The Government of Trinidad and Tobago is working assiduously to develop strategies to address the impacts of the COVID-19 pandemic on this nation. As part of the Government’s Finance Committee, the Honourable Colm Imbert, Minister of Finance has revealed a number of measures aimed at alleviating the economic impacts of this virus and provided regular updates as to the nation’s economic situation.
View the latest updates related to the Ministry of Finance’s efforts below:
Support Measures
Financial and economic support measures aimed at assisting affected individuals and businesses as they cope with the financial difficulties caused by the COVID-19 pandemic.
Economic Effects
A presentation delivered by the Honourable Colm Imbert, Minister of Finance, outlining the economic effects of the oil price collapse and COVID-19 pandemic.
Financial Situation
An assessment of Trinidad and Tobago’s current financial situation in the wake of the fall in crude oil prices and the impact of COVID-19.
Financial and Economic Support Measures to be Put in Place in Response to COVID-19 Pandemic
The first set of measures were announced on Wednesday, 18th March, 2020.
Additional Support Measures to Alleviate the Effects of the COVID-19 Pandemic.
The second set of measures were announced on Monday, 23rd March, 2020.
COVID-19 Social Assistance Guidelines and Applications
Guidelines and applications for accessing the financial support measures offered by the Ministry of Social Development and Family Services and Ministry of Labour and Small Enterprise Development can be viewed by clicking the below button.
Inland Revenue Division (IRD) COVID 19 Measures
To fulfill provisions of the Public Health Regulations and to mitigate the risks associated with the Global COVID 19 Pandemic, the Board of Inland Revenue (BIR) wishes to advise and encourage the public to take advantage of the following key services being offered electronically by the Inland Revenue Division (IRD).
Ministry of Finance Maintains Rigorous Loan Process
The Ministry of Finance (MoF) has a duty to secure funding to finance the domestic borrowing programme on behalf of the Government of the Republic of Trinidad and Tobago. Over the period fiscal 2016 to fiscal 2020 the Government issued 109 Requests for Proposals (RFPs).
This rigorous multi-step process is executed by public servants from both the Ministry of Finance and the Solicitor General’s Office.
Entrepreneurial Relief Grant
Micro and Small Enterprises that have been negatively impacted by the COVID-19 pandemic are invited to apply for the Entrepreneurial Relief Grant from the Ministry of Finance in collaboration with NEDCO.
Between 70% to 85% of all business activity in Trinidad and Tobago is conducted by enterprises employing less than 25 persons. Micro and small enterprises (MSEs) however have been the most vulnerable to the economic impact of the COVID-19 pandemic. As part of its national COVID-19 Relief programme, the Government of the Republic of Trinidad and Tobago has implemented an Entrepreneurial Relief Grant to provide financial assistance to MSEs.
MSEs that earn less than TT $1,000,000 in annual revenues, and have been negatively impacted by the global pandemic, can apply for financial help through the Entrepreneurial Relief Grant Programme. MSEs can access up to TT $20,000 in grant funding to help cover business-related expenses such as salaries, rent, stock and other working capital.