Trinidad and Tobago
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Bankers’ Association praises government for 2023 budget

Narissa Fraser First Citizens Bank, Independence Square, Port of Spain. - File photo
First Citizens Bank, Independence Square, Port of Spain. - File photo

THE Bankers' Association of Trinidad and Tobago (BATT) has commended the government "in its efforts to close the deficit gap in fiscal year 2022 and more so in fiscal year 2023."

In a press release, BATT said the budget focused on the vulnerable, lower-income groups and small and medium enterprises.

"...As well as its deeper commitment to financial inclusion, digitalisation and the incorporation of renewables within the energy mix are all welcomed measures that are closely aligned to BATT’s advocacy thrust."

It said it was "particularly encouraged" by the government's continued investment in ICT infrastructure and digital transformation.

"The focus on transitioning to a cashless society, digitalising government services, coupled with expanded initiatives to ease the cost and time to do business in TT are all to be commended.

"Efforts to create more access to financial services to unbanked and underbanked citizens across the country are noteworthy, as is the national financial inclusion survey, intended to identify barriers impacting financially underserved adults."

It also said it appreciates that a renewable energy policy is being developed.

"And its pursuit of a broad mix of projects in its energy transition strategy including the feed-in tariff policy to facilitate residential and commercial renewable energy generation, and the planned construction of the solar photovoltaic energy plant."

It said it looks forward to continued collaboration with the government "in providing financial support to SMEs through its proposed long-term loan guarantee programme and reaffirms its commitment improving the lives of all citizens of TT."