Opposition Leader Ralph Thorne is warning Barbadians that the economy is a serious crisis as major industries underperform.
He is also telling the public that the country is in “a perilous financial state” and that Government borrowing money to repay loans is evidence of this.
Thorne criticised Government’s increased indebtness yesterday as the House of Assembly debated resolutions to borrow $185.4 million from the Saudi Fund For Development.
The credit is for Bridgetown renewable ($68.4 million), and the upgrade of nine polyclinics ($117 million).
“I know that this is a time of year when Barbadians are looking for some festive relief, Crop Over and so on, and all the parties and the entertainment, perhaps this is the occasion on which the Government sneaks into this Parliament amidst the noise . . . to come and enter into these arrangements which reflect nothing more than financial madness,” Thorne said.
“The people of Barbados need to understand that the reason we are taking these loans for developmental projects is because . . . our major industries have declined under this omniscient Government.
“This Government finds it impossible to refuse loans, and this Government is finding it impossible to refuse loans because this Government is possibly broke. Tell the people of Barbados, why every fortnight you are borrowing money. Let this Government tell the people of Barbados how far this country is from financial doomsday.
“Let this Government, in a moment of candour, tell the people of this country that the tourism receipts are not able to pay the loans, and that the receipts from international business are not enough to pay the loans, and that the receipts from agriculture are definitely not enough to pay the loans, and that manufacturing, hobbling as it is definitely not enough to pay the loans.”
He added: “It makes sense now to conclude that the Government is continuing to take loans because of the financial peril of this country.
“Something, according to Shakespeare, is rotten in the state of Denmark. I beg Shakespeare to add Barbados to that. Something is rotten in this republican state of Barbados and the people want to know and the rottenness reflects itself in the perilous financial state in which this country finds itself and Crop Over now becomes the season to obscure the peril.
“We are in trouble, even the most unsophisticated householder knows that frequent trips to the bank and the credit union is evidence of a household that is in peril and that you are merely postponing the doomsday.
“This country, under this Government, is postponing doomsday, and I want the people of Barbados to know this. This is about a reality that becomes more and more obvious every day, . . . these frequent trips to the banks indicate that we are skating on thin ice in the summer.
“What is this Government going to do When autumn comes? Another loan to repay an earlier loan.”?
(SC)
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