Dominica’s debt over $1-billion; we cannot escape it, says PM

debtWith nation’s debt now over a billion dollars, Prime Minister, Roosevelt Skerrit, has said that there is no way small developing states like Dominica can escape being indebted.

“Madam Speaker, at the end of the financial year, June 30, 2015, total public sector disbursed outstanding debt stood at $1,047.9-million ($1,047,900,000 or 1 billion, 47 million and 900 thousand dollars), consisting of external debt of $739.3-million and domestic debt of $308.6 -million,” he said while delivering the National Budget for the financial year 2015-2016 on Friday.

He said there are people, whom he described as ‘dreamers,’ who have been making “heavy weather” of Dominica’s debt to GDP ratio.

“However, debt is relative,” the Prime Minister argued. “A small developing country like Dominica, with limited resources, cannot escape debt, because there are really only three known sources of revenue for a country. These are gifts and grants, which are now becoming scarce; taxes, levies and similar impositions, which are limited in scope and capacity; and, loans, which have to be repaid.”

He said Dominica has indeed borrowed money but it has been done in a manner that is “measured and targeted.”

“We have contracted loans under the most favourable terms and conditions available,” Skerrit said. “Anyone wishing to criticize us, should tell us whether or not the loan was necessary and how the funds could have otherwise been obtained on a timely basis.”

He said the government has honored its commitments to service loans that have been contracted.

“If this country borrowed money and repaid it, consistent with the terms and conditions of the loan, as we have, what then is the problem?” the Prime Minister queried. “Should we have stalled development or withheld services from our people, in the name of remaining debt free? I say no to such arguments! This Government is proud of its record of debt repayment. There is no entity in the region or the world today that would think twice about lending to Dominica, and that is the yardstick by which one ought to be judged.”

Skerrit insisted that the best efforts of world leaders notwithstanding, global financial and multilateral agencies, the tailwind of the economic depression which started some eight years ago, “is still evident and impactful; influencing the pace and extent to which small open economies, such as Dominica’s, can work their way back to economic safe-haven.”

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134 Comments

  1. anonymous
    July 27, 2015

    With all due respect Mr. Prime Minister, I didn’t go to any of your political rallies to enjoy free entertainment, I didn’t wear any of the labour ka twavay articles, I don’t have your expensive manifesto at my home, I have never been to the red clinic, I have never taken anything of any sort from the DLP administration and lastly everything I have as a young adult I have worked my butt out for it. So Mr. PM are you saying that I have to help pay the country’s debt of over 1.3 billion dollars? I don’t think so Mr. PM.. Go get all the people including those you brought down from the states to vote and those that enjoyed the sewo and the ham for Christmas to pay back the county’s debt.

    Signed,
    A young Dominican

  2. bumble bee
    July 27, 2015

    The longer you allow skerrit to stay in power, the more damage he will do,you can’t trust him and in four more years Dominica will be owned by another country if it’s not already done.
    You need an investigation from an oversees company, and you need to confiscate everything labor party employees has accumulated since they take office.then you can start to rebuilt Dominica and hopefully can save her and renew her good name.
    Put skerrit out of business he is a mad man, no Dominicans oversees is gonna trust the government and do business with Dominica because they got sticky hands and everything they touch turns to dust.so much for the voodoo it couldn’t repay the debt

  3. shad
    July 27, 2015

    What I would like the Prime Minister to tell us is where all that money went? There are hardly any jobs in Dominica… we don’t have a decent hospital on Island… Where did all that debt come? Give us a break down of the expenses.
    We are the ones to pay it back..not you Mr. Skerrit!! you are already rich…………….. When will it be enough. Haven’t we suffered enough already? Skerrit what is really happening to you? Have you gone totally insane?

  4. Justkum
    July 27, 2015

    Man, so many comments on this story..the short question to all Dominicans “what to do about it?” See how relaxed Skerrit is; almost pompous in deflecting attention from the real issue of Dominica’s debt being even higher than its GDP..How long are the terms on those loans..? Will we see 4 generations repaying these loans?.
    Foolish pride have brought us to this state..When Brisbane warned about building the White Elephant where was this level of support? The Current President asked Dominicans to boycott the man’s business..as if it was a personal issue..That is the calibre of dimwitted egoistic fools we have leading us off a cliff. We cannot continue to take everything lightly and only talk talk talk and expect to make headway. Action is what we need now. Get able minded leaders to parliament to run the country’s business favorably. All this money spent and no income generator. PM always asks to be comfortable as long as everybody else is doing bad..how comfortable is paying more…

  5. Wut?!
    July 27, 2015

    8-O

    DNO i reached late to the discussion…the PM said named THREE sources of revenue without naming EXPORTS??? 8-O 8-O

    Is either I went to school on Sundays or the PM losing it.

