Obbligazione Trinidad & Tobago 4.375% ( USP93960AF25 ) in USD

Emittente Trinidad & Tobago
Prezzo di mercato 100 USD  ▲ 
Paese  Trinidad e Tobago
Codice isin  USP93960AF25 ( in USD )
Tasso d'interesse 4.375% per anno ( pagato 2 volte l'anno)
Scadenza 16/01/2024 - Obbligazione scaduto



Prospetto opuscolo dell'obbligazione Trinidad and Tobago USP93960AF25 in USD 4.375%, scaduta


Importo minimo 200 000 USD
Importo totale 550 000 000 USD
Cusip P93960AF2
Descrizione dettagliata Trinidad e Tobago una nazione insulare caraibica, nota per le sue spiagge, la sua cultura vibrante influenzata da diverse etnie, e il suo famoso Carnevale.

The Obbligazione issued by Trinidad & Tobago ( Trinidad and Tobago ) , in USD, with the ISIN code USP93960AF25, pays a coupon of 4.375% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 16/01/2024









OFFERING CIRCULAR


U.S.$550,000,000
The Republic of Trinidad and Tobago
4.375% Notes due 2024
______________
The 4.375% Notes due 2024 (the "Notes") of the Republic of Trinidad and Tobago (the "Republic" or "Trinidad and Tobago") are the
direct, general and unconditional obligations of the Republic. The Notes will constitute a charge upon and be payable out of the Consolidated Fund
(as defined herein) of the Republic and shall at all times rank equally with all other present and future obligations of the Republic that constitute
charges upon the Consolidated Fund.
Interest on the Notes is payable in arrears on January 16 and July 16 of each year, commencing on January 16, 2014 and the Notes will
mature on January 16, 2024. Payments on the Notes will be made without deduction for or on account of withholding taxes imposed by the Republic
to the extent described under "Taxation."
The Notes contain provisions, commonly known as "collective action clauses," regarding acceleration and voting on future amendments,
modifications and waivers (which are described in the section entitled "Terms and Conditions of the Notes--Modifications, Amendments and
Waivers") under which the Republic may amend the payment provisions of the Notes and certain other terms with the consent of the holders of 75%
of the aggregate amount of the outstanding Notes.
Application has been made for the Notes to be admitted on the Official List of the Luxembourg Stock Exchange and to be admitted for
trading on the Euro MTF market. This Offering Circular constitutes a prospectus for the purposes of the Luxembourg Law on prospectuses for
securities, dated July 10, 2005, as amended.
See "Risk Factors" beginning on page 9 of this Offering Circular for a description of the principal risks involved in making an
investment in the Notes.
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any
securities regulatory authority of any state or other jurisdiction of the United States. The Notes are being offered only to qualified institutional buyers
(as defined in Rule 144A under the Securities Act ("Rule 144A")) in the United States in transactions exempt from the registration requirements of
the Securities Act and to persons outside the United States in reliance on Regulation S of the Securities Act ("Regulation S"). Prospective purchasers
of the Notes are hereby notified that sellers of the Notes may be relying on the exemption from the provisions of Section 5 of the Securities Act
provided by Rule 144A. For certain restrictions on resales, see "Transfer Restrictions."
_________________________
Price: 100% plus accrued interest, if any, from December 16, 2013.
_________________________
The Initial Purchaser (as defined below) expects to deliver the Notes to purchasers in book-entry form only through the facilities of The
Depository Trust Company ("DTC"), Euroclear Bank, S.A./N.V. ("Euroclear") and Clearstream Banking, socit anonyme Luxembourg
("Clearstream") on or about December 16, 2013.
_________________________
Citigroup
December 11, 2013




