Obligation Trinidad & Tobago 4.5% ( USP93960AH80 ) en USD

Trinidad & Tobago

96.67 % ▲

Trinite-et-tobago

USP93960AH80 ( en USD )

4.5% par an ( paiement semestriel )

25/06/2030

Prospectus brochure de l'obligation Trinidad and Tobago USP93960AH80 en USD 4.5%, échéance 25/06/2030

P93960AH8

26/06/2026 ( Dans 85 jours )

Trinité-et-Tobago est un pays insulaire de la mer des Caraïbes, connu pour sa diversité culturelle, son carnaval vibrant, sa production de rhum et ses paysages variés allant de plages de sable blanc à des forêts tropicales luxuriantes.

L'obligation Trinidad and Tobago (ISIN : USP93960AH80, CUSIP : P93960AH8) libellée en USD, offrant un taux d'intérêt de 4,5% et échéant le 25 juin 2030, avec des paiements semestriels, se négocie actuellement à 89,5% de sa valeur nominale.

OFFERING CIRCULAR

U.S.$500,000,000
The Republic of Trinidad and Tobago
4.500% Notes due 2030
The 4.500% Notes due 2030 (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 at least equally with all other present and future obligations
of the Republic that constitute charges upon the Consolidated Fund; it being understood that this provision in the indenture governing the
Notes shall not be construed so as to require the Republic to make payments under the Notes ratably with payments being made under any
other such present and future obligations.
Interest on the Notes is payable in arrears on June 26 and December 26 of each year, commencing on December 26, 2020 and
the Notes will mature on June 26, 2030. 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 Republic may, at its option, redeem the Notes, in whole or in part, before maturity, on not less than 30 nor more than 60
days' notice on the terms described under "Description of the Notes--Optional Redemption."
The indenture governing the Notes will 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 "Description of the
Notes -- Modifications, Amendments and Waivers") under which the Republic may amend the payment provisions of the indenture and
certain other terms with the consent of the holders of: (1) with respect to the Notes, more than 75% of the aggregate principal amount of
the outstanding Notes; (2) with respect to two or more series of debt securities (including the Notes), if certain "uniformly applicable"
requirements are met, more than 75% of the aggregate principal amount of the outstanding debt securities of all series (including the Notes)
affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of debt securities (including the
Notes), whether or not the "uniformly applicable" requirements are met, more than 66% of the aggregate principal amount of the
outstanding debt securities of all series (including the Notes) affected by the proposed modification, taken in the aggregate, and more than
50% of the aggregate principal amount of the outstanding debt securities of each series (including the Notes) affected by the proposed
modification, taken individually.
The Republic has made an application 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 Part IV of the
Luxembourg Law on prospectuses for securities, dated July 16, 2019.
See "Risk Factors" beginning on page 8 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 of the United States or other jurisdiction. 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: 100.000% plus accrued interest, if any, from June 26, 2020
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, société anonyme
Luxembourg ("Clearstream") on or about June 26, 2020.
Sole Bookrunner
Credit Suisse
_________________________
Joint Lead Managers
Credit Suisse First Citizens Bank Limited

June 22, 2020

NOTICES
This Offering Circular contains important information that you should read carefully before you make
any decisions 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 either of Credit Suisse Securities (USA) LLC (the "Initial Purchaser") or First Citizens Bank
Limited (the "Placement Agent" and, together with the Initial Purchaser, the "Joint Lead Managers").
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 Joint Lead Managers, the Trustee (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.
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."
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" "USD" and "U.S.$" are to
United States dollars and references to "TT dollars," "TTD" and "TT$" are to Trinidad and Tobago dollars.
See "Description 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.

i

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.

