Ministry of Finance and Ministry of Planning and Development 4 Development of a

Ministry of finance and ministry of planning and

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Ministry of Finance; and Ministry of Planning and Development 4. Development of a medium term fiscal strategy and annual report on the performance of the strategy Ministry of Finance 5. Establishment of an integrated fiscal framework that allows for greater discipline, transparency and accountability in fiscal policy. Ministry of Finance 6. Improving Tax Administration to increase revenue collection Board of Inland Revenue, Ministry of Finance 7. Establishment of a Fiscal Council, which will be an independent body, with the role of providing: Advice to government and the legislature on fiscal policy, its sustainability and effects; Evaluation and validation of the financial and macroeconomic assumptions of the budget; and Assessment of government’s medium term fiscal strategy. Ministry of Finance; Ministry of the Attorney General and Legal Affairs Incomes Policy 8. Guidelines for the incomes policy: Wage and salary increases must continue to be determined by the collective bargaining process; Wages must move to a productivity based system that takes account of global trends particularly as they relate to competitiveness; Wages must include a variable component for all levels of employees, with higher variable components for management staff. Ministry of Labour; Ministry of Finance; and Trade Unions Monetary Policy 9. General principles for monetary policy: The real exchange rate should be monitored for its effect on the economy; A favourable external reserves position should be maintained and external balance ensured without compromising the need for internal balance and the goal of macroeconomic stability; The foreign exchange allocation mechanism should consider the stimulation of areas that enhance the capacity for exports and foreign exchange earnings; Inflationary pressures should be managed before they gain momentum towards minimising both the severity of downturns and the resulting impact on employment; Foreign direct and portfolio investment by T&T companies must be viewed in part as a desirable way of managing domestic absorption and liquidity conditions. Central Bank of Trinidad and Tobago; and Ministry of Finance TABLE 4.3 SUMMARY OF RECOMMENDATIONS FOR MACRO-ECONOMIC POLICY 81-82 V I S I O N 2 0 3 0 N AT I O N A L D E V E L O P M E N T S T R AT E GY 2 0 1 6 - 2 0 3 0 Making the Necessary Adjustments
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O V E R V I E W Introduction Theme I: Putting People First: Nurturing Our Greatest Asset Theme II: Delivering Good Governance and Service Excellence Theme III: Improving Productivity Through Quality Infrastructure and Transportation Theme IV: Building Globally Competitive Businesses Theme V: Placing the Environment at the Centre of Social and Economic Development C H A P T E R 5 Development Strategies to 2020
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83-84 V I S I O N 2 0 3 0 N AT I O N A L D E V E L O P M E N T S T R AT E GY 2 0 1 6 - 2 0 3 0 Development Strategies to 2020 AS TRINIDAD AND TOBAGO continues along its development jour-
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