Government borrows: …”WHERE THE MONEY GOING?”

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 Opposition Member of Parliament, Dr Bhoe Tewarie, is very worried and concerned with the way the PNM Government is managing the country’s finances.

Tewarie is also concerned about the government’s failure to take decisions that will lead to stimulation of investment, reversal of recession, restoration of growth and creation of jobs in the economy.

Tewarie also expressed concern over Minister of Finance Colm Imbert’s announcement that some $1.7 billion in the Heritage and Stabilisation Fund (HSF) will be used to partially fund the country’s $7 billion Public Sector Investment Programme (PSIP).

He added, “This is in addition to about $11 billion already borrowed during their term so far, a worsening debt to GDP ratio as borrowings increase and the GDP continues to decline. W
e (the Opposition) are very worried and concerned about how our country is going to repay such high debt in the absence of confidence in the absence of economic growth and with prosperity no where near on the horizon.” 

Tewarie continued, “The PSIP was allocated according to the 2017 budget $7 billion so does it mean that no money has been spent and that nothing has been done for five and a half months.

“Does it mean they are now beginning to finance the PSIP in mid-year and he has not told us what are the projects? Since the budgetary allocation is about $7 billion, what part of the PSIP and what specific projects will this $1.7 billion be used for and how much impact will it make?”

The MP for Caroni Central said the country’s economic situation has been getting worse with declines in each quarter since the PNM has been in office. He said the general feeling of the population was that the government was floundering.

The former Government Minister added, “This is also a feeling in the business sector which is that this government is overwhelmed, that they are out of their depth and incapable of offering solutions to any of our major challenges, whether it is the murder rate, whether it is managing revenue and expenditure and deficit, whether it is stimulating the manufacturing sector, facilitating the expansion of the services sector. Initiating construction activity, boosting agriculture, attracting investment or taking the necessary action to move the economy from decline and recession to growth and prosperity.” 
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