Friday, February 23, 2018

CIBC report: Govt fiscal deficit widened 143% last year*

Shoppers on Charlotte Street, Port of Spain recently.

THE government of Trinidad and Tobago saw its fiscal deficit expand by more than 143 per cent last year, a report by Barbados-based CIBC FirstCaribbean International Bank has found.
Analyst Shane Lowe noted the deficit in his Caribbean Market Overview for the first quarter (Q1) of 2017 released last Tuesday.
Supporting Lowe’s statement, Government showed it was still looking for cash by borrowing another $1 billion in a new Valentine’s Day bond issue yesterday.
These bonds will mature on February 14, 2025 after issue yesterday.
They were auctioned last Friday and analysts were expecting another over-subscription. Investors applied for $1.8 billion of a December 19, 2016 bond, after $500 million was offered.
Government took more than double what it originally planned to borrow to the chagrin of analysts and University of the West Indies economics lecturers.

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