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Cooper Slams Gov’t Borrowing


The Opposition is  not in support of resolutions debated in the House of Assembly yesterday in relation to the government acquiring more loans from the InterAmerican Development Bank (IDB).

Progressive Liberal Party (PLP) Deputy Leader, Chester Cooper, said while the PLP supports digital reform and disaster mitigation, it simply cannot support the resolution since there has been nothing to justify the borrowing.

“As to what’s been done with all the funds already borrowed by this government, this government has said over `and repeatedly that we sit on a fiscal cliff, you said the cupboard is bare, you said the PLP has borrowed too much, and now this, we will not support it,” he said.

“The reality on the ground is that people are hurting, they do not believe that their life is any better off now than it was in 2017, they don’t believe that this economy is working for them, they see all this borrowing and they don’t see how it benefits them,” he added. 

Mr. Cooper said it is  concerning that the funds may not be used to finance expenses associated with permanent reconstruction of infrastructure, considering past experiences.

He added that the PLP does not believe that the mechanisms being deployed are the right approach of disaster mitigation.

“Therefore we believe that it is a risky proposition for this government to continue to borrow more in US dollars, that has to be supported by the reserves of our country, when there is high liquidity in the domestic sector and the commitments associated with these risks are in B dollars,” he said. 

“Again Mr. Speaker, I find much of what we heard today, the continued borrowing as hypocritical as they come.”

The PLP Deputy said the government could use the same energy spent borrowing from the IDB, to improve the country’s economic state.

Written by Jones Bahamas

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