Fri 19th Sep 2014

Gonsalves should go home on permanent leave

In December 2013, Minister of Finance, Gonsalves, put forward the SVG Budget Estimates 2014 with revenue (income) for 2014 of $911,571,046. At the time, SVG Green Party said that these estimates were ridiculous and highly inaccurate.

Earlier in the year, SVG Green Party had shown that the actual revenue SVG had received in the first quarter of 2014, excluding the flood money, was $189.7 million less than the expected $227.9 million estimated in the ULP regime’s nonsense Budget Estimates for 2014.

It is believed that the second quarter figures for the economy are even worse than the first quarter and that is the reason why the figures are being hidden from the public. A good way to boost the SVG economy would be for Gonsalves to go home on permanent leave.

There is no flood money for the second quarter and the highly incompetent Minister of Finance Gonsalves has not published the second quarter results for 2014. This is a serious concern as we are almost at the end of the third quarter.

If Gonsalves’ estimate of $911.6 million for 2014 was accurate, then at the end of the second quarter, we would expect revenue to be around $455.8 million (see table). However, the expected second quarter revenue for 2014 (first quarter 2014 actual revenue without flood money times by 2) is likely to be only around $76.4 million.

svg revenue table sept 2014
Summary of Fiscal Operation of SVG economy 1 Jan 2014 to 31 March 2014
researched by Ivan O’Neal BSc(Hons), MSc, MBA)

Nothing has happened in the past few months to suggest that the expected revenue for 2014, (based on the actual revenue for the first quarter 2014 without flood money times by 4), will not be $758.7 million less than what the Minister of Finance estimated. This illustrates the level of incompetence that is ruining the SVG economy.

The highly incompetent ULP regime had been forced recently to call in the IMF to avert the economy from going downwards. Withholding the second quarter economic results from the public is unacceptable, as businesses need this data to help their business operations.

There is a positive correlation between Gonsalves’ incompetence and the break-up of the SVG economy. The longer Gonsalves is the Minister of Finance, the greater will be the growth in unemployment, poverty and criminality in SVG.

A Green government will have a policy of import substitution and export orientation to create thousands of new jobs. The failure to diversify the economy and focus on exports has made our economy very weak and increased unemployment to about 50%.

SVG must create internationally competitive products that can earn foreign currency. We must invest heavily in innovation, Green industries, entrepreneurship, small businesses and educate our people to university level to meet the growing global economic challenges.

It would be better for the economy if he went back to bed and pulled the sheet over his head and stayed there for a very long time.

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