Finance Minister Colm Imbert has condemned what he dismissed as false claims that government had “drained” the Heritage and Stabilization Fund, saying despite withdrawals over the last six years in office, the Fund has a higher balance than it did in 2015.

Imbert addressed the concern at a press briefing on Friday about government’s pandemic expenditure. 

“The total withdrawals from the Fund-we have withdrawn US$2.1 billion from 2015 to now. That is to show you the astute management of the Fund. They have managed to produce income of over US$2 billion…over $14 billion TT dollars has been earned by the Fund and used for budgetary support and pandemic support…over the last six years, and in particular, over the last year and half,” the Minister said. 

The Fund is currently at US$5.691 billion, which is just over the 2015 figure of US$5.6 billion.

“Two months ago we were looking at a shortfall of about $2 billion, but we’ve had better than expected prices for oil and so on, we’re still way below. Usually the revenue comes in in the second half of the year. We still expect a significant shortfall…maybe in the order of about $5 billion.”

As it relates to government revenue for the current fiscal year, Imbert revealed he expects a significant shortfall to the tune of $5b.

“Two months ago we were looking at a shortfall of about $2 billion, but we’ve had better than expected prices for oil and so on, we’re still way below. Usually the revenue comes in in the second half of the year. We still expect a significant shortfall…maybe in the order of about $5 billion,” he said.

The Mid Year budget review is likely to take place in the Parliament next month, the Minister revealed.