NOTICES
This Offering Circular contains important information that you should read carefully before any
decisions are made with respect to the Notes. The Republic is furnishing this Offering Circular to you solely
for use in connection with your investment in the Notes. You should rely only on the information contained
in this Offering Circular. No person has been authorized to give any information or to make any
representations with respect to the matters described in this Offering Circular other than those contained
herein or therein and, if given or made, such information or representations must not be relied upon as
having been authorized by the Republic or Citigroup Global Markets Inc. (the "Initial Purchaser").
The information contained herein is as of the date hereof and subject to change, completion or amendment
without notice. The delivery of this Offering Circular shall not under any circumstances create any implication
that the information contained herein is correct as of any time subsequent to the date hereof, or that there has been
no change in the information set forth herein or in any attachments hereto or in the affairs of the Republic or any of
its agencies or political subdivisions since the date hereof.
In making an investment decision with respect to the Notes, you must rely on your own examination of
the Republic and of the terms of the Notes, including, without limitation, the merits and risks involved. The offer
of the Notes is being made on the basis of this Offering Circular. Any decision to invest in the Notes must be
based solely on the information contained herein.
None of the Republic, the Initial Purchaser, the Fiscal Agent (as defined below), any paying agent or any
of their delegates or agents makes any recommendation in connection with the Notes. You should not construe the
contents of this Offering Circular as investment, legal or tax advice.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A
LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED
STATUTES WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS
EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE
CONSTITUTES A FINDING BY THE SECRETARY OF STATE THAT ANY DOCUMENT FILED
UNDER CHAPTER 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH
FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY
OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY
UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO,
ANY PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE
MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
Neither the U.S. Securities and Exchange Commission, any state securities commission nor any other U.S.
regulatory authority has approved or disapproved the Notes, nor have any of the foregoing authorities passed upon
or endorsed the merits of this offering or the accuracy or adequacy of this Offering Circular. Any representation to
the contrary is a criminal offense.
The distribution of this Offering Circular or any part of it, and the offer, sale and delivery of the Notes,
may be restricted by law in certain jurisdictions. Persons who receive this Offering Circular are required to inform
themselves about and to observe any such restrictions. This Offering Circular does not constitute an offer to sell or
a solicitation of an offer to buy Notes in any jurisdiction to any person to whom it is unlawful to make the offer or
solicitation in such jurisdiction. This Offering Circular may only be used for the purposes for which it has been
published.
The Notes are subject to restrictions on transferability and resale and may not be transferred or resold
except as permitted under the Securities Act and applicable state securities laws pursuant to registration thereunder
or exemption therefrom. See "Transfer Restrictions."

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Certain amounts included in this Offering Circular have been subject to rounding adjustments;
accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that
precede them.
Unless otherwise specified or the context requires, references to "U.S. dollars" and "U.S.$" are to United
States dollars and references to "TT dollars" and "TT$" are to Trinidad and Tobago dollars.
See "Terms and Conditions of the Notes -- Consent to Enforcement" for a discussion of the difficulties
that may confront a holder of a Note attempting to obtain, or to realize upon, judgments of United States or foreign
courts against the Republic in connection with claims arising from the Notes.

OFFICIAL STATEMENTS
Information in this Offering Circular whose source is identified as a publication of the Republic or one of
its agencies or instrumentalities relies on the authority of such publication as a public official document of the
Republic.

The Republic, having made all reasonable inquiries, confirms that this Offering Circular contains all
information that is material in the context of the issue of the Notes, that the information contained in this Offering
Circular is true and accurate in all material respects, and that there are no other facts the omission of which makes
this Offering Circular as a whole or any such information misleading in any material respect. The Republic accepts
responsibility accordingly.

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TABLE OF CONTENTS
Page

Certain Defined Terms and Conventions ......................................................................................................................iii
Forward-Looking Statements ....................................................................................................................................... iv
Summary........................................................................................................................................................................ 1
Risk Factors ................................................................................................................................................................... 9
Enforcement Of Civil Liabilities ................................................................................................................................. 14
Use of Proceeds ........................................................................................................................................................... 15
The Republic of Trinidad and Tobago ......................................................................................................................... 16
The Economy ............................................................................................................................................................... 18
Foreign Trade and Balance of Payments ..................................................................................................................... 36
Monetary System ......................................................................................................................................................... 39
Public Sector Finances ................................................................................................................................................. 45
Public Sector External Debt......................................................................................................................................... 50
Terms and Conditions of the Notes ............................................................................................................................. 52
Taxation ....................................................................................................................................................................... 62
Plan of Distribution ..................................................................................................................................................... 65
Form, Denomination and Transfer............................................................................................................................... 70
Transfer Restrictions .................................................................................................................................................... 73
General Information .................................................................................................................................................... 76
Appendix A Republic of Trinidad and Tobago: Public Sector Debt ........................................................................ 77
_________________________

