'We will tell IMF' - Opposition warns Government to make sure estimates are credible

Published: Friday | October 2, 2009


Daraine Luton, Senior Staff Reporter


Opposition spokesman on finance, Dr Omar Davies. - File

The Opposition People's National Party has warned that if it gets any inclination that the numbers presented in the first supplementary estimates are not credible, it will point this out to the International Monetary Fund (IMF).

"Don't go forward with numbers that are not credible and don't blame us if we point to the fact that the numbers are not credible," Davies warned during Tuesday's debate of the estimates.

"I would urge you minister, before you submit any number to the fund, those are the numbers that you are going to live or die by, that these be subjected to the most rigorous tests and analysis," Davies cautioned.

Finance Minister Audley Shaw has said Government intended to run an 8.7 per cent Budget deficit up from the 5.5 per cent which was originally targeted.

Shaw has projected to earn $315 billion in revenue while financing the rest of the Budget through "borrowing.

But Davies, in striking what Shaw described as "a consolatory note", said the fact that the original Budget tabled in April was not credible should now be history.

Budget off track

"Whatever the reasons why the figures for the original Budget were way off track don't matter. This is the beginning of a brand new day. We have to ensure that we don't make these mistakes," Davies said.

The Opposition spokesman added that "if the thing relates to a Budget deficit of 9.5 per cent as opposed to 8.7 per cent then so be it".

Meanwhile, the Government has tacked on $153.6 million on the supplementary Budget which had already been increased by $6 billion.

The amendment to the revised estimates, which were circulated on Wednesday night, represents increased allocations to the Ministry of National Security.

It also represented a shifting around of resources in the ministry of health and the reallocation of funds previously provided to the police department.

The security ministry has received an additional $153.6 million for the security reform programme. At the same time, $33 million which was allocated to the police department has been taken away.

The St Joseph Hospital has benefited from additional $14 million. However, the regional health authorities have paid the price, giving up between $3 and $5 million each.

daraine.luton@gleanerjm.com

 
 
 
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