ii

TABLE OF CONTENTS
Page
Certain Defined Terms and Conventions ..................................................................................................................... iii
Forward-Looking Statements ........................................................................................................................................ v
Summary........................................................................................................................................................................ 1
The Offering .................................................................................................................................................................. 6
Risk Factors ................................................................................................................................................................... 8
Enforcement of Civil Liabilities .................................................................................................................................. 17
Use of Proceeds ........................................................................................................................................................... 18
The Republic of Trinidad and Tobago ......................................................................................................................... 19
The Economy ............................................................................................................................................................... 21
Foreign Trade and Balance of Payments ..................................................................................................................... 55
Monetary System ......................................................................................................................................................... 59
Public Sector Finances ................................................................................................................................................. 65
Public Sector External Debt ......................................................................................................................................... 71
Description of the Notes .............................................................................................................................................. 74
Taxation ....................................................................................................................................................................... 88
Plan of Distribution ..................................................................................................................................................... 92
Form, Denomination and Transfer............................................................................................................................... 98
Transfer Restrictions .................................................................................................................................................. 101
General Information .................................................................................................................................................. 104
Appdendix A Republic of Trinidad and Tobago: Public Sector Debt .................................................................... 105

CERTAIN DEFINED TERMS AND CONVENTIONS
Exchange Rates
On April 13, 1993, the Republic abandoned a fixed exchange rate regime and adopted a managed floating
exchange rate regime whereby foreign exchange transactions are handled through authorized and licensed dealers who
actively trade in the foreign exchange market.
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").

iii

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

(TT dollars per U. S. dollar)
2015 ..........................................................................................................
6.3537
6.4196
2016 ..........................................................................................................
6.6434
6.7460
2017 ..........................................................................................................
6.7539
6.7628
2018 ..........................................................................................................
6.7567
6.7805
2019 ..........................................................................................................
6.7553
6.7624
2020 (through June 18, 2020) ...................................................................
6.7509
6.7631
_____________
Source: Central Bank of Trinidad and Tobago

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

(TT dollars per U. S. dollar)
2015 ..........................................................................................................
6.3443
6.3454
2016 ..........................................................................................................
6.5513
6.7132
2017 ..........................................................................................................
6.7496
6.7421
2018 ..........................................................................................................
6.7564
6.7523
2019 ..........................................................................................................
6.7565
6.7328
2020 (through June 18, 2020) ...................................................................
6.7521
6.7631
_____________
Source: Central Bank of Trinidad and Tobago
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$6.7631 per U.S. dollar, which
is the midpoint of the buying and selling rates for U.S. dollars, calculated from Central Bank data for June 18, 2020.
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 2019" is
a reference to the period beginning October 1, 2018 and ending September 30, 2019. References to years which are
not preceded by "fiscal year" are references to the calendar year. The Republic reports gross domestic product (GDP)
figures on a calendar year basis.
The Central Statistical Office ("CSO") is the Republic's official statistical agency with responsibility for the
collection, compilation and analysis of all information relating to the social and economic activities of the people of
the Republic. Actual historical data produced by the CSO include, but is not limited to, GDP inflation, labor force and
employment, agricultural output and trade statistics. The CSO produces GDP data on a calendar year and quarterly
basis with some degree of lag in the publication of the data. The CSO's latest available official GDP data for the
Republic is for the first quarter of 2019. However, when applicable, in the absence of more recent official GDP data
for the Republic produced by the CSO, the Ministry of Finance produces estimates and forecasts of GDP for the

iv

purposes of policy formulation and economic planning. Therefore, in this Offering Circular, references to GDP for
calendar year 2019 refer to the Ministry of Finance estimates and/or forecasts.
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 fiscal years 2019 and 2020 are based on the fiscal year 2019 and fiscal year 2020
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 fiscal 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 and Excise
Division 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 on statistics reported to the Republic's Customs and Excise Division
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 by the
CSO using the rolling year-on-year index that compares the prices for the most recent 12 months
with the corresponding months in the price reference year.
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. Given the impact of the
coronavirus (COVID-19) pandemic and the recent decline in oil prices, there is inherently more uncertainty associated
with the Republic's assumptions as compared to prior periods. 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. A variety of factors, many of which are out of the Republic's control, could cause
the Republic's actual results or performance to differ materially from such forward-looking statements. Such factors
include, but are not limited to those described in "Risk Factors," adverse external factors, such as high international
interest rates, the occurrence or intensification of public health emergencies, such as the COVID-19 pandemic, 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.