CERTAIN DEFINED TERMS AND CONVENTIONS
Exchange Rates
On April 13, 1993, the Republic abandoned a fixed exchange rate regime and adopted a floating exchange
rate regime whereby exchange rates for the sale of TT dollars into other currencies are determined by authorized
foreign exchange dealers in the Republic.
The following tables outline the exchange rates, as the midpoint of the buying and selling rates, in terms of
TT dollars per U.S. dollar, for the periods indicated, as reported by the Central Bank of Trinidad and Tobago (the
"Central Bank").

Exchange Rate
Period (Calendar Year Ended December 31)
Period Average
End of Period

(TT dollars per U.S. dollar)
2008 .........................................................................................................................
6.2563
6.2729
2009 .........................................................................................................................
6.2997
6.3574
2010 .........................................................................................................................
6.3480
6.3765
2011 .........................................................................................................................
6.3995
6.4093
2012 .........................................................................................................................
6.4033
6.3814
2013 (through November 29, 2013) .........................................................................
6.4141
6.3798


Exchange Rate
Period (Fiscal Year Ended September 30)
Period Average
End of Period

(TT dollars per U.S. dollar)
2008 .........................................................................................................................
6.2364
6.2018
2009 .........................................................................................................................
6.2484
6.2964
2010 .........................................................................................................................
6.3176
6.3154
2011 .........................................................................................................................
6.3621
6.3699
2012 .........................................................................................................................
6.3714
6.3795
2013 .........................................................................................................................
6.3815
6.4085

Source: Central Bank.

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In this Offering Circular, certain amounts stated in U.S. dollars have been translated, for the convenience of
the reader, from TT dollars, using, unless otherwise indicated, an exchange rate of TT$6.3798 per U.S. dollar, which
is the exchange rate reported by the Central Bank for November 29, 2013. Such translations should not be
construed as a representation that the TT dollar could have been converted at such rate on such date or at any other
time.
Presentation of Financial Information
In this Offering Circular, references to any fiscal year of the Republic mean the 12-month period beginning
October 1 of the prior year and ending on September 30 of that year. For example, a reference to "fiscal year 2013"
is a reference to the period beginning October 1, 2012 and ending September 30, 2013. References to years which
are not preceded by "fiscal year" are references to the calendar year. The Republic reports GDP figures on a
calendar year basis.
Since the Republic's official financial and economic statistics are subject to review, the information in this
Offering Circular may be adjusted or revised. The Republic believes that this review process is substantially similar
to the practices of many industrialized nations. The Republic does not expect revisions to be material, although it
cannot make assurances that material changes will not be made.
Unless otherwise indicated, all annual rates of growth are average annual compounded rates, and all
financial data is presented in nominal terms.
Financial projections for 2013 and 2014 are based on the 2013 and 2014 budgets and are for the full year.
These budgetary figures are not directly comparable with other figures as they are estimates. In addition, these
amounts may change during the year as a result of subsequent events.
Certain Defined Terms
This Offering Circular uses the terms set forth below in the following manner:
"Exports" are calculated based upon statistics reported to the Republic's customs department upon departure of
goods from the Republic on a free-on-board basis at a given departure location.
"Gross domestic product" or "GDP" means the total value of final products and services produced in the
Republic during the relevant period.
"Imports" are calculated based upon statistics reported to the Republic's customs department upon entry of
goods into the Republic on a cost, insurance and freight included basis.
"Rate of inflation" or "inflation rate" is measured by the change in the annual amount of all of the items in the
current year over the previous year. The Retail Price Index ("RPI") is calculated on the basis of a weighted
basket of consumer goods and services using a monthly averaging method.
FORWARD-LOOKING STATEMENTS
Certain statements under the captions "Summary," "The Economy," "Use of Proceeds," "Foreign Trade
and Balance of Payments," "Monetary System," "Public Sector Finances" and "Public Sector External Debt" and
elsewhere in this Offering Circular constitute forward-looking statements, which are statements that are not
historical facts, including statements about the Republic's beliefs and expectations. These statements are based on
the Republic's current plans, estimates and projections. These statements involve known and unknown risks,
uncertainties and other factors, including, but not limited to, those set forth in "Risk Factors" in this Offering
Circular, that may cause the actual results or performance of the Republic, or industry results, to be materially
different from any future results, performance or achievements expressed or implied by such forward-looking
statements. Forward-looking statements speak only as of the date they are made. The Republic undertakes no
obligation to update any of them publicly in light of new information or future events, including changes in the
Republic's economic policy or budgeted expenditures, or to reflect the occurrence of unanticipated events. Factors
that could cause the Republic's actual results or performance to differ materially from such forward-looking
statements include, but are not limited to, those described in "Risk Factors," adverse external factors, such as high

