Fri 17th Mar 2017
SVG Green Party calls on SVG Minister of Finance Gonsalves to resign for granting biased tax exemptions of billions of dollars to Taiwan and the super-rich, white migrants of Mustique and Canouan, at the expense of imposing massive Fiscal Deficits of EC$3.659 billion on the people of SVG between 2001 and 2017.
The table shows that, under Gonsalves, the SVG economy has been drowning in massive Fiscal Deficits and high payments on interest loans between 2001 and 2017. The unnecessary Fiscal Deficits are being used as an excuse to sell crown lands to white migrants.
SVG economy financial mismanagement
(Source: SVG Budget Estimates –
Researched by Ivan O’Neal BSc (Hons) MSc, MBA)
According to the Leader of SVG Green Party, Macro-Economist Mr Ivan O’Neal BSc (Hons) MSc, MBA, the SVG Minister of Finance, Gonsalves, has poorly managed the SVG economy. The massive Fiscal Deficits of EC$3.659 billion and high interest payments on loans amounting to $869 million from 2001 to 2017, are killing the economy, increasing poverty and increasing crime in SVG.
In 2007, the SVG Minister of Finance, Gonsalves, overspent the budget by EC$63 million – ten per cent of the 2007 budget - without the prior approval of the SVG Parliament. In 2008, SVG Minister of Finance, Gonsalves, killed the SVG National Commercial Bank with a massive overdraft of EC$185 million.
SVG Minister of Finance, Gonsalves, failed the SVG constitutionally-appointed Director of Audit’s National Audit of the SVG Public Accounts for 2008, 2009 and 2010. He should resign as SVG Minister of Finance for incompetence.
The SVG constitutionally-appointed Director of Audit failed Gonsalves on audit as the information supplied ‘did not in all material respect, fairly represent the financial position of the Government of SVG as at 31 December 2009 and 31 December 2010’.
According to the Director of Audit report 2008, ‘The accuracy of the assessment of revenue at the Inland Revenue Department could not be verified due to non-access to the records’. Where is the crucial oversight of the Public Accounts, as outlined under Section 75 (2) of the SVG 1979 Constitution?
There is a huge opportunity cost wasting EC$869 million just paying interest on loans. The ULP regime leadership is very weak at managing the public accounts, taking two steps forward and three steps backwards.
Gonsalves is out of his depth as the SVG Minister of Finance and should resign for biased tax exemptions to Taiwan and the super-rich white migrants in Mustique and Canouan and years of poor financial management with massive fiscal deficits and millions wasted on loan interest payments.
The United Nations and international community should urgently intervene to stop the tax discrimination, as this adversely affects most Vincentians and increases poverty.