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Fri 13th Oct 2017

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Gonsalves’ insane financial strategy

On Thursday 5th October 2017, the SVG Minister of Finance, Gonsalves, told the SVG House of Assembly he was seeking debt forgiveness for the country.

According to Warrant Officer Ivan O’Neal, it is estimated that Taiwan and the super-rich, white migrants of Mustique and Canouan receive about EC$3 billion annually in tax and customs duty exemptions from the ULP government.

It is insane, therefore, for Gonsalves to be seeking debt forgiveness for SVG, when he could easily get the money needed to repay the country’s debt, by ending the tax and customs duties exemptions given to Taiwan and the super-rich, white migrants of Mustique and Canouan.

The pursuit of debt forgiveness shows the stupidity of the ULP regime and their incompetence when it comes to managing the country’s finances and the country’s economy.

One of the big problems with the ULP government is that, they have 8 elected members and 4 senators in the SVG House of Assembly and not one of them is a university graduate in accounting or finance. It is the blind leading the blind with this ULP government.

The consequence of having a government with no ministers or senators being a university graduate in accounting or finance, is the financial and economic devastation our country suffers today. It has made our economy weak and our country heavily in debt.

The SVG economy is in crisis. Having a high debt to GDP ratio of about 81%, shows that SVG is not making enough money to pay off its debt. SVG is at risk of defaulting on its debt and the economy collapsing.

Whilst Gonsalves continues to give tax exemptions of about EC$3 billion annually to Taiwan and the super-rich, white migrants of Mustique and Canouan, it is insane to seek debt forgiveness.

It would be strange for foreign countries and organisations to grant debt forgiveness to SVG, whilst the tax exemptions of about EC$3 billion annually given to Taiwan and the super-rich, white migrants of Mustique and Canouan are still in place.

It is strange for foreign countries and organisations to give money or grant loans to SVG, whilst the tax exemptions of about EC$3 billion annually given to Taiwan and the super-rich, white migrants of Mustique and Canouan are still in place.

According to Warrant Officer Ivan O’Neal BSc (hons), MSc, MBA, the very high debt to GDP ratio in SVG is a very strong warning to our people, that SVG urgently needs a new government and a macro-economic and structural change. It cannot be business as usual.

Gonsalves’ financial and economic strategy of debt forgiveness is insane. The ULP regime does not have the vision to build a strong and sustainable economy.

The best debt management strategy for SVG is to collect revenue. Therefore, Gonsalves needs to end the tax exemptions given to Taiwan and the super-rich, white migrants of Mustique and Canouan and collect the revenue of billions of dollars a year that our people are being denied.

It is insane not to collect this revenue and it would be an insult to the people of SVG not to collect this revenue.

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