Budget Passed In The Senate

The Budget has been passed in the Senate. Before being passed, the Appropriation Bill 2020 for Financial Year 2021 was taken to a vote. 23 Senators voted for the Bill, there were none against and six abstentions. The almost $50 billion budget was presented in the House of Representatives on October 5th, by Finance Minister Colm Imbert. It was pegged on an oil price of US $45 dollars per barrel and a gas price of US $3.00 dollars per MMBTU. During his wrap up in the senate, the Finance Minister said the parameters were not just plucked out of the sky. He said the figures used were projections from a number of important and recognised bodies, including the U.S. Energy Information Administration, the World Bank and the International Monetary Fund. The Finance Minister noted that Trinidad and Tobago's crude oil fetches a price, which is 1 dollar above West Texas Intermediate and is closer to the price of Brent Crude.