v

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
Following eight consecutive years of positive real economic growth averaging 7.8% from 2001 to 2008, the
Republic was adversely affected by the global financial crisis, which contributed to negative growth of 4.4% for
calendar year 2009. The Republic recovered over the subsequent six years, expanding by 8.8% from 2009 to 2015,
cumulatively. However, the Republic experienced negative economic growth of 6.3% in calendar year 2016, which
was attributable to an estimated 9.8% contraction in the energy sector and a 3.1% contraction in the non-energy sector.
The contraction in the energy sector occurred as a result of a fall in oil and gas prices and a drop in the Republic's
production of oil and gas due to maturing oil fields, aging infrastructure and a lack of investment in new fields. The
Republic's negative economic growth persisted in 2017 and 2018 but moderated to negative 2.3% and 0.2%,
respectively, reflecting less pronounced contractions in real economic activity in both the energy and non-energy
sectors.
The Ministry of Finance estimates negative economic growth of 0.5% for calendar 2019, due to a slowdown
in energy sector activity during the year. The overall contraction for 2019 is premised on a 4.4% decline in real
economic activity in the energy sector and growth of 1.8% in the non-energy sector.
With the decline in global energy prices and declining volumes of oil and gas available for export due to
depletion, total export receipts declined by 18.8% in 2019 compared with 2018. While imports have fallen, the demand
for foreign exchange has remained persistently higher than supply from the public, although the level of demand has
declined from 2018. In the first quarter of 2020, sales of all currencies by authorized dealers to the public fell by 16.7%
compared with the same period in the previous year. The monthly average exchange rate of the TT dollar against the
U.S. dollar remained stable at TT$6.7523/U.S.$1 in June 2020 compared to TT$6.7791/U.S.$1 in December 2019.
In fiscal year 2018, the last period for which CSO data are available, the unemployment rate decreased to
4.1% from 4.6% in fiscal year 2017. The lower unemployment rate reflected a decline in both the size of the labor
force and the number of unemployed persons, by 1% and 11.5% respectively.
From January 1, 2018, to present, there were no strikes or lockouts in the public or private sectors in the
Republic. Based on wage agreements settled from 2018 to March 2020 at the Ministry of Labour and Small Enterprise
Development, wages in the private and public sectors increased between 3% and 9% over the period. The Minimum
Wages (Amendment) Order, 2019, came into effect on December 1, 2019. This Order increased the national minimum
wage from TT$15 per hour to TT$17.50 per hour. We expect that the COVID-19 pandemic will have a significant
impact on unemployment in the Republic. That impact is difficult to quantify for a number of reasons, including that
civil servants who would ordinarily collect and analyze data have been prevented from doing so by the COVID-19
restrictions.
The Republic's balance of payments recorded deficits during the years 2015 to 2019. The overall balance of
payments registered a deficit of U.S.$794.7 million in 2018 and a deficit of U.S.$646.1 million in 2019, mostly due
to a sharp drop-off in energy exports in 2019. The Republic's current account was in surplus in 2018 amounting to
U.S.$1,370.5 million while the financial account recorded a net outflow of U.S. $176.3 million. Similarly, for 2019,

