Money running low …$1.7B WITHDRAWN FROM KITTY

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Government has withdrawn another US$251 million (TT$1,712,200,000) from the kitty – the Heritage and Stabilisation Fund (HSF).

This means money for the Government to operate is running low, which back pay to pay by the end of this month to public servants and police officers.

According to a statement issued by the Ministry of Finance on Friday, the draw down will be used for the financing of the 2017 Budget, in particular, the Development Programme, also known as the Public Sector Investment Programme (PSIP).

On May 13, 2016, Government withdrew US$375,050,000 from the Fund.

At that time, government says the balance in the Fund was US$5.796 billion, and, after the withdrawal, the balance was US$5.420 billion.

Since then, government said the Fund has been able to recover through good management and good returns on investments. 

The HSF which was established by Act No. 6 of 2007 and provides that the savings and investments from surplus petroleum revenues, be used where necessary to:
a. cushion the impact on or sustain public expenditure capacity during periods of revenue downturn whether caused by a fall in prices of crude oil or natural gas;

b. generate an alternate stream of income so as to support public expenditure capacity as a result of revenue downturn caused by the depletion of non-renewable petroleum resources; and

c. provide a heritage for future generations, of citizens of Trinidad and Tobago, from savings and investment income derived from the excess petroleum revenues.”

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