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Fri 21st Sep 2018

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SVG Director of Audit report shows poor financial management in SVG by ULP regime

The SVG Director of Audit report for 2012 came out on 14 September 2018 - 6 years late. In Singapore, the Auditor General Report for 2017/18 was given to the President and Parliament of Singapore on 3rd July 2018.

Even though the SVG audit report is very late, the SVG Director of Audit report shows poor financial management in SVG by the ULP regime. Warrant Officer Ivan O’Neal BSc (hons), MSc, MBA offers an insight of the SVG 1979 Constitutionally-Appointed Director of Audit Report of SVG for the year 2012.

Public Debt Investment is $853,121,005.94. There is a lack transparency about where this huge amount of government debt has been squandered.

The Overdraft at Bank is $31,348,999.87. This is a large and excessive overdraft that the government has. It shows that the ULP regime lacks the ability to create enough revenue to manage SVG.

The Cash of $23,378,920.32 is unreconciled. The accounting term unreconciled means that any cheques outstanding drawn against the $23,378,920.32 have not been accounted for. There may be cheques totalling $23,378,920.32 that are about to be paid and the amount of cash could actually be zero. This is a very good example of the workings of a highly incompetent and unqualified Minister of Finance.

The incompetent ULP government has no Contingency Fund. This is very serious and dangerous for the people of SVG. In the likely event of a serious disaster in SVG, the ULP Regime will be unable to react immediately and be forced to beg the International Community for money. This will take time and during a national disaster time wasted begging for money will mean lives are lost.

Again, this is a good example of how the people suffer when we have an incompetent & unqualified Minister of Finance. Warrant Officer Ivan O’Neal very strongly supports the Director of Audit’s Constitutional call for a Contingencies Fund. If we suffer an emergency, we need to be able to help our people immediately.

There was a shortfall of $4,095,041.65 in the collections for Corporate Tax. This tells us that the SVG business sector has contracted quite significantly – less tax collected suggests businesses had a lower amount of sales. This is a sign of the SVG economy getting smaller and the fallout of this is seen all around our country with the increased unemployment and crime.

The actual collections for Taxes on International Trade and Transactions totalled $172,963,902.60. However, this fell short of its estimated revenue by $23,476,097.40. This is a drop of about 12%. This shows a drop of almost one eighth of economic activity in the international transactions sector. The SVG economy is dying.

Value Added Tax recorded the highest shortfall of $10,590,375.49. Again, this tells us that the SVG business sector has contracted – less tax collected suggests businesses had a lower amount of sales. The SVG economy is getting smaller and our people suffer with increased unemployment and crime.

Warrant Officer Ivan O’Neal BSc (hons), MSc, MBA, Leader of SVG Green Party, is calling for an open public debate on the strengthening of financial governance and competent management of the public sector in SVG in order to build a framework for economic growth and mass employment.

According to Warrant Officer Ivan O’Neal, our country is in its worst condition in living memory. The economy is dying, crime and unemployment are high and SVG is a financial disaster under the incompetent ULP regime.

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