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Fri 13th Dec 2013

2014 Budget Estimates show ULP regime cannot manage SVG's economy

The ULP regime is out of its depth in managing the SVG economy. It appears that, yet again, there is manipulation to mislead and to fool the people.

In 2010, the budget estimates jumped from $750m in 2009 to $913m in 2010. We have a repeat now where the budget has jumped from $799m in 2013 to $911m in 2014. Manipulation can give the appearance of growth to fool the people, where in reality there is no growth.

The ULP regime has lost control of the SVG economy. In 2005, the fiscal deficit was only $38m; by 2014, the fiscal deficit has rocketed to a massive $134million dollars. A total of $835 million dollars of deficit has accumulated in ten years. This shows the ULP regime is utterly hopeless on finance. Time for Gonsalves to resign.

Table showing ULP regime economic incompetence

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(source: SVG Budgets Estimates. Researched by Ivan O'Neal BSc (Hons), MSc, MBA)

Other receipts is essentially joke expectation. It seems that the ULP regime hope up to $157m will fall out of the sky in to the SVG Treasury. The weaker the economy, the greater the figure is for other receipts, as it is wishful thinking. In 2005, other receipts was $49m; in 2014 it has rocketed to $157m. This shows that the SVG economy is bankrupt and the budget estimate is a joke.

We can see that the figures for external loans for 2010 and 2014 both jumped significantly. The ULP regime are bankrupt, but they are hoping they will get $121m of external loans to survive. The grossly incompetent ULP regime is fooling the people. The real figure in external loans for next year will more than likely be different, i.e. much, much less.

If you inflate the figures for external loans and other receipts, then the overall budget can be inflated. Note that in 2010, the budget total was at $913 million, and for 2014 budget it is at $911 million. Can the business sector have confidence in joke budgets?

Next year will be tough. More businesses will be forced to close and this will make rates of unemployment and crime even higher. We can expect higher taxes and higher bills as the ULP regime hunt around for money.

The ULP regime is immoral in granting the super-rich of Mustique and Canouan and Taiwan blanket tax and customs duty exemptions. South Africans were able to see the light of day and abolish apartheid. The unpatriotic ULP regime must abolish the apartheid and unfair tax system in SVG.

The ULP regime's lifeline is reliance on external loans and foreign grants to stay in office. In 13 years, they have shown no innovation and no creativity in creating revenue and building a strong economy. They just push up tax. They are economically incompetent and the people are suffering.

SVG needs change

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