borrowing ceiling by 50 billion dollarsGovernment is defending its decision to get parliament’s approval recently to raise the borrowing ceiling by 50 billion dollars.

The PNM led administration maintains that the measure was necessary in order to properly manage the country affairs and settle outstanding payments.

Finance Minister, Colm Imbert, speaking during debate this week on the Finance Bill 2016 insisted that the intervention was necessary to avoid an economic collapse.

Minister Imbert said the former government was advised by an international financial institution to address challenges relating to the collection of taxes but he claimed little work was done in this area.

Finance Minister, Colm Imbert