PNP Rejects Govt’s Claim of Not Using Loans to Fund Budget

Opposition Spokesman on Finance, Julian Robinson, has dismissed what he says is the government’s claim that it’s not borrowing money to finance its budgets.

Making his contribution to the Budget Debates on Thursday, Mr. Robinson reminded the nation that $160 billion of loans will fund the governments spending plans for the next financial year.

According to the Revenue Estimates, $68 billion in loans from external bilateral and multi-lateral partners will help to fund the budget.

This will fund specifically negotiated programmes as part of various partnerships with entities such as the World Bank, Inter-American-Development Bank and the International Monetary Fund.

Another $90 billion will be funded through bonds and treasury-bills.

Mr. Robinson also chided the government for the multi-billion dollar securitisation of revenues from the Norman Manley International Airport.

He says the government is again using future revenues to fund short term needs through the sale of shares in TransJamaica Highway.

Julian Robinson, Opposition Spokesman on Finance.