AGP Executive Report

Mid-Year Budget Review: Finance Minister Devendranath Tancoo faces mounting pressure as Parliament prepares to absorb an extra $2.93bn for 2026, lifting the budget from $59.232bn to about $62.162bn, with unions and business groups pushing for clarity on jobs, wages and spending. Finance Bill Scrutiny: Opposition Senator Dr Margaret Satya Rose warned the Finance Bill 2026 could weaken transparency and accountability, while supporters say it includes targeted support for public safety services. Telecoms Regulation: TSTT won part of its appeal against TATT over interconnection price caps, with the court ruling TATT had jurisdiction but failed to consult before implementing the caps. Energy & Investment Signals: Moody’s upgraded T&T’s outlook to stable, boosting renewed interest in restarting the Pointe-a-Pierre refinery, as officials say investor confidence has improved. Aviation & Infrastructure: Tobago’s ANR Robinson airport terminal is fully certified and ready for opening after handover of operating documents, warranties and compliance approvals. Oil & Gas Deal: Occidental bought a 10% working interest in offshore Block TTUD-1 from ExxonMobil, with seismic work expected to guide any drilling decision later this year. Governance Row: PNM is calling for probes and Padarath’s removal after allegations of intimidation of parliamentary staff during a Standing Finance Committee audio dispute. Central Bank Fraud Case: The Central Bank filed a High Court suit to recover nearly $18.8m tied to an alleged forged $20m government cheque. Tourism Watch: Tourism stakeholders head into the budget review with modest expectations but want action on marketing, airlift, arrivals, infrastructure, crime perceptions and foreign exchange constraints.

Sports Governance: SporTT is demanding answers from the TTFA over accounting and reporting of $6.9m in public funding for the men’s World Cup qualifying campaign (Nov 2024–Sept 2025), with claims that players and vendors are still owed money and that TTFA’s reconciliation of subventions and sponsorships remains unclear. Central Banking & Fraud: The Central Bank has filed a High Court suit to recover nearly $18.8m tied to an alleged $20m forged government cheque deposited at Republic Bank’s San Juan branch, with funds allegedly dispersed before the fraud was detected. Credit & Macroeconomy: Moody’s upgraded T&T’s outlook from negative to stable while keeping the Ba2 rating, citing improved external prospects, reserves and debt management ahead of the mid-year budget review. Energy & Investment: AMCHAM says Venezuela’s Lo­ran gas licence for Shell is a major energy breakthrough, but warns that social and political division could limit the country’s ability to capture the benefits. Local Business Capital Markets: West Indian Traders (WIT) has extended its IPO closing date from June 5 to June 22, citing continued investor interest. Agriculture & Ease of Doing Business: The Agricultural Society warns that poor ease of doing business is squeezing farmers, especially around import clearance and access to inputs and finance. Tourism Budget Watch: Tourism stakeholders are preparing for the mid-year budget review with modest expectations, flagging marketing, airlift, arrivals, infrastructure, crime perceptions and foreign exchange constraints. Housing Development: Terra calls for state intervention to cut bureaucratic approval delays that are widening the affordability gap and slowing new residential projects. Public Health: NBTS says selling blood is illegal and is tightening monitoring through haemovigilance to track every unit from donation to patient use.

Moody’s Confidence Boost: Moody’s upgraded Trinidad and Tobago’s outlook to stable from negative, keeping the Ba2 rating, citing improving external prospects, reserves and debt-management after a January bond move. Energy & Jobs Angle: AMCHAM CEO Nirad Tewarie welcomed Venezuela’s Shell Loran gas licence but warned that social and political division could blunt the economic payoff. Central Bank Legal Action: The Central Bank filed a High Court suit seeking recovery over an alleged $20m forged Government cheque scheme involving NiPat General Contractors and two directors. Public Money Accountability: TTFA president Kieron Edwards pushed back on calls for clearer reporting of SporTT and Ministry of Sport subventions, saying records exist but release depends on agreed accountability processes. Market Watch: West Indian Traders extended its IPO closing date to June 22, keeping terms unchanged as it seeks to raise about $10.125m at $2 per share. Governance Tensions: NJAC condemned Kareem Marcelle’s “divisive” remarks at a PNM meeting, while Barry Padarath rejected intimidation claims after a Parliament mic-row. Health & Compliance: NBTS warned that selling blood is illegal and said it will track every unit through haemovigilance. Safety Incident: Two women died in a Port of Spain apartment fire; T&TEC rescued a baby.

