Finance Minister Davendranath Tancoo says Government has a five-year plan to rebuild the current “bad” economy.
He maintained, though, that there was no intention to devalue the TT dollar, nor to approach the International Monetary Fund (IMF).
Tancoo will present the 2025/2026 national budget in the House of Representatives in Port of Spain at 1.30 p.m. today. He said the duration of his maiden presentation will be about two-and-a-half hours long.
Speaking to members of the media on Saturday at the opening of this year’s Divali Nagar in Chaguanas, Tancoo said while navigating T&T’s financial terrain was a challenge, Government was focused on rebuilding.
“Honestly, I didn’t think we were as badly off as we actually are. I didn’t think so. But having been put in the position, I’m not going to throw my hands up in the air and say, ‘oh my God, things are really bad’. The intention is to build from wherever we are upwards,” he said.
Stating that devaluation and going to the IMF was “PNM policy”, said the Government has the “experience, competence, people and political will to improve Trinidad and Tobago”.
“That is what you’ll start seeing in the budget coming forward: a plan for the next five years. Over the next five years, and the five years after that, the UNC will rebuild this country, and I’m proud to be part of the group leading that charge,” he continued.
Acknowledging the challenge that lay ahead, Tancoo said he had experience in critiquing and assessing budgets.
“I’ve always made plans for how we could take Trinidad and Tobago forward. I now have the opportunity to put those plans and all of that experience, all of that training to good use to save this country,” he said.
Asked if he had a message for citizens ahead of today’s presentation, he said: “(Today’s) presentation is supposed to be the start of a pattern for five years…a transformation of the country into a more positive direction. Our objective from this budget is to start lifting us up into the kind of prosperous nation that we all want to see Trinidad and Tobago become.
“Budget day is the start of the plan to move away from the PNM and their mismanaged economy into an improvement in the economy and the quality of life for the citizens of Trinidad and Tobago.”
The Government had “faith and confidence in the people of Trinidad and Tobago,” he Tancoo said.
“People are fed up of the picong and the old talk. I think people are fed up of the corruption and the allegations. I think people know how bad the country is and are willing to work with us to help rebuild Trinidad and Tobago,” he said.
Come back home and help rebuild
During his address at the Nagar, Tancoo called on the Trinidad and Tobago diaspora to return to the country.
“Across the seas live thousands of our sons and daughters, the Trinidad and Tobago diaspora. They are scholars in London, doctors in New York, teachers in Toronto, entrepreneurs in Miami, engineers in Dubai, and professionals in every corner of the globe. To you, our brothers and sisters around the globe, I say this: your exile is over, and your Motherland calls for you to come home.
“Your nation beckons to you. Your homeland, by birth, by blood, or by bond, bids you to return, not just to a place, but to a promise. Bring your light back to the land that raised you or raised those who raised you. Raise up this land with your vision, your gifts, your presence. Return to your Trinbagonian roots,” he said.
He said while “the exile of necessity and circumstance” kept many away, the skills, resources, networks, experience, and love for the nation were vital for its renewal.
“Come home to invest, to teach, to mentor, to share your experiences, and to help us build a Trinidad and Tobago that will shine as a beacon in the Caribbean and the world. We are asking you to stand shoulder to shoulder with your brothers and sisters here, to light deyas not only in foreign lands, but right here, where your navel strings are buried. Let us build a homeland that we can proudly pass on to our children,” Tancoo added.
Echoing the theme of this year’s Nagar, Loka Sangraha (Welfare of the World), he called on citizens to pledge to banish the darkness of corruption and greed; to illuminate the path of fairness and opportunity; and to unite as one people, one family, one nation.
“The greatness of our Trinidad and Tobago must rest on a few pillars: justice and fairness, so that no citizen feels left behind. Prosperity for all, where opportunity is not the privilege of a few, but the right of every citizen. Unity in diversity, where race, religion, and economic circumstances do not divide us, but enrich us. Service to humanity, where we measure success not by what we accumulate, but by how many lives we uplift,” Tancoo said.
Adding that the Nagar functioned as a vibrant centre of culture and spirituality, he said for decades the National Council of Indian Culture (NCIC) has carried the torch of heritage, service, and unwavering devotion to community.
He paid tribute to former NCIC president and senator Deoroop Teemal, who passed away in August.
“Senator Teemal will be remembered as someone who was committed to public service and ensuring that our traditions continued to inspire national pride and spiritual reflection. His legacy will live on in every deya lit, and in every act of Seva performed in the name of culture and faith. May his soul find eternal peace, and may we keep his spirit alive by nurturing the light he so passionately kindled,” he said.
Following his address, Tancoo delivered a short rendition of the Bollywood song “Raat Kali Ek Khwaab”, originally sung by popular Bollywood playback singer Kumar Sanu.