caribbean economy



Trinidad Gov't Urging Residents Not to Panic as it Braces for Billions of Dollars in Losses Caused By the Historic Oil Crash

  • Staff Consortium
  • April 21, 2020

PORT OF SPAIN, Trinidad, CMC – The Trinidad and Tobago government Tuesday urged nationals not to panic as the oil and gas rich country prepared to count the possible loss of billions of dollars (One TT dollar=US$0.16 cents) in revenue as a result  of the historic drop in oil prices on the global market “Oil and gas are cyclical. It goes up and it goes down. Now this down is a ridiculous down we must admit, but let’s hope that the upturn come sooner rather than later. But I want to say that the upturn will depend largely on the developed countries’ economies getting back to a state of normally,” Energy and Energy Industries Minister Franklin Khan said. Speaking on the i955 FM Morning Show on Tuesday, Khan said that a few weeks ago the Finance Minister Colm Imbert had indicated that Trinidad and Tobago’s economy would suffer a loss of between six to eight billion dollars as a result of the drop in oil prices then, and that the country now have to await the finance minister’s new projec...