is earmarked for preparatory work including an information technology data management system. In the meantime, $37 million will be used to continue the operations of the CSO.

Other data collection initiatives include: the 2022 Population and Housing Census, a survey on the living conditions of women and children and a household budget survey.

Part of the economic transformation again includes support for creative industries under TT Creative Industries Co Ltd to stimulate activity in the film, music and fashion sub-sectors.

“In FY2023, $4.8 million will be invested for the continued development of these subsectors with a view to realizing the full potential of the subsectors and increasing the contribution to GDP and foreign exchange earnings. .”

TT Music Co Ltd (MusicTT) will receive $1.5 million and TT Fashion Co Ltd will receive $1.8 million, with $400,000 in funding for trade and investment facilitation at the Ministry of Trade and Industry.

Additionally, a grant of up to $1 million will be available to eligible businesses for the cost of the projects.

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