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Chastanet On Government Borrowing: “What Are They Doing With All This Money?”

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Opposition leader Allen Chastanet has expressed concern over government borrowing, asserting that the Saint Lucia Labour Party (SLP) Government is about to borrow $350 Million at Tuesday’s Parliament.

In a Facebook post, Chastanet said the sum included $100 Million US or $271 Million EC from the Export-Import Bank of the Republic of China for Budgetary support and $30 Million US or $81 Million EC from the International Development Association to finance the COVID-19 Response.

“This new debt follows the Government’s last set of borrowing, which took place at the sitting of Parliament held on July 12th, 2022,” the former Prime Minister observed.

Chastanet said at that time, the SLP administration borrowed approximately $130 Million EC.

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“This means that between July and October of this year, the Government of Saint Lucia would have borrowed $480 Million EC or almost half a billion EC dollars,” the United Workers Party (UWP) leader declared.

And he asserted that the borrowing was most disturbing because the people have received no form of financial support during the current inflation crisis.

According to Chastanet, the Government has failed to deliver on its promise of $1500 of income support to citizens.

In addition, he said the SLP allowed the price of bus fares and electricity to increase while keeping the price of gasoline, diesel, kerosene, and cooking gas at “unacceptably high levels.

“What are they doing with all this money? Instead of protecting their victory, they should be protecting you. You surely deserve better!”” The Micoud South MP wrote.

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