Devaluation of the Trinidad and Tobago dollar is not currently being considered, Finance Minister Colm Imbert said on Wednesday, following Prime Minister Dr. Keith Rowley’s address to the nation on Tuesday night announcing a number of economic austerity measures.

He said that the seven percent cut in government spending announced by Rowley would largely come from reining in inflated expenditure, which he said was the hallmark of the previous government.

Imbert said Rowley had told him to mandate all ministries, state enterprises and statutory authorities to reduce expenditure by seven percent and to report back by the end of January, as to the measures they could take.

He noted that there was a lot of overspending and waste in the last five years and the cost of contracted services went up exponentially between 2010 and 2015.

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