The Ministry of Finance says the "stable" outlook that Standard and Poors has given this country, reflects a belief that the current economic policies employed by the Government are working.
The Ministry says fiscal and monetary policy adjustments also contributed to the stable outlook.
The Ministry issued the following statement Tuesday morning:
"On April 21, 2017, Standard and Poor’s (S&P) lowered its long-term sovereign credit ratings for the Republic of Trinidad and Tobago from “A-” to “BBB+”.
The Ministry of Finance has issued a statement denying the contents of a newspaper report that alleged that VAT refunds have been suspended.
The Ministry says the information is false.
The following is the ministry's statement:
"The Ministry of Finance wishes to correct an inaccurate article published in the Business Express of Wednesday April 19th, 2017 under the headline “IMF Report: T&T VAT Refunds Suspended”.
The credit-rating agency, Moody’s, has described last month’s decision by Cabinet to draw down US$251 million from T&T’s Heritage and Stabilisation Fund (HSF) to finance part of the capital expenditure in the 2017 budget, as “credit negative because it reflects a deteriorating fiscal position driven by large fiscal deficits amid lower energy-related government revenues.”
The Ministry of Finance is confirming that it has the money to pay public servants 50% or their arrears by the end of the month as promised and is instructing the relevant ministries and departments to begin preparing the paperwork.
It comes in light of concerns by some members of the protective services, that the money will not be ready by the end of June.
The following is the statement from the Ministry of Finance: