Trinidad and Tobago: Selected Issues

June 29, 2016

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Trinidad and Tobago: Selected Issues, (USA: International Monetary Fund, 2016) accessed November 23, 2024

Summary

This paper reviews the historical background of fuel subsidies in Trinidad and Tobago, discusses their fiscal impact and the inflationary impact of subsidy reform, summarizes the regressive distribution of subsidy benefits, focuses on the negative externalities caused by fuel subsidies and the environmental and traffic benefits of phasing them out, and discusses key factors contributing to successful reforms. Fuel subsidies in Trinidad and Tobago, established in 1974, increased dramatically owing to rising global crude oil price in the past few years and led to a growing debate on the costs and benefits of subsidy reform. Fuel subsidies have significantly contributed to the country’s procyclical fiscal stance.

Subject: Consumption, Energy subsidies, Expenditure, Fuel prices, Income, National accounts, Oil prices, Prices

Keywords: Aggregate cost, Congestion cost, Consumption, Cost, CR, Energy price increase, Energy subsidies, Externality, Fuel prices, Fuel subsidy, Global, Income, ISCR, Low income income group, Oil prices, Road damage cost, Subsidy

Publication Details

Pages:

18
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/205
Stock No:

1TTOEA2016002
ISBN:

9781475523041
ISSN:

1934-7685

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