Home' Trinidad and Tobago Guardian : June 29th 2013 Contents RAPHAEL JOHN-LALL
Finance Minister Larry
Howai yesterday said
Chile s economic model is
an example for T&T.
In comments at the open-
ing of a public-sector budget
seminar, he said the South
American country was a
"shining example" in Latin
America and the Caribbean
of an economy that has
instituted tight controls in
"I believe that it was in
2000 that the then president
of Chile introduced a fiscal
rule based on a structural
surplus of one per cent of
gross domestic product
(GDP) to reaffirm the coun-
try s commitment to fiscal
responsibility," he said.
Yesterday s seminar was
hosted by the Ministry of
Finance, the Inter-American
Development Bank (IDB) and
the Embassy of Chile at the
Ministry of Finance, Eric
Williams Financial Complex,
Howai said the example
of Chile made for a very good
model that many of the
countries in Caricom could
use as a "case study."
He said Chile s "fiscal pru-
dence" had allowed its gov-
ernment to implement a
"powerful stimulus package"
in attempt to mitigate the
effects of the recent global
"It is their government
and Central Bank that con-
tinue to work together to
optimise the use of the
resources from the country s
Social Stabilisation Fund. As
a direct result of prudent fis-
cal management and the
implementation of support-
ing monetary policy, in 2010,
Moody s raised Chile s for-
eign-debt rating to Aa 3 from
A 1, which positioned Chile
as the only Latin American
country rated at that level or
Chilean Ambassador Fer-
nando Ayala said Chile and
T&T were two resource rich
countries that could share
"Chile is rich in copper,
while T&T is rich in oil and
gas. In Chile, we are proud
of the progress we have made
in macroeconomic stability
and growth has remained
with governments of differ-
ent colours but we still have
challenges to overcome.
"T&T and Chile share
many of the challenges that
globalisation has brought to
us but we can make progress
working together," he said.
• Twitter: @GuardianTT • Web: guardian.co.tt
LONDON---Prince Charles' funding from
British taxpayers fell by almost 50 per
cent during the last financial year.
The prince's annual accounts showed
that his income from the government and
a royal grant was £1.1 million ($1.68 mil-
lion) in the fiscal year that ended March
31, down from £2.1 million a year earlier.
The decrease is largely due to lower
travel costs as countries the prince visited
often picked up the bill.
Travel spending fell by 49 per cent de-
spite the prince attending 657 official en-
gagements, 154 of them overseas.
Charles receives most of his income
from properties and investments on his
136,000-acre (55,000-hectare) Duchy of
That income rose four per cent to £19
million, and Charles paid more than £4.4
million in tax.
The accounts also demonstrated
Charles' continual success in reducing his
household's carbon footprint since begin-
ning measuring and reporting its green-
house gas emissions in 2007.
Total emissions at the prince's resi-
dences fell by 21 per cent through a com-
bination of energy-efficiency measures,
on-site renewable energy generation and
the purchase of "green" electricity and
Prince Charles' cost to taxpayers falls by half
The price of oil rose Friday as the
US economic outlook brightened
and concerns eased about a credit
crunch in China.
Benchmark oil for August delivery
was up 21 cents to $97.26 per barrel
in electronic trading on the New York
Mercantile Exchange. The contract
rose $1.55 to finish at $97.05 on
Thursday after the US government
released data showing an increase in
in consumer spending and home
sales while jobless claims fell.
"The truth to these markets are
that they are lacking any good reason
to go down," said Carl Larry of Oil
Outlooks and Opinions. "We re start-
ing to settle into a fair value and it s
hard to argue lower."
Fears of a cash crunch in China,
which could cripple small-and medi-
um-sized businesses, were eased
after the country s central bank indi-
cated it would not allow an all-out
crisis to unfold.
Analysts at Bank of America Mer-
rill Lynch said in a commentary that
"it is time for markets to calm down
now and that the worst is probably
Brent crude, which is used to set
prices for oil used by many US
refineries to make gasoline, fell 2
cents to $102.80 a barrel.
T&T looks at Chile's
Finance Minister Larry Howai, right, chats with Chilean Ambassador Fernando Ayala and
Inter-American Development Bank country representative Michelle Cross-Fenty at the
formal opening of a seminar on public-sector budgeting at the Ministry of Finance, Eric
Williams Financial Complex, Port-of-Spain. PHOTO: SHIRLEY BAHADUR.
Links Archive June 28th 2013 June 30th 2013 Navigation Previous Page Next Page