1

the Republic's current account recorded a surplus of U.S.$1,167.8 million, while the financial account recorded a net
outflow of U.S.$869.9 million.
Headline inflation was well contained within recent years and in early 2020. According to the CSO, the
inflation rate averaged 1.0% in 2019 compared with 0.9% in 2018 and 1.9% in 2017. The rate of inflation stood at
0.5% (year-on-year) in February 2020.
The Central Bank maintained its main policy rate, the repurchase, or "Repo" rate, at 5.00% throughout 2019,
mainly due to contained inflation, tepid economic performance and easing external interest rate conditions. However,
the Central Bank reduced the Repo rate by 150 basis points to 3.50% on March 17, 2020 in order to support the
domestic economy as the international and domestic effects of the COVID-19 pandemic became evident. Throughout
2019, the median commercial bank prime lending rate reflected the steadiness in the Repo rate, remaining at 9.25%.
However, following the reduction of the Repo rate, the median prime lending rate declined to 7.50% at the end of
March 2020.
Private sector credit growth has been relatively resilient despite the anemic macroeconomic performance and
the impact of the COVID-19 pandemic. On a year-on-year basis, private sector credit outstanding in the consolidated
financial system rose by 4.1% for the twelve months ended February 29, 2020 compared with 4.6% growth for the
year ended December 31, 2019 and 4.3% growth for the year ended December 31, 2018.
The Central Bank's liquidity management goal centers on maintaining liquidity levels consistent with stable
inflation, while ensuring sufficient liquidity to facilitate the smooth functioning of the financial system. Liquidity
levels in the banking system rose from a daily average of roughly TT$3.3 billion in 2018 to TT$4.0 billion in 2019.
Liquidity increased in the first four months of 2020, largely related to the Central Bank's response to the COVID-19
pandemic (as discussed more fully below). Between January and April 2020, commercial banks' excess reserves
averaged TT$4.6 billion daily. Between May 1 and May 29, 2020 excess reserves averaged TT$8.3 billion daily.
Excess liquidity has resulted in declining short-term instrument rates. The rate on the Trinidad and Tobago 91-day
Treasury bill declined 22 basis points to 1.08% in December 2019 from 1.30% in December 2018. By April 2020, the
rate declined further to 0.96%.
Impact of the COVID-19 Pandemic on the Republic's Economy
Since December 2019, a novel strain of coronavirus (SARS-CoV2, commonly referred to as COVID-19) has
spread rapidly around the world, with at least 150 countries and territories with confirmed cases, and, on March 11,
2020, the outbreak of COVID-19 was characterized as a pandemic by the World Health Organization (WHO). The
COVID-19 pandemic is currently having an adverse impact on the global financial markets and economy, including
the Republic's economy. Such impacts include volatility in financial markets, decline in oil and gas prices, reduced
trade, lower activity in other key drivers of the local economy, effects of implementations of stay-at-home measures,
closure of national borders, impact on the tourism industry, impact on labor, wages and unemployment. The
Government of the Republic continues to assess the impacts that the COVID-19 pandemic may have on the Republic's
economy. The extent of these impacts will depend on future developments, which are highly uncertain and cannot be
predicted at this time, but may be severe. See "Risk Factors."
The Republic's Response to the COVID-19 Pandemic
In response to the COVID-19 pandemic, the Government of the Republic has taken pro-active measures to
deploy various economic and public health measures. Beginning in January 2020 the Government introduced
restrictions on travel from China. In March and April 2020, the Government created an Inter-Ministerial Committee
reporting to the Ministries of Health and National Security to assist in the response to the COVID-19 pandemic.
Among other measures, the Government set up a parallel health care system, issued stay-at-home orders, banned
gatherings of more than five persons, mandated the closure of schools, universities and non-essential businesses,
mandated quarantining in hospitals for those who tested positive, closed the Republic's borders and imposed
quarantine requirements on individuals entering the Republic. To date, these public health measures have had the
effect of significantly containing the spread of COVID-19. As of June 20, 2020, the Republic had recorded 123 persons
testing positive for the virus, six active imported cases of COVID-19, and eight deaths.

