Basseterre, St.Kitts (TUCOM) -- Less than two months after the Dr Denzil Douglas led government returned monies borrowed from the IMF in an unprecedented move the minority regime is now seeking to borrow $540 million or a Half BILLION dollars from local banks to cover current expenditure.
For all the seemingly very false claim that it is doing well, the illegitimate Denzil Douglas regime went to Parliament last week to seek authorization to borrow monies to meet its indebtedness including repayment to holders of Treasury bills. It is an irony that while the government has been spending and squandering the scarce resources of the country in what most describe as an effort to essentially buy votes for the upcoming general elections which polls indicate will see a change og government, the Minority regime had the face of brass to go to parliament to seek new borrowings.
The Dr. Douglas regime ran up a Public debt of EC$ 3 billion, the highest rate of indebtedness in the world. Douglas’ poor management of the country forced it into an International Monetary Fund (IMF) program because of its inability to manage its debt . It unilaterally refused to pay Social Security, National Bank, the Methodist Church, TDC, Scotia Bank millions of dollars by imposing a haircut on them. Douglas imposed a cruel 17% VAT on basic necessities such as food, medicine, educational supplies and funeral expenses. We pay VAT even on the withdrawal of our moneys from the banks and on every phone call we make.
Our electricity bills have gone sky-high beyond the ability of families and businesses to pay. Many small businesses had to close and entities like Clear Harbour, Electrofab gave the burden of electricity charges as explanations for the layoff of workers. Clear Harbour closed putting over 300 people out of work. The economy has not yet regained its vitality. The only sector doing anything is the state sector.
In efforts to buy votes for the election, Douglas has embarked on a spending binge using the proceeds of the Citizenship by Investment Programme and in particular the politically driven election Slush Fund nicknamed SIDF to do every government election gimmick. Roads left abandoned for years are suddenly being done. Children have suffered unnecessarily for years as their parents become poorer and poorer and suddenly the government wants to REACH them. A double salary is to be paid in September etc, in preparation for October elections.
The very squandermania which led us to the IMF and caused the overtaxing of our people is again happening. Rather than use public monies responsibly and carefully, Douglas has set out on a path to again bankrupt the country. He is intent on a wipe out of all monies in the SIDF and helping his yesmen with special favours from SIDF at the expense of the country.
The population must condemn the irresponsible and cavalier of the government. While it has been wasting the Public funds and it is now asking for loan financing of the following order namely:
• $75 million from commercial banks by means of advances in the form of Treasury Bills
• $360 million by means of advances in Treasury Bills for the purpose of meeting current requirements
• $15 million from National Bank for the purpose of meeting recurrent expenditure (not capital expenditure) of the Saint Christopher Air and Sea Port Authority.
• $5 Million from National Bank for the Saint Christopher Tourism Authority for the purpose of meeting recurrent expenditure.
• $87 Million for SCASPA to raise a loan for Cruise Port Development Ltd to do a new pier and enhancement work at Port Zante.
A total of $542 million.Why is Douglas taking the country into debt when his term in office is invalidated? Why is he squandering the people’s money in the SIDF when he has no legitimacy?
This kind of outrageous behavior must end. Team Unity is ready to govern and bring a higher standard of behavior and conduct to governmental affairs.
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