Targets within the sdgs will be undertaken and will

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

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,