targets within the SDGs will be undertaken and will be integrated into the new

Targets within the sdgs will be undertaken and will

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targets within the SDGs will be undertaken and will be integrated into the new National Performance Framework and the various Ministry/Sector Plans where applicable, thereby driving specific actions to achieve the Vision. 01-02 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 Executive Summary
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MAKING THE NECESSARY ADJUSTMENTS The NDS presents a case that, notwithstanding the periods of economic growth during 1994- 2008, Trinidad and Tobago has underperformed in some key socio-economic areas, especially when compared to more successful countries with similar characteristics. The analysis offers five primary reasons for this underperformance. These are: (i) our values, attitudes and behaviours; (ii) persistent fiscal imbalances; (iii) low value-added; (iv) low technology; and (v) the middle income trap – this refers to the difficulties that countries experience while growing from middle to high income and relate primarily to weak institutions and systems that need to be reformed if the country is to advance. The NDS, therefore, prescribes crucial changes that must be immediately undertaken to transform our culture, values and attitudes, macro-economic pol- icy and institutional arrangements including con- stitutional reform through widespread consultation and consensus. In the area of culture, values and attitudes, five (5) key transformations are neces- sary as follows: 1. Move to more evidenced-based decision making to attain value for money and reduce the negative impact of costly, ad hoc reactionary policy decisions; 2. Nurture citizens who are more creative, innovative and entrepreneurial, beginning with investment in education; 3. Instil positive work ethos such as hard work and productivity; 4. Adhere to the rule of law and enforcement of strict penalties for corrupt practices; and 5. Engender greater care for the environment. Institutional Transformation will require: 1. Strengthening the oversight, accountability and the autonomy of the independent institutions; and 2. Improving public sector institutions through performance management, modernised struc- tures and strengthened coordination, capaci- ty-building and devolution of certain powers of Central Government. Rethinking Macro-Economic Policy is imperative for stabilising the economy which has implications for fiscal, incomes and monetary policies. Fiscal Policy guidelines include: 1. Rationalising expenditures such as establishing expenditure priorities and curbing unproductive spending; 2. Investing in strategic infrastructure – that is, infrastructure that is growth enhancing and crucial to stimulating economic activity, to be funded through innovation avenues such as a green infrastructure fund; 3. Promoting fiscal transparency such as through continued implementation of the International Public Sector Accounting Standard (IPSAS) which is the basis for the accrual IPSAS; and 4. Pursuing prudent fiscal strategy based on reviewing fiscal rules for budget and expenditure, government asset and liability management,
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