Finance Minister Colm Imbert prepared his case at the senate for increasing the loan ceiling to 50 billion dollars. He noted that funding for projects may have to be cut such as the Arima Hospital and other projects that were started under the People’s Partnership Government.
Mr. Imbert is projecting growth and depth to GDP ratio will jump to 60% by 2019. The current government is hoping to increase the borrowing ceiling to 50 billion as part of their depth plan. Mr. Imbert’s projections are based on the current market GDP.
He also made note that he cannot sign off on loan agreements for certain projects from the previous government because then he would be breaking the law. He said he would be executing a loan contract that would be unlawful under the various borrowing act.
He assured that under their administration they will not burn a hole in the government’s pocket.
However he assured the population that the government would use the increase borrow limit wisely.
Opposition Senator Wade Mark stated in his contribution to the loan ceiling debate during yesterday’s sitting of the senate, that the People’s National Movement is a hopeless government.
Senator further stated that Finance Minister Colm Imbert had a hopeless outlook for the country’s economy and that the Minister is fighting with the Central Bank Governor instead of facing the grim reality that the economy is grinding to a halt.
Opposition Senator Wade Mark.