  6. Titiwi
    July 26, 2015

    So he is selling passports AND increasing taxes. I thought I’d never see the day this would happen. No future for me in Dominica now under Roosevelt Skerrit. I will jump on a boat to Florida and claim refugee status. Anything better than this.

  7. July 26, 2015

    The cry amongst the Ignorant and Misled has been “if not Skerrit who?”; can any of these misguided persons tell me where the most brilliant and educated PM in the history of Dominica attain his degree(PhD) in Economics. This self proclaimed Visionary and Savior of our besieged, blessed nation can’t come up with any sensible way to develop the economic base of the country yet he criticizes anyone who dears offer any alternate plan. In my opinion, it’s a simple case of ” He who knows not and knows not that he knows not”.

  8. mujahardin
    July 26, 2015

    Debt is relative meaning that it must be compared to some other variable in order for one to be able to consider the effects the level of debt has on the economy. The most common variable compared with the debt in this regard is the GDP (total dollar value of goods and services produce in the county). The reason is that the country must be able to generate sufficient revenue to demonstrate its ability to service meaningful and substantial loans. The debt to GDP ratio is an important economic performance indicator.
    We recently learnt from DNO that Dominica is heading towards a debt crisis since its current debt is 30% in excess of our GDP, Meaning that our debt to GDP ratio is 130%. It is frightening, hypothetically speaking if our GDP is one billion dollars then it means that we have outstanding debt to the tune of one billion three hundred million dollars. These figures undoubtedly highlights the desperate need for us to increase agricultural production and general exports. God…

  9. Constructive ideas
    July 26, 2015

    If the sale of Geothermal energy cannot help to massively improve the island’s financial position in the medium to long-term, then what other resource will do so?

    • Djahz
      July 25, 2016

      There’s unpolluted water in abundance, there’s land for agro industries. Reducing food imports would go a long way. Aromatic plants for perfumes, medical mushrooms for the health industry and food. Processing and packaging of our herbs and exotic fruits, just to name a few.,

  10. Just My Thought
    July 26, 2015

    Would like to see a breakdown of the debts. Showing all the countries and organisation who
    is owed and the amounts.

  11. July 26, 2015

    The PM, Ministers of Govt, Members of parliament, FS, PS,s should be ashamed. A billion dollar budget with new taxes and no int. airport. what a shame!!!. All the funds spent on election should be paid into the treasury. Where did the labour party get these funds to campaign, $a $30mn dollar of fete and more fete. A expanded and bloated Govt. jobs for all the boys, more red clinic, more nep on the backs of the hardworking small taxpayers.
    The private sector if there is one should demand the resignation of govt. What about the country’s property , passport? where are all these funds going. somebody must take up the responsibility of informing the public. What a country? what a country?

  12. Delvin
    July 26, 2015

    At least uwp debt was for an international airport for laybarites, uwpites and freedomites the state palace is Only for Savarin

    • the fly
      July 27, 2015

      Delvin, please tell me where is the International airport and where is the money gone to waiting for answers.

  13. Business Minded
    July 26, 2015

    Thanks to DNO for publishing the countries that are in, or potentially heading towards debt crisis. And because of this publication, we not know a little more about the extent of Dominica’s debt crisis; and based on the PM’s most recent budget presentation to Parliament and the world.

    Where the heck did all that money purchase?

  14. Sim7
    July 26, 2015

    Dominicans should have been asked not only what kind of country they want and the cost to attain it, but also what kind of debt are they willing to shoulder. Dominicans should have been frequently updated on the debt of country. This should not have been a surprise.

    • the fly
      July 27, 2015

      HALLA SIM7 some Dominican will not go out to work because of DLP in power, they are waiting for lennox to win so they will get all things free, its all hate jealous ,and malicious against the PM.

      • Tjebe fort
        July 27, 2015

        You really sounding like a fly bro, you know the one that prefers turds for breakfast. Well, bon manjay but please don’t come on my plate.

  15. D/ca
    July 26, 2015

    All the money spent for the election couldn’t have been used elsewhere? Labour won by the skin of their teeth using millions while the opposition didn’t.

