Kingstown , St Vincent & The Grenadines – January 10, 2024
Opposition Leader of St Vincent and the Grenadines, Godwin Friday, has strongly criticized the recently unveiled 2024 budget, labeling it as “deceptive and lacking relevance to the actual circumstances of people’s lives.”
In response to Finance Minister Camilo Gonsalves’ presentation of the 1.6 million budget on Friday, January 9th, Friday expressed concerns about the budget’s disconnect from the realities faced by the citizens and the apparent discrepancy between the government’s priorities and the well-being of individuals.
“The budget as a serious document ought to signal to the people of this country that we understand our predicament, we know what you are feeling,” stated Friday. He emphasized the missed opportunity of the budget to convey a sense of relief to the people.
Friday raised questions about the government’s focus on large-scale projects and the implications for individuals. He highlighted the importance of the budget reflecting an understanding of the challenges faced by the general population.
Referring to components like surplus capital revenues, Friday alleged that the government failed to provide evidence of its ability to generate long-term revenue. He accused the budget of being “counterfeit” and criticized the accounting manipulation behind the appearance of a balanced budget.
“The 245 million dollars in excess capital receipts are merely an accounting trick to enable the Minister to cover up the 235.1 million dollars in the overall deficit. So, you can present the budget as though it’s balanced, even though the money will not be collected,” Friday asserted.
The Opposition Leader also drew attention to St Vincent’s escalating national debt, standing at 2.44 billion dollars. He expressed concern over the increasing interest rates and lending fees linked to the debt, pointing out a substantial 33 percent increase in interests and fees from 2023 to 2024.
“This is a tremendous cost that is imposed on the treasury. It creates a serious problem for us, keeping debt-servicing-costs high and the debt-burden heavy. Debt servicing now takes 34 cents out of every dollar,” warned Friday.
Despite expecting his presentation to be dismissed, Friday expressed hope that the government would find it useful in understanding the genuine concerns of the people.
