Opposition Leader Kamla Persad-Bissessar is questioning what the government is seeking to increase the borrowing limit by a further $10 billion.
In the House on Friday, Finance Minister Colm Imbert proposed increasing the borrowing limit from $65 billion to $75 billion.
However, Persad-Bissessar said this will be the fourth time in over eight years that they have made an increase.
She claims this is meant to facilitate the People’s National Movement’s (PNM) election finances.
“This is the fourth time you are coming to raise the ceiling. In 2015, in 2020, in 2021 and again now. Over the past eight-and-a-half years, this Government has increased the debt ceiling by $45 billion,” she remarked to loud desk-thumping.
She added, “This is a 151 per cent increase. Where is that money going? There are other debt ceilings. There has been an increase in the statutory limit from $25 billion to $45 billion.”
While she admitted that the People’s Partnership had also increased borrowing by $30 billion, Persad-Bissessar said the country could “touch, see and feel” the projects which the Partnership achieved.
Persad-Bissessar also questioned whether the borrowed money was for the benefit of the elite.
“Give us ideas on what this money will be used for. What projects?” she asked.
She said over $300 billion has already been spent and the Government must explain how this money was spent.
“Anytime a general election is around, you raise the borrowing ceiling. It took 47 years between 1964 to 2011, a total of 14 governments to reach the debt ceiling of $30 billion. But in eight-and-a-half years, this Government has increased it by 45 billion. That is a dangerous gamble with our nation’s future,” she said.
She said under Development loans, the PNM increased the borrowing ceiling from $30 billion to $45 billion.
“Under the External Loans Act, this Government increased the ceiling from $15 billion to $30 billion and an increase in statutory limit under the Guarantee of Loans Act from $25 billion to $45 billion and again, another increase for Development loans,” she said.
“We are not fooled by the fact you telling us you will not borrow the $10 billion. You will borrow it!” she exclaimed.
“We are a nation under siege by criminals, people get shot while they having a bath, while they driving. It’s like a war zone we are in after all these billions have been spent,” she said.
“People have to keep their children at home and not send them to school because we have no water to bathe or cook. Still, in the hospitals, we have people sleeping on trolleys and corridors. The quality of life has worsened. People cannot access basic surgeries and hospitals are like virtual killing fields. Children are being forced into churches and mosques because there are not enough schools, and people are protesting for better roads because of rural neglect,” she said.