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The state of the economy is not a surprise to economists and other financial experts around the country.
However, they also say the new United National Congress (UNC) Government’s plans to address growing deficits and increase revenues must go beyond dipping into the Heritage and Stabilsation Fund (HSF) in the short term.
During a post-Cabinet media briefing on Thursday, Prime Minister Kamla Persad-Bissessar announced that the country has a $4.42 billion deficit for May and a projected $11 billion deficit for this fiscal year. She blamed the former People’s National Movement (PNM) administration for the situation, saying her ministers, on entering their ministries this week, found that the budgets for this fiscal year had already been spent.
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