The Government admits there is urgent work to be done following the country’s recent downgraded credit rating by Moody’s Investors Service from Baa2 to Baa3.
The international agency explained that it was their expectation that Trinidad and Tobago’s credit profile would continue to be negatively impacted by sustained low oil prices.
When questioned on the issue by reporters during this afternoon’s post cabinet media briefing, Finance Minister, Colm Imbert said the development is expected to affect the cost of borrowing.
Minister Imbert added that Moody’s during its visit to the country in March this year cited concerns about the impact of the declining oil prices globally, challenges in data gathering and red tape in the public service.
However, the Finance Minister confirmed that efforts have begun, to address the challenges identified.
Finance Minister, Colm Imbert.