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Debt battle

Finance Minister Chris Sinckler today conceded the island’s debt level remains unacceptable, though he insisted it was on the decline.

As he laid the 2016/2017 Estimates of Revenue and Expenditure, Sinckler said a true picture of the deficit was not be given due in part to the accrual system of accounting being used by the Government.

He estimated the deficit was just over three percent.

“But whether the deficit is four per cent, 4.2 per cent or three percent or whatever it is, the fact of the matter is our programme is working, that is the real point. Whether we report it at 4.2 or 3.2 per cent, it is going down and down each year”.

He however acknowledged that the Government was a long way off from correcting the problem, which has drawn the criticism of the International Monetary Fund and international rating agencies.

“The reality Sir, is that our deficit is still too high, we believe it is still a bit too high and our GDP growth is not high enough in order for us to see a downward movement in the debt that we have.

“We have to ensure as a country that at worst our deficit is no higher than the rate of growth of our economy and at best that it is lower thereby not contributing to debt net creation.”

8 Responses to Debt battle

  1. Newz Luvartist
    Newz Luvartist March 14, 2016 at 3:54 pm


  2. Sunshine Sunny Shine March 14, 2016 at 4:03 pm

    Mr. Sinckler please provide a straight answer. As long as the debt payment obligations are being met, the debt has to continue to decline. It is unacceptable because you are compounding the existing debt with new debt and if your administration’s word is anything to go by, you will add future debt to the unacceptable debt by still pursuing the controversial 800 million dollar waste to energy project that has implicated a few ministers, including yourself, negatively. So if your programmes are working on what evidence, besides your words, can we prove that it is so?

  3. Steven Layne
    Steven Layne March 14, 2016 at 4:22 pm

    Please tell the people,this debt next administration problem ,not you’ll own.from the time you’ll taken power decline .

    • Arthur Collymore
      Arthur Collymore March 14, 2016 at 8:34 pm

      Foolishness. This DLP criticized Arthur for borrowing too much money between 1994-2008. Between 2008-2016 this Stuart admin more than double Arthur’s debt. Fiscal incompetence. Away with DEM.

  4. Graham B Bannister
    Graham B Bannister March 14, 2016 at 6:39 pm


  5. Veroniva Boyce
    Veroniva Boyce March 14, 2016 at 6:53 pm

    ‘Finance Minister Chris Sinckler conceded the island’s debt level remains unacceptable.’ And wunna still got the gall to collect a FULL monthly salary for doing sod all. Before things get any worse swallow your pride and seek some form of advice from the IMF.

  6. Harry March 14, 2016 at 10:03 pm

    Insanity – doing the same thing repeatedly and expecting a different result each time.

  7. Andrew Rudder March 15, 2016 at 1:37 pm

    There is an economic declaration which says Negative growth! Declining growth or positive growth of GDP! Other terminologies are Expenditure! Debt ceiling! Over expenditure! Negative effect! Positive effect! Depression curve! Apex curve! Suppressed axis! All of these are indicators on a polygraph analysis economic spread sheet. Financial systems analyst should foresee the economic indicators under disciplined principals. Business is conducted in its usual formality!


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