Articles

Fri 19th Apr 2019

thumb

Venezuela rescues ULP regime with EC$161.3 million in debt relief in 2017

Venezuela is keeping the ULP regime in power in SVG with EC$161.3m of public debt relief in 2017.

It is of very serious concern to our nation that the financially incompetent ULP regime has not been able to fully understand that when the inflow of revenue is continually less than the outflow of expenditure, there will be a build-up of public debt.

More often than not, the financially incompetent ULP regime is forced to beg for Public Debt relief or have the Public Debt repayments rescheduled at greater cost to our country and people. The ULP regime is a waste of time and highly unqualified to manage the public accounts of SVG.

The finances of our country are in such a bad state, that the ULP regime begged the UK government for debt relief twice, in 2002 and in 2017, when the ULP regime received about EC$180 million in debt relief from the UK government.

Financially, and economically, our country is in a very bad situation.

It is shocking how both the Venezuelan and UK governments can be so short-sighted and give hundreds of millions of debt relief, yet ignore the serious breakdown in governance and accountability of the public accounts in SVG and the plight of the people of SVG.

The Venezuelan and UK governments are rewarding bad accountability and bad governance with debt relief. All of us should be deeply concerned that these governments are propping up the ULP regime, but at what cost to the people and economy of SVG.

In SVG, there are high levels of unemployment, crime and poverty; there’s very little money circulating the country; businesses have the worst sales in 40 years and have been forced to lay-off staff or close down; thousands of households are too poor to have mains water and electricity; and thousands of poor households are unable to feed themselves adequately.

After nearly 18 years in power in SVG, the ULP regime has failed to create any cash cows in SVG, they have failed to create large sources of sustainable income for our country. The ULP regime fails to create income from abroad or export large amounts of goods manufactured in SVG.

According to Retired British Royal Air Force Engineer Warrant Officer Ivan Bertie O’Neal BSc (hons) MSc, MBA, there is virtually no export industry in SVG. The lack of revenue creation and continual build-up of hundreds of millions of public debt is a serious threat to the people of SVG. It impoverishes our people and pushes us into being second-class citizens in our own country. This can be seen throughout our country as the ULP regime sells more land to foreigners to raise money.

The financially incompetent ULP regime must be voted out of power. We cannot afford to carry on with another Minister of Finance who is not a university graduate in Accounts or Finance and financially instability, higher levels of public debt, unemployment, crime, poverty and businesses closing down.

< Back to Articles