Articles

Fri 2nd Feb 2018

thumb

Budget Estimates 2018 – Massive Fiscal Deficit of $372 million

Yet another disappointing budget, from yet another financially incompetent Gonsalves.

In the Budget Estimates 2018, the Current Revenue is $621 million and Expenditure is $993 million. This leaves the ULP government with a massive Fiscal Deficit of $372 million.

According to Warrant Officer Ivan O’Neal BSc (hons), MSc, MBA, who has an MSc degree in Macro-Economic Policy and Planning in Developing Countries from Bradford University, England, from these figures alone, we can tell that it will be another tough year ahead for Vincentians.

It is now quite probable that SVG, under Gonsalves’ grossly incompetent management of the Public Accounts, has taken over from Haiti as the poorest country in the Caribbean.

To try and hide the massive fiscal deficit in the Budget Estimates 2018, Gonsalves has put in a figure of $160 million labelled as ‘Other Receipts’. This is money that the ULP regime expects to fall out of the sky or money they will find growing on the ‘magic money trees’.

It is very shocking in the Budget Estimates 2018, that the ULP regime intends to waste over $62 million on interest payments and loan charges. This is more than 6 times the amount they intend to spend on Health, about 26 times the amount that will be spent on Social Protection and about 5 times the amount that will be spent on Education.

Vincentians’ lives, health and education are suffering, because of Gonsalves’ financial incompetence and inability to create revenue. The table shows just how little is being spent on Vincentians’ essential needs.

20180202thenewstable
(Source: SVG Budget 2018 –
researched by Ivan O’Neal BSc (hons) MSc, MBA)

The Budget Estimates 2018 shows that Vincentians will be taxed heavily, as the ULP regime intends to skin our people for over $532 million in taxes. This very high level of taxation is killing businesses, killing the economy and pushing thousands of households in to extreme poverty. It is very wrong and unpatriotic!

It is astonishing in the Budget Estimates 2018, that there is no income to the SVG Treasury that the ULP regime has actually created themselves from industries or factories. The ULP regime has been in government since 2001, yet they still rely heavily on begging, loans and debt relief for financial income. SVG is in a real mess.

One of the core problems in SVG is that the Ministers of Finance, Gonsalves from 2001 to 2017 and Gonsalves from 2017, are both not university graduates in Accounting nor Finance. The people of SVG deserve better.

According to i-witness news, Gonsalves talks about a surplus when discussing the budget. This is misleading as there is a massive Fiscal Deficit of $372 million. You’ll need to excuse him, as he is not university educated in finance.

The budget is tough on Vincentians. The answer is to abolish the billions of dollars of tax exemptions given to Taiwan and the white, super-rich migrants of Mustique and Canouan. It is foolish and unsustainable. We must do this in order to move our country forward and make life better for our people.

< Back to Articles