Minister of Labour and Social Partnership Relations Colin Jordan declared Tuesday that there is no such thing as a comparison between the current administration’s handling of the island’s debt and what the previous Democratic Labour Party (DLP) government did prior to 2018.
He said while the last administration squandered much of the island’s funds in the course of the a few years of economic downturn, the Mia Mottley-led government has been managing its debt well, with social programmes and infrastructural projects made possible through its balancing of obtainable funds.
Speaking during Tuesday’s debate within the House of Assembly on a resolution to approve the borrowing of $256.6 million from the Export-Import Bank of China to finance the Scotland District Road Rehabilitation Project, the St Peter MP said the debt incurred by the federal government was for the betterment of residents and the country.
“It’s already been said on this debate that the last Democratic Labour Party government incurred lots of debt, but you may’t see thus far where the cash has gone…. The infrastructure of this country doesn’t say to any of us that the cash that was borrowed was well spent. This Barbados Labour Party government, every time it incurs debt, it incurs debt for development,” Jordan contended.
“That’s the explanation why countries incur debt, it’s the explanation why businesses incur debt…. You incur debt so which you can position your organisation or your country for future growth, since it’s that growth that won’t just repay the debt, but will make sure that the people of the country and succeeding generations are in a position to enjoy improved standards of living.”
Jordan contended that taking out the $256.6 million loan that was the topic of the resolution before the House was a wise and responsible move, despite what critics in other political parties may say.
“I need the people of the country to recognise that they mustn’t pay a complete lot of attention to groups of people that have squandered their money previously, who’ve borrowed and never demonstrated properly what they’ve done with the borrowed money; they mustn’t hearken to those groups of individuals now pontificating, as if they’re experts on managing debt – they aren’t.
“There are individuals who make a occupation out of mishandling the funds of a rustic, they’ve reduced it to a fantastic art, and now propose to talk to the country and to talk to Barbadians about how debt needs to be managed. Barbadians must see that for the politicking that it’s,” Jordan insisted.
(SB)
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