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The Government introduced a stimulus package estimated at TT$4.8 billion including additional food cards,
support to public and disability assistance recipients, additional support to NGOs, rental assistance, income support
grants, grants to churches and religious bodies, support to hotels and guest house facilities, accelerated VAT and
income tax cash refunds, issued 3-year VAT bonds to settle the residual VAT arrears, financial support to Tobago,
transfer of funds to the Credit Union Sector for soft loans, implementation of a Government guaranteed soft loan
programme for small-to-medium enterprises (SMEs), cash support to taxi operators who are constrained to operate at
below capacity as part of social distancing measures, and cash transfers to Trinidad and Tobago's students resident in
Caribbean countries.
In response to a reduction in budgeted revenues and an increase in budgeted expenditures related to the fall
in commodity prices and the COVID-19 pandemic, the Government, through Act No. 9 of 2020, amended the Heritage
and Stabilisation Fund Act Chap. 70:09 section 15 to allow withdrawals from the Heritage and Stabilisation Fund
("HSF" or the "Fund"), the Republic's sovereign wealth fund, not exceeding U.S.$1.5 billion where a disaster area is
declared under the Disaster Measures Act; a dangerous infectious disease is declared under the Public Health
Ordinance; or there is, or is likely or be, a precipitous decline in budgeted revenues which are based on the production
or price of crude oil or natural gas. On May 13, 2020, in response to a decline in revenues due to the COVID-19
pandemic, the Government authorized a withdrawal of U.S.$400 million from the HSF. Additionally, on June 18,
2020, the Government approved a withdrawal of a further U.S.$200 million from the HSF. The Central Bank reduced
the reserve requirements for commercial banks from 17% to 14%, reduced the repo rate from 5% to 3.5% which
unlocked TT$2.6 billion previously held in reserve to encourage the reduction of lending rates. Commercial banks
and financial institutions reduced their median prime lending rates from 9.25% to 7.5%; offered a moratorium on
mortgage and loan payments, waived penalties on overdraft facilities and reduced interest rates on credit cards to
between 10% and 17%. Additionally, government housing institutions provided payment deferrals of 2 to 6 months.
In May 2020, the Government authorized a U.S.$65 million loan to Caribbean Airlines, in which the Government is
the majority shareholder. The Republic also facilitated the provision of US$25 million per month for 3 months to
established importers via the Export Import Bank of Trinidad and Tobago Limited (the "EXIMBANK").
The Government devised a six-phase plan for reopening economic activity and national borders which
commenced implementation on May 11, 2020 and is due to extend to June 26, 2020. The implementation has been
as follows:
Phase I May 11 to 24, 2020: food establishments and street vendors allowed to reopen but no
dining-in allowed, reopening of stores with restricted opening hours, outdoor activities with social
distancing measures permitted, no gatherings of more than five persons allowed, West Indian
Tobacco Company Limited, Trinidad Cement Limited and Nu-Iron Unlimited allowed to resume
operations, stay at home order remained in effect, religious institutions, gyms and bars remained
closed, hardware stores allowed to open with limited hours and public transport vehicles allowed to
operate at 50% capacity.
Phase II May 21 to June 7, 2020: the reopening of the entire manufacturing sector, the construction
sector and the public sector (at half capacity).
Phase III June 1 to 26, 2020: all retail businesses allowed to reopen but must close at 6:00p.m., the
entire public service returned to work, professional service providers were allowed to resume work,
hotels with outdoor dining facilities allowed to service guests, air transport to Tobago resumed in
full, social gatherings to remain at five persons with the exception of funerals with gatherings of 10
persons allowed.
Phase IV June 8 to 26, 2020: hairdressers, barbers, gardeners, domestic workers allowed to resume
duties, gatherings extended to 10 persons, transport vehicles allowed to operate at 75% capacity.
Phase V June 11 to June 26 2020: places of worship reopened with restrictions.
Phase VI June 22, 2020: reopening of cinemas, theaters, bars, casinos and members clubs, beaches,
rivers, amusement parks, gyms and the Zoo. In-house dining to recommence at restaurants in