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international interest rates, low oil prices and recession or low growth in the Republic's trading partners; adverse
domestic factors, such as a decline in foreign direct investment, increases in domestic inflation, high domestic
interest rates and exchange rate volatility; and other adverse factors, such as climatic events and political
uncertainty.


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SUMMARY
The following constitutes a summary of the main characteristics and risks associated with the Republic and
the Notes. This summary does not purport to be complete and must be read along with the other information
included in this Offering Circular. Any decision to invest in the Notes should be based on a consideration of this
Offering Circular as a whole, including the risks described under "Risk Factors."
The Republic
The Republic believes it has evolved into an economic leader within the Caribbean and a developing force in
the regional and global energy industry. The Republic continues to benefit from its commitment to free trade, a
dynamic workforce, a stable exchange rate and its natural resources. All of these factors have contributed to a
growing economy with prospects for foreign investment.
Recent Economic Trends
After fifteen years of positive real economic growth, the Republic was adversely affected by the global
financial crisis, which contributed to negative growth for calendar years 2009 and 2011, and marginal growth in the
calendar year 2010. For calendar year 2012, however, the Republic returned to positive growth, with an expansion
in real GDP of 1.2%. This follows a decline of 2.6% in calendar year 2011. This recovery is attributable to the
return to growth in the non-petroleum sector, estimated at 1.9%, which was driven by estimated growth of 2.4% in
the services sector for 2012. For calendar year 2013, the Republic's real economic growth was forecasted to further
strengthen to an estimated 1.6%, attributable to growth in both the petroleum and non-petroleum sectors of an
estimated 0.5% and 2.5%, respectively. Growth in the non-petroleum sector is estimated to be driven by growth in
manufacturing (6.1%); finance, insurance and real estate (5.3%); construction and quarrying (3.0%); and electricity
and water (3.0%).
The overall growth of the domestic economy in 2012 positively affected the labor market, resulting in the
creation of jobs and a commensurate decrease in the unemployment rate. The rate of unemployment averaged 5.0%
during calendar year 2011 and for the nine months ended September 30, 2012, a decrease from 5.9% in calendar
year 2010. For the three months ended September 30, 2012, the unemployment rate was 4.9%, a decrease from the
unemployment rate of 5.4% in the prior year period.
The Republic's balance of payments has not been consistent during the years 2008 to 2012, given deficits
recorded in 2009 and 2012. Although the overall balance of payments was in deficit for calendar year 2012 of an
estimated U.S.$662.1 million, in 2011 there was an overall surplus of U.S.$752.6 million. The current account
surplus is estimated to be U.S.$982.2 million for the calendar year 2012, compared to U.S.$2,898.5 million in
calendar year 2011. The capital account balance, however, is estimated to record a deficit of U.S.$1,581.6 million
for calendar year 2012.
The year-on-year inflation rate for fiscal year 2013 was 3.0%, a decrease of 4.7% from the inflation rate of
7.7% for fiscal year 2012. The average inflation rate for the nine months ended September 30, 2013 was 5.5%, a
decrease of 4.2% from the average inflation rate of 9.7% for the nine months ended September 30, 2012.
In September 2012, in an attempt to stimulate the economy, and with "core" inflation (inflation excluding
the impact of food prices) relatively contained, the Central Bank reduced its main policy rate, the repurchase or
"repo" rate, to 2.75%. This reduction followed 75 basis points of previous cuts since the end of 2010, leading to
reduced lending rates by commercial banks. However, despite the reduction in the repo rate, private sector credit
remained subdued and business loans declined. In contrast, volumes of consumer lending and real estate mortgage
loans increased.
With low credit demand and large fiscal injections, the Central Bank took measures to manage excess
liquidity by requiring commercial banks to roll over maturing fixed deposits held at the Central Bank, and to
increase the amount of such deposits by TT$1.5 billion (U.S.$235.1 million). In May 2013, having reached its legal
ceiling on open market operations of short-term treasury securities, the Central Government issued a TT$1.0 billion
long-term bond to assist in the absorption of liquidity. In addition, the House of Representatives of the Republic has
approved an increase in the Central Bank's authorization for open market operations from TT$5.0 billion
(U.S.$783.7 million) to TT$15.0 billion (U.S.$2.4 billion) for issuances of treasury notes and from TT$15.0 billion