Sovereign Credit Boost: Moody’s revised Trinidad and Tobago’s outlook to stable from negative, keeping the Ba2 rating, citing improving confidence in economic management. Oil Spill Row: Venezuela alleged a second oil spill from T&T; Heritage Petroleum says its sweeps found no evidence of large hydrocarbon amounts and says monitoring and pipeline checks were normal. Banking & Crime Debate: AMCHAM T&T warned against attacking groups without proof after the “one per cent” remarks in Parliament; former banking executives also defended the sector’s integrity amid State of Emergency-linked claims. Parliament Watch: PNM called for a criminal probe into Leader of Government Business Barry Padarath’s conduct during Standing Finance Committee proceedings. Education Funding Clarification: Education Minister Dr Michael Dowlath said a $127.8m supplemental allocation does not include backpay for teachers, after questions on retroactive payments. Business Expansion: SinglePoint Group International increased its T&T investment to $5.1m and added 11 jobs as it scales nearshore services. Markets: West In­di­an Traders (WIT) extended its IPO to June 22, with shares at TT$2.00. Digital Ease of Doing Business: Trade Minister Satyakama Maharaj pushed Finance Bill-linked reforms, highlighting SeaClear’s faster yacht processing and TTBizLink’s growing uptake.

Energy & Environment: Heritage Petroleum says it has found no evidence of a major hydrocarbon spill after Venezuela-linked claims, with field checks, monitoring and Coast Guard sweeps coming back normal. Ratings & Macro: Moody’s upgraded Trinidad and Tobago’s outlook to Stable from Negative, citing improving fiscal confidence, debt management and buffers. Oil & Gas Diplomacy: Venezuela granted Shell a natural gas license for the Loran field, a project tied to gas development that also links to Trinidad’s maritime border. Trade & Business Climate: The Trade Ministry outlined a digital push to speed up processes and improve ease of doing business, including SeaClear and TTBizLink uptake. SME & Exports: TTMA launched new tools and initiatives to help SMEs access foreign markets, including another export-focused push. Forced Labour Imports: A proposed measure would prohibit imports of goods produced through forced labour, aiming to protect consumers and local businesses. Finance Bill Scrutiny: Finance Minister Tancoo defended stricter oversight for small producers, warning weak compliance can endanger public health. Parliament & Governance: The AG’s office is vetting about $34m in legal fee claims, while education funding clarifies no backpay for teachers is included in a $127.8m allocation. Security & Rights Debate: Unions and opposition challenge another State of Emergency extension and no-protest zones, arguing freedoms can’t be restricted indefinitely. Local Economy & Jobs: SinglePoint expanded in T&T with an extra $1.1m investment, bringing total investment to $5.1m and adding jobs. Banking Integrity: Former banking executives defended the sector’s integrity amid debate over alleged “one per cent” criminal facilitation.

State of Emergency Debate: As PM Kamla Persad-Bissessar heads to Parliament seeking another three-month extension, unions and opposition argue Trinidad & Tobago can’t live under emergency rules indefinitely, while critics also question the 15 “no-protest zones” and restrictions on assemblies. Preventive Detentions: The state published 11 more preventive detention orders, including Anika Chadee, citing alleged links to organised criminal groups across multiple communities. Finance Bill Pushback: PSOTT says Finance Bill modernisation could be undermined by backlogged approvals, urging clear service-level agreements and faster VAT refund handling. SME Export Drive: TTMA and Exim Bank prepare Cohort 3 of the Export Action Programme, citing measurable foreign sales gains from earlier cohorts. Energy/Regional Gas Deal: Venezuela granted Shell a natural gas permit and signed agreements to develop the Loran field, with gas deposits partly straddling the Trinidad border—positioning Trinidad as a processing LNG hub. Local Energy Safety Claim: Heritage Petroleum says it found no evidence of a major hydrocarbon spill after Venezuela’s claims, while government reconnaissance continues. Copper Theft Response: Scrap iron dealers call for centralised control and renewed copper restrictions amid rising infrastructure theft.

