TY - BOOK ID - 85599411 TI - Trinidad and Tobago PY - 2018 SN - 1484378210 1484378199 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Trinidad and Tobago--Economic conditions--Statistics. KW - Budgeting KW - Investments: Energy KW - Macroeconomics KW - Public Finance KW - Criminology KW - Fiscal Policy KW - National Government Expenditures and Related Policies: General KW - Illegal Behavior and the Enforcement of Law KW - Commodity Markets KW - Energy: General KW - Public finance & taxation KW - Crime & criminology KW - Investment & securities KW - Budgeting & financial management KW - Fiscal policy KW - Expenditure KW - Crime KW - Fiscal consolidation KW - Commodity prices KW - Prices KW - Expenditures, Public KW - Crime--Economic aspects KW - Petroleum industry and trade KW - Trinidad and Tobago KW - Economic conditions UR - https://www.unicat.be/uniCat?func=search&query=sysid:85599411 AB - This Selected Issues paper focuses on the impact of adjusting to commodity shocks in Trinidad and Tobago. With commodity resources being nonrenewable, developing a long-term strategy can help avoid unsustainable policies and ensure greater intergenerational equity. Recent country experiences highlight the benefits of precautionary buffers in smoothing fiscal adjustment process. Prudent and countercyclical fiscal policy implementation, structural reforms, and economic diversification can help contain the impact of commodity price booms and busts. Strong fiscal institutions are needed to help achieve and sustain the fiscal adjustment. Different adjustment strategies may be feasible depending on the needed size of the adjustment and country-specific circumstances. Trinidad and Tobago have faced several years of weak or negative growth on the back of terms-of-trade and energy supply shocks. A well-designed fiscal framework that considers potential uncertainties associated with commodity cycles can help improve fiscal management. Countercyclical policy implementation would help smooth the impact of commodity-induced sharp fluctuations in the economy. ER -