Trinidad and Tobago Prime Minister Patrick Manning said that while this country was “hit hard” by the global financial recession, his Government is committed to assisting its regional neighbours also affected by the crisis.

The Prime Minister was speaking at the Commonwealth Heads of Government Meeting (CHOGM) 2009’s first gala dinner on Tuesday 24th November, 2009.
 
Manning told attendees that although Trinidad and Tobago suffered a $7.5 billion deficit last year and an even higher deficit is projected for 2009, his Government has established a grant Petroleum Fund of approximately US$7 to $9 billion to aid other Caribbean countries that are particularly hard hit by the global recession.
 
The Caribbean is Trinidad and Tobago’s second largest market, Manning said, and if the recession damages the economies that T&T supplies, then our economy will be severely affected in the long run.
 
Manning was positive about his country's fiscal future, though. He reminded the audience that in September this year, independent credit rating agency Standards & Poors lifted a negative credit watch rating on the country that was caused by the government’s rescue of the CL Financial Group.
 
Despite the fact that discussions during the day’s sessions highlighted finding alternate energy sources and climate change, he joked that concerns about oil and gas depletion in T&T’s waters aren’t new. According to the Prime Minister, these fears have been “hotly debated” since 1905. Even though Trinidad and Tobago is not considered a major oil producer, Mr. Manning said “the country produces well over half a million barrels of natural gas daily”. He added that “recently, we celebrated 100 years in the oil industry.”

The Prime Minister noted that Trinidad and Tobago has committed to aid approximately seven West African countries and some East African countries with technical advice and expertise in oil and gas exploration free of charge.