Energy & Trade: Venezuela granted Shell a licence to develop the cross-border Loran gas field, signing five agreements to restart a project left idle for 23 years and positioning Venezuela to export gas, with supplies to Trinidad for LNG processing. Crime & Governance: Prime Minister Kamla Persad-Bissessar defended the State of Emergency extension as part of a wider anti-crime plan, while unions and Tobago MPs criticised protest restrictions and rhetoric targeting the “one per cent.” Public Safety & Policing: Homeland Security Minister Roger Alexander said TTPS is hampered by a reported TT$500m debt affecting vehicles and equipment, as Parliament weighs supplemental funding. Finance Bill 2026: Economist Dr Vaalmikki Arjoon said new energy tax terms could improve investment in marginal fields and broaden government revenue. Infrastructure Theft: Scrap iron dealers called for temporary copper purchase/export controls and centralised scrap-yard monitoring amid rising copper theft and vandalism. Regional Business/Skills: UWI Global Campus and CaIHRM signed an MOU to strengthen HR training and workforce readiness across the Caribbean.

Venezuela–Shell Gas Deal: Venezuela signed Phase I agreements with Shell to develop the cross-border Loran gas field, aiming to boost gas output for domestic use and exports, with work tied to Monagas and supplies for the Puerto La Cruz refinery. Tobago Growth Blueprint: Tobago’s THA is rolling out the first phase of its 2026–2030 “Pathway for Prosperity Blueprint,” backed by TT$164m redirected to build institutional capacity, digitise public service, and prioritise climate resilience and adaptation. Finance Bill 2026 Passes: The Finance Bill was passed with no votes against; Finance Minister Dave Tancoo said it adds no new taxes for citizens, though it increases fines and introduces a new fiscal regime for marginal marine gas drilling. WASA Attacks: WASA condemned a second consecutive day of vandalism, with thieves stealing wiring at the Tabaquite Booster Station, disrupting water supply for thousands. SoE and Children: PM Kamla Persad-Bissessar defended the State of Emergency extension and reiterated government steps to protect children amid recent crimes involving minors. Energy Sector Outlook: Energy Minister Roodal Moonilal said oil and gas output is stabilising and investor confidence is returning, citing expected gains from incentives for marginal marine gas fields. Tourism Win: Two T&T tourism properties earned Tripadvisor Travellers’ Choice awards, including Mt Plaisir Estate Hotel in the top 1% of hotels.

Energy Policy: Energy Minister Dr Roodal Moonilal defended ongoing talks with Venezuela during the Finance Bill 2026 debate, rejecting claims that T&T is being shut out of key gas decisions. Finance Bill & Business Impact: Finance Minister Dave Tancoo piloted the Finance (Amendment) Bill, 2026 in Parliament, saying it includes pension relief and simplified filing, while Opposition figures like Colm Imbert argue it punishes the poor and small businesses. Offshore Oil & Investment: T&T signed a production-sharing contract for the TTUD-1 ultra-deepwater block with ExxonMobil and Occidental, a step the Energy Ministry says advances upstream investment. Water Infrastructure: WASA condemned a second attack on booster infrastructure in 24 hours, with wiring theft at Tabaquite disrupting supply to thousands, following a similar Biche incident. Crime & Retail Pressure: South business leaders warned that rising crime is already hurting retail trade, as TTPS reported a 16% reduction in serious reported crimes in the Western Division. Local Governance & Procurement: Questions continue around housing revitalisation procurement, with the Office of Procurement Regulation making enquiries into major Landmark TT and HDC contract awards. Regional Trade Finance: CDB and IDB Invest signed a US$25m guarantee to expand trade financing across Caribbean markets. Education & Research: UWI St Augustine and UTT signed MOUs to deepen collaboration and applied research across engineering, energy, biosciences and more.

