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Sham budget ... Phillips says Estimates of Expenditure not credible

Published:Tuesday | May 17, 2016 | 5:51 PM
Finance Minister Audley Shaw (right) with Opposition Spokesman on Finance Peter Phillips after the Budget Debate presentation Tuesday.

Opposition Spokesman on Finance, Dr Peter Phillips has labelled the government’s budget as a sham, saying it is not credible or sustainable.

"On both the recurrent side and on the revenue side this Budget is a sham," Phillips said in Parliament on Tuesday as he made his contribution to the Budget Debate.

"It is unreliable.  The numbers don’t add up,"

The opposition spokesman questioned whether the Budget was actually compiled by competent government officials in the Finance Ministry or by political forces.

 

Opposition Spokesman on Finance, Dr. Peter Phillips

In the meantime, Phillips said the budget was compiled on the assumption that the price of oil would remain at US$36 a barrel.

However, he says the price of oil is already at US$46 per barrel and is expected to rise even higher.

As a result, he says the numbers in the budget are already obsolete.

Phillips also said several planned expenditures by the government are not supported by the budget.

According to him, this includes the planned takeover of two sugar entities announced by the agriculture ministry, which could cost the government another half a billion dollars.

 

Opposition Spokesman on Finance, Dr. Peter Phillips