  16. Concerned citizen
    July 26, 2015

    Increase the sale of more passports. Double the price and open tender it out on E-Bay and see how many criminals and cartel will be getting their tickets to paradise. :( :(

  17. Truth be Told
    July 26, 2015

    A 289 square miles piece of land with 70,000 people and they owe over $1 billion! Yes Mr Prime Minister, “debt is relative”! There are Chinese villages with over 1 million people who will never have $1 billion invested in their communities, so yes, “debt is relative”!

  18. Billionaireskerrit
    July 26, 2015

    Billion dollars debt, well at least skerrit get rich on our backs.

  19. Mike
    July 25, 2015

    WhWhat happen to agriagriculture 365 rivers an we still not feeding the Caribbean joke allu making man

  20. Insane
    July 25, 2015

    Let Dominicans take what they get. Over one billion dollars in debt.? Oh they cannot escape it now. Biggest cabinet in the Caribbean. The government and all their friends are filthy rich.
    So when Dr Fontaine was warning Dominicans they said all kinds of nastiness n so forth. ..
    Dominicans who voted for labour over the years take that.
    Dominicans must get to know the debt up left Dominica in then do the maths tooo find our labour power ripped off
    5 more years of misery. 5 more years of book n corruption. ..
    SKERRIT N Company are filthy rich when Most Dominica ducking salt.
    De Doctor from Grand fond told Dominicans the truth but a prophet is never honored on his country

  21. Truth
    July 25, 2015

    Does this now mean EVERY MAN FOR HIMSELF!!!!,!

    • Ma Moses
      July 27, 2015

      …don’t forget the women!!!

  22. cannot escape debt! why create
    July 25, 2015

    It all boils down to your mismanagement and child\’s play. Debt to Tommy Lee, and the gang of hackers. How did you amass so much wealth. Did you declare your assets? I thought you were good at escaping things. I am not referring to you leaving Dominica in the dead of night to go to America to make a baby nor am I referring to your french passport. The illegal activities go deeper than that, with your disrespect for the law and the constitution, and framing others in the process. The country cannot thrive under these circumstances. Honesty is the best policy.
    According to Alix: those in favor……those against, The eyes have it.

  23. Anon
    July 25, 2015

    One word. Agriculture or death!

    • Anon
      July 25, 2015

      Choose the right word.

  24. jonathan st jean
    July 25, 2015

    Mr Skerritt, among the three sources of revenue you have identified,the one you and your administration is best at is begging for grants and soft loans.With regards to generating revenue for the country you are on empty.You continue to sell passports and tax residents to generate revenue. Besides direct amounts earned from passport sales,how are those new citizens contributing to the treasury?Have you explored areas where nationals living abroad can invest in the economy? The UWP had a plan. Those young people you have helped to study overseas,can’t you tap into their knowledge for new ideas and consult with the new citizens, intellectuals like Dr Fountain etc,using social media and other forms to generate creative,workable ideas for development. Let’s face it,unless there are more people contributing to the treasury in more creative ways then giving you another 15years will only quadruple the debt.Its time to focus on the productive sectors for revenue creation.

  25. Francisco Telemaque
    July 25, 2015

    The reason the national debt is so high, is all due to a lack of ability to repay outstanding loans! The debt keep spiraling upwards because each time money is needed for the simplest of projects, Skerrit runs out cry, and beg for loan to even pay civil servants.

    One can borrow any amount of money, unless it is invested into something that will generate enough money to repay the loan, plus producing a profit, the result will be as it is right now.

    Never in the history of our country has any Chief Minister, or Prime Minister accumulated so much debt, with nothing to show, and be satisfied that the debt is justified! He had better be reminded that the thirty plus million he spent buying votes are part of that debt.

    We understand that there are ministers who owns more than one house, and yacht, valued more than a million dollars each: who knows; could that be part of the national debt also?

    • Just Saying
      July 27, 2015

      All these speculations are just speculations.” thirty plus millions?” “Who knows.” Apparently you do not. When people are dying sick and have no money to go do these surgeries that cost well close to half a million dollars and the Prime Minister offers to help, are you saying he shouldn’t because it will bring no “profit” to the country? Be real! Some of you are nonsensical and ignorant to many facts. Get facts, get correct digits. If you see a problem, find a solution and suggest something. Too many pointless arguments. Did you go to school? My teacher would say, “If you see something wrong, get a solution before you point it out so you won’t look like a fool.” But who knows, right? If UWP was in the house I wonder if the debt would be relevant, in your opinion at least… Ministers owning yacht and numerous houses have nothing to do with anything, if you could own more than one house, I’m sure you would jump at it. But who knows?