Water Security Disrupted: WASA says a second brazen attack on its infrastructure in under 24 hours—this time at the Tabaquite Booster Station—forced an immediate shutdown and left thousands with low pressure or no water, following a similar Biche Booster Station vandalism that stole critical electrical wiring. Education & Research Partnerships: UWI St. Augustine and UTT signed MOUs to expand applied research and training across engineering, energy/environment, biosciences and veterinary medicine. Trade Finance Boost: CDB and IDB Invest launched a US$25m trade finance facility to improve access to guarantees for Caribbean importers and exporters. Banking Digital Push: CIBC Caribbean rolled out Google Wallet support for Visa and Mastercard cards in the Bahamas, Barbados, Jamaica, Cayman Islands and Trinidad & Tobago. Labour & Policy Tension: A coalition of 13 independent unions has requested an urgent meeting with the PM over State of Emergency protest limits, as Parliament prepares to debate a three-month SoE extension and a Finance Bill. Local Business Leadership: ANSA Merchant announced a new head of Treasury and Foreign Exchange, with Reaaz Shah resigning effective June 1. Regional Tourism Connectivity: CHTA president-elect Gregor Nassief urged T&T to reconsider withdrawal of some Caribbean airline routes, warning it could hurt multi-destination travel.

State of Emergency & Finance Bill: Trinidad and Tobago heads back to Parliament for debate on the Finance Bill 2026 and a push to extend the State of Emergency for three more months, with unions and business groups pressing for clearer results and dialogue as protest restrictions remain contentious. Labour & Protest Rights: A coalition of 13 independent unions has requested an urgent meeting with the Prime Minister over the 500-metre exclusion zone limiting demonstrations, arguing it undermines workers’ ability to be heard. Business Pushback on SoE: The T&T Chamber of Industry and Commerce says any extension should be backed by evidence showing tangible crime reductions, so businesses and investors can plan with confidence. US Citizenship Revocation (Local Link): The US Justice Department moves to denaturalise 17 people, including a Trinidadian convicted of statutory rape, as part of a broader crackdown on naturalised citizens accused of serious offences. Regional Investment/Trade: Trinidad-based Seprod-owned A.S. Bryden & Sons expands in the Eastern Caribbean, buying stakes in Barbados firms for about US$3.6m. Caribbean Violence Report: UNDP flags a structural disconnect behind Caribbean crime and violence, noting Trinidad and Tobago’s homicide rate rose in 2022.

Energy Deal: T&T’s Energy Minister signed a production sharing contract for the TTUD-1 ultra-deepwater block with ExxonMobil and Occidental Petroleum, a push to advance upstream activity. Local Business & Jobs: Canadian BPO firm SinglePoint expanded in T&T, adding TT$1.1m investment and 11 jobs, bringing total investment to TT$5.1m since starting operations in 2025. Trade & Growth: The TTMA launched a trade mission to Guyana and Suriname with 38 companies and 58 participants, aiming for new customers, market entry and investment links. Policy Pressure on Crime Response: Business chambers say any extension of the state of emergency must be backed by clear results, measurable indicators and transparent reporting. Poverty Measurement: The CSO is working on T&T’s first National Multidimensional Poverty Index to improve evidence-based policy beyond income-only figures. US Citizenship Moves: DOJ denaturalisation actions include a Trinidad and Tobago national among 17 foreigners facing revocation in US courts.

Mid-Year Budget Push: PSOTT is urging a more balanced allocation of the “economic pie” in the upcoming mid-year budget review, arguing the business community should get a fairer share as T&T navigates recovery and growth. Regional Trade Drive: The TTMA is sending 38 companies and 58 participants on a major trade mission to Guyana and Suriname (June 8–14), with B2B meetings, seminars and market research aimed at new customers, investment and sourcing opportunities. Energy Sector Milestone: ExxonMobil and Occidental (Oxy) have signed a production sharing contract for the TTUD-1 Block, marking a key step for upstream investment momentum. Public Sector Wage Clarity: Labour Minister Leroy Baptiste says the $2.8B wage injection in the mid-year review is for salary increases tied to already-settled union negotiations, not new settlements. State of Emergency Debate: Opposition and unions are challenging the planned extension of the SOE, with critics warning it’s becoming a long-term fix rather than addressing crime drivers. FIUTT Fraud Alert: FIUTT warns of fake ID cards using CBTT/FIUTT/FIB logos, urging the public not to share money or personal details with anyone presenting them. Tobago Marine Focus: World Oceans Day spotlights stronger marine protection, with Tobago considering how marine park rules and carrying capacity are managed.