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(U.S.$2.35 billion) to TT$30.0 billion (U.S.$4.7 billion) for issuances of treasury bills. The measure is currently
scheduled for debate in the Senate. The highly liquid financial environment has also led to a further reduction in
interest rates, including those on government securities.
On January 30, 2009, the Republic entered into a memorandum of understanding (the "MOU") with CL
Financial Limited ("CLF"), acting for itself and as agent for its affiliates, including Colonial Life Insurance
Company (Trinidad) Limited ("CLICO"), CLICO Investment Bank Limited ("CIB") and British American
Insurance Company (Trinidad) Limited ("BAT"). Under the terms of the MOU, CLF agreed to undertake certain
measures to correct the financial condition of CIB, CLICO and BAT in order to protect the interests of the
depositors, policy holders and creditors of those institutions. Such measures included the sale of CLF's
shareholdings in certain entities, including Republic Bank Limited, Methanol Holdings (Trinidad) Limited
("Methanol Holdings") and Caribbean Money Market Brokers Limited, and applying the proceeds of such sales
towards correcting the financial imbalances of its affiliates. At that time, CLICO represented approximately 50% of
the insurance liabilities in Trinidad and Tobago and, therefore, its distress represented a risk to the financial stability
of the Republic.
Against this background, the Central Bank intervened and, with the assistance of the Central Government,
sought to restructure CLICO and BAT. The Republic invested TT$5.0 billion in CLICO in the form of a purchase
of ordinary shares of CLICO representing 49.2% of the issued and outstanding shares (TT$7.25 million) and
preference shares in the value of TT$4.99 billion, and a further investment of TT$100.0 million in liquidity support
to BAT. In addition, the Republic purchased the liabilities of the policyholders and depositors of CLICO and BAT
in an amount of approximately TT$11.6 billion (U.S.$1.8 billion). Since 2009, the key assets of CLICO, in which
approximately 80% of the assets to be divested reside, as well as the assets of BAT and CIB, have appreciated in
value. The Republic is currently in an advanced stage of reaching agreement with CLF and the Central Bank on the
specific mechanisms by which the divestment is to be conducted and the terms of the repayment of debt using the
proceeds of the divestment and other funding from CLF. As a result, the Central Government believes that
CLICO's financial condition no longer represents a risk to the financial stability of the Republic.
Social and Economic Policy Framework
In October 2011, the Central Government issued its Medium-Term Policy Framework 2011-2014 (the
"MTPF"), based on the theme "Innovation for Lasting Prosperity." The MTPF outlines the Central Governments'
perspective and intent to achieve socio-economic transformation based on the following seven interconnected pillars
for sustainable development:
People-Centered Development. This pillar is at the heart of the development strategy around which the
other pillars coalesce. It focuses on the people of Trinidad and Tobago and their development
aspirations and the strategies that allow each individual the opportunity for development through
meaningful engagement in education, employment, arts and culture, sport, and family and community
initiatives.

