Page 10 - PNM General Election 2020 Manifesto

desired results and are putting our country on a dropping to the hitherto unthinkable level of $26
path of economic growth and human per barrel in February 2016 and to ZERO and then
development. This country has demonstrated negative in February 2020, is testimony to the
time and time again that when it is under capacity, capability and resilience of the Rowley
pressure, it rallies and overcomes its problems, Government.
however insurmountable they may appear.
To put things in their proper perspective, we
The effects of the reckless and profligate need to understand that in 2014, total
expenditure of the former administration over Government revenue was $56 Billion. However,
the period 2010 to 2015 are still with us, but the in 2016/2017, as a result of the double whammy
assignment given to the new Rowley of depressed oil and gas prices and ill-advised
Government in 2015 was clear. We were changes in the fiscal regime for the energy sector
required to stabilize a dangerously slipping introduced by the former regime, Government
country and provide the country with an honest, revenue crashed to $36 Billion, an annual loss of
clean and transparent Administration; revitalize $20 Billion, a decrease of 36%. This was the
an economy after several years of economic reality that we had get used to, i.e. we could no
stagnation; and repair the fiscal accounts, which longer spend money that we did not have,
were seriously damaged by wasteful expenditure without regard for the consequences. However,
even as revenues deteriorated as a result of notwithstanding the crisis we faced in our first
adverse commodity price shocks. We were also year in office, we were able to stabilise the
mandated by the people of Trinidad and Tobago economy and bring our expenditure profile into
to re-establish confidence and trust in the better alignment with revenue.
management of the country’s business.
We have shown by our plans, our deeds, and
action-oriented programmes that our mandate
has been appropriately discharged. In fact,
corruption is no longer a feature of public
transactions as it was prior to September 2015.

The people of Trinidad and Tobago spoke in 2015
and rejected the politics of deception, betrayal,
greed, arrogance, waste, and mismanagement.
They rejected officially sanctioned corruption.
They rejected squandermania. They rejected Amazingly, we were able to reduce public
discrimination. They rejected immorality. They expenditure by $13 Billion, from the 2014 high of
rejected inequality. They rejected nepotism and $63 Billion to $50 Billion in 2017, or by 20%,
cronyism. At the same time, the electorate without shutting down any part of the public
embraced the values of honesty, integrity in service, or jeopardizing any project, programme
public life, and value for money in public or social service delivery, which goes to show the
expenditure. They asked for impartiality, level of waste that existed in the pre-2015 years.
transparency, and sincerity in government. They
asked for equity and prosperity for all. They asked By 2019, the economic slide had been stopped
for growth, progress, harmony, and social peace. and with innovative and modern reform of our
petroleum tax regime, moving from a profit-
The fact that we have survived the oil crash of based system to a volume-based system for oil
2016 and Covid-19 in 2020, without any major and gas taxes, we were on a firm pathway to
financial trauma, while meeting our growth. Indeed, notwithstanding a reduction in
commitments, in the face of the price of oil the rate of Value Added Tax from 15% to 12.5%,

PNM THE RIGHT CHOICE ON AUGUST 10 People’s National Movement Manifesto 2020 7