3

accordance with guidelines. Malls to fully reopen including food courts. Team sports to resume
without spectators at venues. Public transport to function at 100%. The Public Service to return to
full functionality with optimization of flexi-time, work from home and virtual meetings. Educational
institutions to reopen in September 2020. Places of worship no longer restricted to one hour service
but social distancing and guidelines to be followed. Public gatherings increased from 10 to 25
persons. Borders to remain closed.
There can be no guarantee that this plan will be fully implemented or that the number of cases of COVID-19
will stabilize or decrease as expected. See "Risk Factors."
Social and Economic Policy Framework
The Government of the Republic recognizes the need for balanced growth and development that allows for
socio-economic progress and environmental preservation. Thus, the vision that anchors its policy framework is that
all citizens must be afforded the opportunity to prosper and that the Republic's economy must be driven by innovative,
entrepreneurial activity. Underlying this vision to achieve sustained growth and development is a commitment to adopt
good governance principles in all aspects of public administration including economic inclusiveness, greater equity
and transparency in the distribution of resources and more meaningful citizen participation in national decision-
making.
The Republic's strategy for generating growth and sustainability is to shift from dependence on hydrocarbon
resources to an emphasis on business development through innovation and competitiveness, human capital formation
that is aligned to labor market needs and diversification of the economy. Economic growth alone is not sufficient for
development. Economic benefits must result in social transformation. The Government's goal is to create conditions
that will engender greater equity and inclusiveness in society through expanded opportunities for wealth generation
and accumulation, and participation by each individual, community and region in the Republic's national development
process. Socio-economic progress must be pursued in the context of prudent spatial management and within
environmental limits.
Selected Economic Information of the Republic
The tables below set out selected economic information of the Republic (or estimates of such information,
where so indicated) for the fiscal years ended September 30, 2015, 2016, 2017, 2018 and 2019, except as otherwise
indicated.

Fiscal Year Ended September 30(1)
Key Economic Indicators
2015
2016
2017
2018
2019(E)
Real GDP(2) ........................................................
170,853.5
160,095.8
156,394.3
156,010.74
37,100.8(9)
Real GDP (in millions of U.S. dollars)(2) ...........
25,291.8
24,098.7
23,156.14
23,089.8
5,489.9(9)
Real GDP growth(2) ............................................
1.8%
(6.3)%
(2.3)%
(0.2)%
1.7%**
Nominal GDP(2) .................................................
159,836.1
148,617.2
152,368.1
161,200.2
39,290.9(9)
Nominal GDP (in millions of U.S. dollars)(2) ....
23,666.9
22,370.8
22,550.7
23,857.8
5,814.0(9)
Nominal GDP growth(2) .....................................
(9.7)%
(7.0)%
2.5%
5.8%
1.6%**
Petroleum Sector (as a percentage of Nominal
GDP)(2) ...........................................................
23.9%
19.7%
23.6
25.9%
29.4%***
Non-Petroleum Sector (as a percentage of
Nominal GDP)(2) ............................................
73.2%
78.2%
75.3
72.2
73.3%***
Annual Average Inflation(8) ...............................
4.7%
3.1
1.9%
0.9%
1.0%
Balance of Payments(2)
Exports (in millions of U.S. dollars)*(2) .............
11,413.9
8,304.4
9,445.7
10,520.8
8,533.5
Imports (in millions of U.S. dollars)*(2) .............
7,529.5
7,088.7
6,451.7
6,630.6
6,064.7
Trade Balance (in millions of U.S. dollars)*(3) .
3,884.5
1,215.7
2,994.0
3,890.2
2,468.8
Current Account Balance (in millions of U.S.
dollars)*(3) ......................................................
1,744.1
(979.5)
1,196.1
1,370.5
1,167.8
Gross International Reserves(2)(4) .......................
9,933.0
9,465.8
8,369.8
7,575.0
6,929.0

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