State of Emergency extension: Trinidad and Tobago’s Government is set to take the State of Emergency (SoE) extension to Parliament on Wednesday, keeping it in place until September after the current order was due to end on June 17—sparking renewed political pushback and debate over whether crime control is improving enough to justify continued emergency powers. Energy investment: Prime Minister Kamla Persad-Bissessar says the Energy Ministry has approved a farm-in for Occidental Petroleum (Oxy) into Block TTUD-1, adding another major foreign player to T&T’s ultra-deep prospects as the Government points to faster permitting and renewed momentum in the sector. Local trade push: The Trinidad and Tobago Manufacturers’ Association (TTMA) launched a dual-country trade mission to Guyana and Suriname (June 8–14) with 38 companies and 58 participants, aiming to open B2B partnerships and investment opportunities. Financial crime warning: FIUTT issued an urgent public alert about fraudsters using fake IDs bearing CBTT/FIUTT/FIB logos, warning the cards are unauthorised and urging the public not to share money or personal details. Infrastructure progress: The US$161M Soesdyke–Linden Highway project is reported at about 90% complete, with drainage and electrical works advancing as the corridor nears completion. Global trade shock: USTR proposed new Section 301 forced-labour tariffs on imports from 60 economies, with rates of 10% or 12.5% depending on each jurisdiction’s progress—raising compliance and cost risks for regional exporters and importers.

Roadworks Update: The US$161M Soesdyke–Linden Highway is now about 90% complete, with drainage works around 70% done and electrical installation underway, as contractors push ahead in sections despite weather. Energy & Investment: Prime Minister Kamla Persad-Bissessar says the Energy Ministry has approved Occidental Petroleum’s farm-in to Block TTUD-1, adding to recent momentum in the ultra-deep sector. Fiscal Watch: Government is set to extend the State of Emergency to September and will take the extension to Parliament on Wednesday, while the Finance Ministry prepares for the June 15 Mid-Year Budget Review and possible supplementary spending. Wage Boost: A $2.93b supplementary budget request for public-sector wage commitments is being framed as a near-term boost for consumer spending, though questions remain on long-term fiscal planning. Local Business & Trade: Chaguaramas stakeholders are looking to SailClear to cut yacht/vessel clearance times from hours to about 15 minutes, aiming to strengthen the marine services hub. Governance & Economy: Economists say T&T’s UN Security Council seat may not translate into direct economic gains without measurable domestic diversification. Food Security: A UN-linked report highlights that about 512,000 people in T&T can’t afford a healthy diet, underscoring pressure on food policy.

SoE Extension Debate: Defence Minister Wayne Sturge says Trinidad and Tobago can govern without a state of emergency, but “not at this time,” arguing crime gains need more time to consolidate—while the PNM signals it won’t back another extension. Wage Boost & Fiscal Pressure: Government’s $2.93b supplementary request to meet public-sector wage commitments is welcomed by business as a near-term retail boost, but economists and chambers are pressing for clearer mid-year budget plans and fiscal sustainability. Roads & Mobility: The $161m Soesdyke–Linden Highway is about 90% complete, with drainage and electrical works progressing—promising smoother commutes. Trade & Tariffs: AMCHAM T&T raised concerns with a senior US official about tariffs affecting T&T petrochemical exports, seeking a review to protect the bilateral supply chain. UN Security Council Seat: T&T’s election to the UNSC for 2027–2028 is being framed as a global influence win, though local economists question the direct economic payoff. Business Confidence Call: Private sector groups urge the mid-year review to deliver measurable results, especially on diversification beyond energy. Food Security: A UN-linked report highlights that about 513,000 people in T&T can’t afford a healthy meal, with undernutrition and obesity burdens persisting. Regional Airlift: New airline interline partnerships aim to reduce fragmented Caribbean travel and make island-hopping cheaper and easier. Governance Risk Watch: Transparency International’s CPI again flags Haiti at the bottom of the Caribbean, underscoring investor concerns about corruption and institutional trust.