Budget 2022 preparations are underway.
Some ministries have submitted their proposals for Budget 2022 to the Finance Ministry and business groups are also finalizing their inputs.
Parliament’s First Session now on its annual recess is expected to begin its Second session in late August.
Business interests anticipate the delivery of Budget 2022 by the start of October at the very latest.
Last month the Minister of Finance delivered the six-month review of the 2021 Budget, adding $2.9 billion to the $49.5 billion Budget.
Ministries were put on notice in recent months to make their 2022 Budget proposals to the Ministry of Finance. That’s an annual process by ministries and other divisions financed by the Budget.
The Ministry of Finance has as usual also issued invitations to businesses and various other groups to make their submissions.
Yesterday several of the front line ministries confirmed they had completed or were in the process of finalizing their respective Budget 2022 proposals.
The Trinidad and Tobago Chamber of Industry and Commerce CEO Gabriel Faria said the Chamber received the Finance Ministry’s request to make its submission.
“We’ve issued to our members and have a sub-committee of our Board to review the recommendations received (from members) which will be sent to Finance.”
The Greater San Fernando Chamber of Commerce (GSFCC) will tomorrow hold a forum on “Business Survivability – Post Pandemic” where participants will also be able to give their views on what’s needed in Budget 2022.
GSFCC president Kiran Singh said, “ This free webinar targets small and medium businesses whose survival has been a key concern for everyone since the pandemic hit T&T in March and it will continue as a key concern as T&T moves from vaccinating the majority of citizens into continuing the reopening process,” he said.
“The GSFCC for instance stands ready to assist vaccination processes with two very large locations with independent entry and exit points.”
The Trinidad and Tobago Manufacturers’ Association officials said their submission wasn’t ready yet but should be by end of the week.
Ricardo Mohammed of the Eastern Business and Merchants Association said the group’s proposals will be completed soon.
“We’re looking forward to careful consideration in the pandemic regarding the planning process.”
Meanwhile, the Opposition United National Congress will be doing Budget consultations. The Opposition economic point man Dave Tancoo said, “We’ll request in writing submissions from people and entities and we’ll also do virtual consultations.”