Fri 25th Jun 2010

Over 9 years of ULP financial incompetence and now the ULP want to privatise NCB?

It was inevitable that the ULP regime would run SVG's finances in to the ground. Heavy and wasteful spending, and ULP non-compliance to hundreds of warnings from SVG's constitutional office of the Director of Audit, have left our beloved country broke.

The ULP want to sell the nation's silver just to stay in office. This is absurd. SVG's recurrent expenditure for 2010 is $610m. This includes $149m for debt servicing, $224m in wages and $108m as a budget deficit. Also, the ULP regime has a bank overdraft at NCB of $176m and we have a minister of finance, Ralph, who is not a university graduate in finance. This has proved to be a recipe for disaster.

SVG does not have a central bank or its own currency, so to privatise NCB is illogical. It is crucial that we keep NCB. It is needed to stabilise our weak economy. SVG's core problem is that the incompetent ULP regime has disastrous policies and do not have the ability to create revenue. Selling NCB is a sticking plaster solution.

NCB plays a pivotal role in managing the finance of SVG. A national bank usually allows its government small bank overdrafts at short notice, credit to small businesses and assists other monetary components in its own country's economy. For the ULP to privatise NCB would be senseless act. It would leave our country weaker, poorer and vulnerable.

If the ULP regime sells NCB, next will be VINLEC, the Port Authority and all our crown lands. This will sink SVG. Selling everything is not the solution. We must change the way we manage the nation's finances. It doesn't matter how much the ULP sell, SVG is going nowhere with ULP's bad policies.

Presently, SVG exports are about £103m, but its imports are about $945m. This trade gap shows that the ULP are creating jobs abroad and killing jobs in SVG. Ralph should urgently step aside as minister of finance and PM. Since 2001, he has shown that he does not have the skills to be a minister of finance or a prime minister.

The ULP's sloppy and careless financing is putting many government jobs at risk. People who are employed by government and depend on their salary to pay their mortgage, are being exposed to the risk of losing their home under the ULP's incompetent financial handling.

A Green government will introduce policies that will create surplus revenue and prosperity for our people. We will change the senseless focus on mass tourism as the engine of SVG's economy, to a Green sustainable, export-driven economy. We will create wealth through new Green high tech jobs.

A Green government will amend the SVG 2001 Fish Act to bring in joint ventures for SVG's lucrative fish licence and reclaim Mustique island for our people. We will change SVG's economy from a weak, mono-sector economy relying on mass tourism, to a multi-variable economy by bringing in new industries and factories.

Only a Green government can stimulate economic growth in SVG and build a strong and sustainable economy. We will not sell the nation's silver. Vote GREEN.

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