      • bumble bee
        July 27, 2015

        Just saying, you should be ashamed of yourself people reading the trash you write. It doesn’t matter what party loans are something borrowed and it must be paid back,maybe you are a receipent of the yacht and house, but it’s poor Dominicans that’s paying for it. You ignorance score is 100%

  26. There are a number of solutions. Dominica needs to continue to develop eco tourism and reduce government employment. However, for the long term, Dominica should consider with the other EC countries to consolidate and become a federation with a singular elected representational government, shared resources for security, tourism, national defense, etc.. , shared court systems, etc.. Each country would have proportional representation, but no more PM, President, etc… Two houses of representation with each island getting proportional Representatives and 2 Senators similar to US states. This can be done even under a parliamentary system. A much larger economic trade block and more efficient government. A Federation Of Western Carib States. A country of ~70K population cannot really operate standing alone on the global stage. Natural resources are pooled and the labor markets are efficient.

    • Titiwi
      July 27, 2015

      Good idea American but not new. We have a Federation drive in Roseau and if you look up our history you will know where did came from, way back! We have tried and keep on trying bit still no closer. Today, if you are a Caricom citizen but not an OECS citizens you still have to pay an extra 10% tax to buy property here, just like any foreigner – I am being polite because the government refers to them legally as “aliens”. You really think every tin pot ruler is going to give up his – or her little empire for some other Caribbean national to be the boss, especially if they come from an island smaller than theirs? We can not even agree on one candidate for the post of Secretary General of the Commonwealth This is not the UNITED States, unfortunately.

  27. see where i die
    July 25, 2015

    thats how much we owes to get the country back.long the country has been sold. we just tenants here till we get notice.

  28. oh well
    July 25, 2015

    I can only smile when I hear a minister / prime minster say there are only THREE known source a country can generate income . I mean is he talking to babies here.He must be joking right ? so didn’t he read the UWP manifesto at all . A broke single mother or father finds more than three ways to feed their children and pay all there bills every single month , and a prime minister talking that crap to people.

  29. July 25, 2015

    Well well,i am sure i support my mother who is not far from 100 yrs old,,the poor people are poorer now,the majority of the young people are leaving the country,who enjoyed this money,the people with the most money are putting there money in foreign banks,so sad and too bad for us dominicans…we have a prime minister who is taking a pleasure in taking loans and not producing any thing in the country to make money ,,how can you imagin for one moment that you as a prime minister should pay back loans by taxing the poor people,,,i am here in dominica at the moment visiting the old people ,most of them are having one meal,almost every one of them needs more care and attention,some have kids that should take the responsibility but if they don’t the gov’t should because during election time they know where to find the old ,poor and handicaps..you P.M personally have built a mansion and placed a man with gun at the front to protect you,when will dominicans put skerrit out ?

  30. Bwa Chesse
    July 25, 2015

    Skerro – Set my people free

  31. John
    July 25, 2015

    When China calls the debt and Skerrit is unable to pay he will have to sign Dominica over to the Chinese for their Caribbean colony. The Chines flag will be flying over Government Headquarters in Roseau maybe that is why they did not mind funding and constructing the building.

  32. John
    July 25, 2015

    Skerrit should pay it , he is the one who borrowed it.

  33. Ambra Battilana
    July 25, 2015

    Liechtenstein, borders Switzerland and Austria, with a population of only 35,000. This smaller nation covers an area of 62 square miles, it is the sixth smallest independent country in the world. This smaller nation is filled with exotic looking, huge mountain side castles of all sorts. Liechtenstein’s strong economy is why it has the second lowest unemployment rate in the world, with the stunning average of just 1.5%, in comparison to 7.3% in the US, or Canada’s 7%. It has the second highest gross domestic product per person, coming in at 3.4 billion or $95,249 per person. Beautiful forests, mountains and old castles attracts many tourists, every year.

  34. July 25, 2015

    The Economy is in a mess .where is the job creation. Leno Linton would have done better.Edison James had the country working at least.

  35. July 25, 2015

    Minister for finance to blame for this one. Another fine mess he gets us in.

  36. Peter Potter
    July 25, 2015

    Skerrit, you call your critics ‘dreamers’. I wonder what we should call you? A few things spring to mind but the two that best fit are: incompetent and dishonest.

  37. jodi
    July 25, 2015

    Agriculture! Agriculture! Agriculture! Please resurrect this industry to a higher level Mr. minister, that’s our foundation and to prepare us in advance for the fall of the dollar!! There’s no way a hungry nation can fight any battle !

  38. Dominic
    July 25, 2015

    skerrit u that put dominica debt so u better fix it b for u come out there

  39. Jay
    July 25, 2015

    P.M. Skerrit also boasted about placing a short-term loan ( a 90 dayT-note) on the local financial market recently at 0.99%. This is an effective rate of 4%/annum. However, as mr. Skerrit said himself, everything is relative and in the international market this is high, given for instance that in the U.K. domestic mortgage rates are running at well below 2%/annum. The Yorkshire Building Society offers a rate of 1.07%, fixed for two years and even the Post Office comes in with 1.19%, fixed till 31 July 2017. In other words, U.K. mortgage are available at less than half the rate the Dominican Govt. has to pay for a short term loan! One should therefore not be surprised that, given the returns Dominica Govt. T-bond offers, this issue was oversubscribed. No doubt mr. Skerrit wants to impress his supporters at home but he should be cautious as there are many Dominicans, both at home and overseas, who listen too, who will interpret it as an idle boast.

  40. Anthony P. Ismael
    July 25, 2015

    How about more exports? There’s an idea.

    • Titiwi
      July 27, 2015

      Good idea Anthony. Let’s export Skerrit for a start and let others benefit from his genius for a while. Wonder if we get a good price for him?

  41. Looking
    July 25, 2015

    Is this the same honourable Prime Minister Roosevelt Skerrit who was speaking during the election campaign? Just asking

  42. Ambra Battilana
    July 25, 2015

    How to kill a country by Roosevelt Skerrit

    Chapter `1 …. with no limits.
    Chapter 2 Keep dem poor by making dem dependents so they can vote you
    Chapter 3 Give de country away to bigger countries, hell with your people
    Chapter 4 Put all your money offshore
    Chapter 5 Give birth of your child in America so they will not pay the heavy debt u create
    Chapter 6 Create a base of cult followers who will defend you no matter what to kill any truth
    Chapter 7 Make your ministers …. too so we all in it if one fall we all fall
    Chapter 8 Live Large on DEM – You wearing custom made suits from Hong Kong, Versace shirts, mansion in vielle case, where as buildings empty in Roseau yours FULL of rentals from Goverment
    Chapter 9 Keep stupid people in your camp, “Well said PM. Not one country in this world is debt free. Even the super power of this world owes China a lot”
    Chapter 10 An island paradise turned to crime, drugs, corruption and immorality all in de…

  43. Thorbjørn Jagland
    July 25, 2015

    This is not fair, I did not Vote for you, u taking loans to build a state palace instead of a hospital, Delvin Castro, Alick de lawrence, Tony, Simeon and mammy should pay it. This is so wrong, these people put mister in power and everybody have to pay for it while Honeychurch, swimbure de Vat man, Cools & Grell migrate.

  44. ParoInRoseau
    July 25, 2015

    After that back pay and that 5% that was agreed upon Skerrit is now going to take it back by 25%. Lord pray for St.Alpohonsus and the numbering parishes in your name I pray! amen!

  45. memoi
    July 25, 2015

    Mr. Pm, there is no problem in borrowing money but it what we are using it for. If you can explain why we needed a white house, they we can give you a pass. Mr.Pm, don’t you think if we invest in agriculture we won’t have to depend so much on grants and loans since we won’t have to try to give everyone on the Island a dollar in the red clinic? We thought you said we were making so much money selling passports, you even said is either selling passports or taxes. Now that you increase some taxes, what are you going to do about the selling of passports. Now because you want to “develop” Dominica, you have to put us so much in debt that you have to increase taxes on us all the time just to services the debts. So clearly you do not give a damn about the people wether they eat or not. Will you put us so in debt that for every dollar we earn we only get 15 cents to feed our families and pay our personal debts?

  46. Clayton Shillingford
    July 25, 2015

    The Dalai Lama said something like this
    what, how and where you THINK determines your ACTIONS
    your ACTIONS become your HABITS
    your HABITS decide your CHARACTER
    and your CHARACTER is YOUR DESTINY

    If your THINKING is CROOKED to Start with and your CHARACTER is CORRUPTED by maivais manieres what then can you expect your DESTINY to be???? ..Same goes for individuals as for NATIONS..Progress is impossible with the THINKING of Tony AStaphan et al and too much sewo, bon temps, chilling out does not help

    Bon jou

  47. Malgraysa
    July 25, 2015

    We have to be realistic and recognize that we are in a bad situation. In 2013 we we ranked 148 with regard to debt to gdp(73.88%) and 128 with regard to debt per capita (U.S.$.5,305) out of a total of 183 countries measured*. Today this situation has not improved.
    In this respect, we are doing worse than Haiti (21.55% and U.S.$.177 respectively), which is always quoted as the poorest country in the western hemisphere and the Worldbank was right when it said in its report of April 2014 that Dominica has unsustainable debt. For the P.M. to wave it away as if this is normal is irresponsible and varnishing the truth.
    *Source: countryeconomics.com

  48. Anonymous
    July 25, 2015

    the narrow mind will always say their opinion is the only way! how could a country with so many intelligent people be so limited in the expansion of its economy, such that its only way forward are gifts, grants, taxes and loans? i could recall this same guy speaking about the food import bill of caricom, what measures has this budget taken to address on any level whatsoever this imbalance? this is sad! but then again that’s what you get from a vision-less conman leader, who is only seeking to enrich himself in the purse of Power and Social Status!

  49. You know what? I cannot keep quiet anymore; because I am noticing that Dominicans are not putting on their thinking minds–or they are just simply mischievous in speaking against the government–both are unproductive!

    I do not believe that we are going to have complete perfection in any organizing group–especially not in the Government–but there is not one note of fairness in these comments here.

    What did the government do with that money, you people are asking. And yet day in and day out you all are the same people, making demands for this, that, and the other thing.

    The largest amount of revenue comes from the people of the Nation, who are willing to invest in businesses; and yet that majority, in Dominica, sit and wait for a job from the Government–that is not possible

    How can they not have a hefty load of money to pay back, when they are your sole Employer instead of you, trying to employ a few people through you own business–no matter how small?

    • Frenz
      July 26, 2015

      Liz hush your stinking mouth,you bias hypocrite. Why didnt you condemn all these able laborites ho were standing at the red clinic line. Roosevelt Skerrit conviniently created a begging and mendicant society and now you want to nlame the beggers that he created.And you ca yourself christian you old thing you

    • Shameless
      July 26, 2015

      8-O 8-O 8-O 8-O are you kidding me? How can any one with SENSE write this? I guess FET was right all along.

      Assertive, NOT Aggressive! :twisted:

      • “Shameless” and “Frenz” you are the same person– and an extreme coward!

        You are from the forum which has gone dead–that is why you continue to add FET to your disgust. I am sure that I it is you, and I also know that you are afraid to write your real name, here, on DNO, because you are afraid of the attack from the audience

        So keep on hiding behind your camera where you continue to beg for attention, by making all sorts of what we call “macaqueie” for your face book friends –I call it a stupid “spectacle” and I pity you!

    • Looking
      July 27, 2015

      Sir/Madame these are the very questions that you ask that intelligent thinking people have been asking. This administration has done exactly what has and is happening in Venezuela. These both administrations have not encouraged productivity, hard work and diligence. If they have answered these questions you asked in 2000 when took over we would not have been in this dilemma. Right now the dept to GDP ratio is 120%. That means that for every dollar that we own we owe one dollar and 20 cents. In 1999 the ratio was 64%! To make a long story short the economy was mismanaged. We looked for short term bling and did not think of the long term. Our Leaders now, are well set, monies in offshore banks, kids born overseas, their private jets waiting for them. The poor man who is going to feel the pain because he has nowhere to go

    • eyes opened
      July 27, 2015

      Not because everyone asks means they should receive. When Dominicans see Destra and Donnie getting paid big time; biggest cabinet in Dominica’s history, jobs for all the candidates that lost in the election, etc. etc. how can you NOT expect to have more debt than income??

      It is the gov’t’s responsibility to say NO, we cannot afford, and then invest in industries that will create employment.

      High, unsustainable debt levels scares away smart investors. So yes, the PM has won and Dominica has lost…again!

  50. anonymous2
    July 25, 2015

    Gee, he’s finally admitting it. It’s about time. What people don’t get is that once you borrow that money from the IMF, China, or whomever, all you end up with is paying interest FOREVER. It never gets paid off. It is the same with just about all of the countries that have borrowed from the bankers. They make money out of thin air. There is no backing of the currency. All it is is figures on paper, no physical money. People don’t get the game. This is what happens when you apply for a loan to buy a house. There is no actual money changing hands, only numbers on paper. The bank opens an account in your name and gives you CREDIT for the amount of the loan. You pay interest for years with very little going to principle unless you pay extra and designate that it goes for principle. Only in the last few years of your loan does the majority of your payment go to the principle to pay it down so that if the term is 30 yrs., it is paid off at 30 yrs.

    • anonymous2
      July 25, 2015

      The loan business is a real scam any way you look at it. The bankers make out like bandits. If it was a fair game, you would be paying most of the principle down much sooner and then also paying the loan rate. But the banks won’t do that. so in the case of the US as well as most other countries that have IMF loans, they will be paying interest only forever.

  51. Dominican
    July 25, 2015

    So long the government have to look at investment to generate some level of income . Instead of always saying we in debt . Well okay do something about it instead of taxing poor people . Last year , they made so many cuts to the budget . They didn’t predict that this would happen . Seriously ?? . For years I saying why not build a marina , bring down some hotels , casinos , something that can add employment plus we gain revenue from outside money coming in . Instead we rather wait for a grant . Always learnt in business that with power upper management everything crumbles .

  52. Rizo
    July 25, 2015

    PM Skerrit says “there are really only three known sources of revenue for a country. Gifts, grants and loans. Really? I must be missing something. With all the resources at Dominica’s disposal this statement is a hard pill to swallow.

  53. Doc. Love
    July 24, 2015

    Who beat Dominicans , they crying. When they returned the Skeritt administration in December, are they tell me they didn’t expect to be a member of the billion dollar club.

    • Shameless
      July 25, 2015

      :mrgreen: :mrgreen: :mrgreen: :mrgreen: :mrgreen: I love it! I guess you are saying to us “Take it like a man” :mrgreen: :mrgreen: :mrgreen:

      Sa nou fait say sa nou kay weir! :mrgreen: :mrgreen:

      Assertive, NOT Aggressive!

  54. brinsley
    July 24, 2015

    mighty Greece have $300 “million” in debt and doh talk for little America and others, it is about time everybody realize we live in a capitalist world, capitalism is a siphoning system which hasn’t any trickledown effect, but instead a vacuum-up effect
    so anyways “too much of a long tongue for a little talk”, we need to wake up, we’ve been laying back for too long
    But @ the end of the day, if Mr Skerritt is giving us the Grand total we all would love to see the aggregate.

  55. silversliver
    July 24, 2015

    This means that every man, woman, child and baby in Dominica owes about $16,1215.40!!

    • anonymous
      July 24, 2015

      I don’t owe anything. All the people they gave money during the last election and in the red clinic that owing the country. Skerrit will have to ask them to replace it and I know im not in it…

    • fire man
      July 25, 2015

      that’s the part i hate, modern slavery

      • Tjebe fort
        July 27, 2015

        Enslaved by our own, sold down the river again, a living nightmare.

    • End of time
      July 25, 2015

      That’s just ignorance….

    • The Real Facts - ON
      July 25, 2015

      Then the government should turn to you to pay your fair share of the debt as soon as possible. :lol: :lol: :lol:

  56. Jones
    July 24, 2015

    Unfortunately, we cannot escape your inaptness, Skerrit.

  57. July 24, 2015

    skerit boy you and Iwere freedom its together. This was never our goal to marginalized poor people to begging .You will face the wrath for bringing poot peaple yo their knees.Agriculture and agro processing is wat will put money in the poor ,man’s pocket.

  58. GrandBayrian
    July 24, 2015

    The Late Dame Eugenia Charles warned Dominicans, in (patois) about putting hungry folks in kitchen to provide food. Parry you were there, what did she say again? tell us Nuh?

  59. AA
    July 24, 2015

    Skeritt u are pathetic, plane and simple. for a country that is not producing this level of debt is outrageous. And this goes to show that you have contracted debt and used them in unproductive areas of the economy. If you had utilized these debts in the productive sector, then they would have been producing so that you can get revenue to pay down these debts. Added to this most of the debt that have been contracted have grace periods on principle repayments, whats going to happen when the principle comes due.