Poverty Eradication and Social Justice. This pillar emphasizes economic inclusion and identifies
specific annual targets for reduction of poverty (targeted at 2%). It focuses on the protection and care
for the most vulnerable members of the Republic: poor children, victims of crime and the differently-
abled.

National and Personal Security. This pillar addresses crime and personal safety with the objective of
eliminating fear for self and property and to create an environment in which all can enjoy freedom with
responsibility.

Information and Communication Technologies. This is an essential element of the infrastructure
underpinning the creation of a modern, competitive economy in an information rich, knowledge- and
technology-driven world.
A More Diversified, Knowledge-Intensive Economy. This pillar is at the core of building international
competitiveness, stimulating new areas of economic growth and moving up the value chain. It places a
premium on creating high value jobs and generating wealth across all regions of the country. The

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thrust is towards building an innovative, highly-skilled work force supported by strong institutions and
increased research and development activity as the cornerstones of the economic restructuring effort.
Good Governance. This pillar is characterized by strong institutions responsive to the needs of the
citizenry, adherence to a culture of democracy and the principles of accountability, transparency and
fairness as well as expanded civic engagement.

Foreign Policy. This pillar underscores the importance of meaningful and decisive engagement with
the community of nations and strategic positioning at the regional, hemispheric and wider global levels
to the success of Trinidad and Tobago's development strategy.
The framework articulates the broad strategic direction being taken to restructure and transform the
economy and the society, and the necessary policy shifts aimed at managing development. Within the context of the
seven development pillars articulated by the government, the main thrusts of the MTPF are:

to diversify and deepen the production base in order to ensure that in a context of depleting energy
resources, the economy will continue to grow and sustain a high standard of living;

to move the economy up the value chain, increase competitiveness and expand investment both local
and foreign;
to achieve a secure and safe nation and to strengthen the framework, institutions and infrastructure to
support human security;

to expand the capacity of the Republic's citizens for knowledge accumulation and use, innovation,
creativity and entrepreneurial activity; and
to reduce socio-economic and regional inequalities within the borders of the Republic, move people
out of poverty and promote social inclusion through meaningful economic participation.

In this context, the government has set the following five priorities for action over the three-year period
from 2011 to 2014. These five priorities are aimed at achieving sustainable economic and social advancement of all
citizens.

Crime and Law and Order. The approach to crime containment and reduction is multi-pronged and
includes: more effective law enforcement and policing, social interventions aimed at discouraging a
lifestyle of crime and violence, reform of the justice system and the legal framework and rehabilitation
of offenders. These are to be supported by national strategies for economic recovery, growth and
expansion which will create jobs, foster greater economic inclusion and move the Republic in the
direction of achieving prosperity for all.

Agriculture and Food Security. Food security is one of the government's major goals. Its objective is
to develop a highly productive agricultural sector that is modernized and internationally competitive
and that generates sustainable income levels for producers comparable to those obtained in other
sectors of the economy. The agriculture sector must enhance the Republic's renewable resources and
biodiversity and meet the needs of the population for adequate supplies of locally grown, affordable
and nutritious food.

Health Care Services and Hospitals. Proactively addressing the challenges of the healthcare system
requires a comprehensive approach to reducing the incidence of non-communicable and other
infectious diseases, promoting healthy lifestyles, addressing the human resource challenges, improving
and creating accessible infrastructure as well as introducing a patient-centered approach to health care.
Central to achieving these goals is an effective managerial approach that is guided by a strong
legislative and policy framework that guarantees efficient and effective use of resources and is
responsive to crisis situations.


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Economic Growth, Job Creation, Competitiveness and Innovation. The growth, competitiveness and
innovation strategy for the medium-term will center on the government's efforts to drive innovation
and entrepreneurship, support new strategic sectors with the potential for becoming internationally
competitive and generate high paying jobs in accordance with the "Decent Work Agenda," promote
cluster development locally and regionally, restructure the energy sector and improve the business
environment.

Poverty Reduction and Human Capital Development. A major effort will be mounted by the
government to reduce the level of poverty, with the intention of eradicating poverty in the long-term.
The strategy is to break the cycle of poverty, enable self-sufficiency and create opportunities for wealth
generation.

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