Barbados Labour Party Borrowing Mentality Surfaces Again

“It would be highly irresponsible of me as Minister of Finance of this country to go and borrow money to finance present consumption,” [Prime Minister] Thompson said.

He was responding to a call from Leader of the Opposition, Mia Mottley, to ask FirstCaribbean, Barbados National Bank or another bank to help him raise the funds.

She was referring to a $33.6 million debt the Barbados National Oil Company Limited (BNOCL) incurred subsidising fuel oil to the Barbados Light & Power Company Limited. This was an effort to stabilise electricity prices against the backdrop of rising international oil prices.

Thompson said such borrowing would merely defer the cost of consumption to future generations of Barbadians.

“I would rather take that money and invest it in trying to save jobs in this economy,” he stated.

“I would rather take that money and try and invest it in new accommodation for Government. I would rather take it and try to boost our social programmes, including the transport system, including our education system.”

Thompson and Mottley spoke on a resolution seeking to transfer $80 million from the Consolidated Fund so Government could use it to finance projects including the BNOCL energy subsidy programme, a $30 million subsidy to the Barbados Transport Board, and road improvement.

Mottley said there had to be a way of financing the BNOCL debt other than by “asking ordinary poor Barbadians and producers to carry that debt”.

FULL STORY

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One Response to Barbados Labour Party Borrowing Mentality Surfaces Again

  1. Pingback: Poor People This And Poor People That Time To Stop That Crap Talk Man « Bajan Global Report

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