    With all of that i blame the technocrats in the ministry like the FS for such a state of affairs. in 2000 when our debt was 300M we was generating revenue and had funds circulating, however now that you have this massive debt your revenue earnings are significantly down despite the significant tax load that the citizens are carrying. But then again i blame Dominicans we take too much bullshit and sit our asses down. now a new round of taxes is on us. smh

  60. The Real Facts - ON
    July 24, 2015

    Debts are inevitable. Yes, folks! All countries have debts and they cannot escape. We live in an era of ever-increasing costs. It is therefore necessary to borrow money.
    The PM is correct. The gifts and grants are decreasing. The reason: “Those donors are also feeling the pinch and crunch of the economy” and increasing costs on their side. Therefore, they are cutting down on providing them. Broadminded people should realize this.
    In my personal life I have noted how costs have escalated, purchasing at the grocery stores and other stores. Smaller goods/products are increased by as much as $1.00 or more. What would cost a few cents now cost $3.00 or more. This is just an example.
    Goods and services increase far higher than income which hardly ever increase or by a little percentage. We are all in it and in similar boats, if not the same. Yes! God help us!

    • The Real Facts - ON
      July 24, 2015

      Governments of all nations have a problem balancing the books. If you are not aware of that, be aware of it. It is not easy for them to decrease the deficit and not borrow money.
      Be thankful that Dominica is still receiving some help without which you will not be able to have a new hospital of all. Think about that and be appreciative.
      God bless Dominica. God bless the PM and his ministers. God bless Nationals.
      Life is tough as it is. May God continue to supply for each and everyone of us wherever we may reside. God’s peace!

    • anonymous2
      July 27, 2015

      Goods and services increase in price because the ‘dollar’ decreases in worth. That is the way it works.

    • DollFace
      July 27, 2015

      What happen, Skerritt paying you to be the OFFICIAL APOLOGIST for the Labour Party nuh???

      Every comment a person make you have to rebut?!

      Stupes!

  61. silversliver
    July 24, 2015

    Where is the development that has taken place in Dominica over the last twenty years? How has our economy grown? How has our foreign exchange earning potential grown? What has the Government done with the money from over 20,000 passports sold, at a minimum price of $US 100,000 each(at least $US2,000,000,000- US two billion dollars)?, because every project in Dominica is grant, aid or loan?!!

  62. Tampa
    July 24, 2015

    PM Skerrit says “there are really only three known sources of revenue for a country. These are gifts and grants, which are now becoming scarce; taxes, levies and similar impositions, which are limited in scope and capacity; and, loans, which have to be repaid”.

    This is clearly a sign of a government that is lazy and bankrupt for ideas on how to stimulate the economy. This government is so used to begging that this is the only way it knows to generate revenue. Maybe it is time to step aside and let others with creative ideas move this country forward.

    If you keep accumulating debt without showing any sign of how you are going to pay it back then not only your lenders but even those who give you grants will begin to question your management and leadership.

    Dominicans, we better brace ourselves to repay this debt that Skerrit and the Cabal are leaving on our backs. God help this country!!

    • Titiwi
      July 24, 2015

      Hmmm, wonder why he left out the proceeds from selling passports? If small developing nations can not escape that amount of debt what happened to Singapore over all those years when it grew from practically nothing to a shining example of prosperity? Everything is relative indeed, when your neighbour has no bread a cup of farine makes you rich. We can do better than that Mr. Skerrit. I refuse to accepts your scenario of eternal grinding debt.

    • Truth Knowledge
      July 25, 2015

      Are you a complete idiot or just pretending? You recite “grants”, “loans” and “taxes” but then go on to spout nonsense about begging! Since when has receipt of a gift been begging? Perhaps more to the point, since when has securing a loan been begging? As for taxes, are these not universally levied by governments on their citizens? Most idiotic of all your comments is probably your ‘expert’ claim that “[i]f you keep accumulating debt without showing any sign of how you are going to pay it back…your lenders…will begin to question your management and leadership.” Did you not hear and/or read what the Prime Minister said, “[i]f this country borrowed money and repaid it, consistent with the terms and conditions of the loan, as we have, what then is the problem?” He also went on to say, “This Government is proud of its record of debt repayment. There is no entity in the region or the world today that would think twice about lending to Dominica…”. Please, wake up!!!

      • Titiwi
        July 27, 2015

        You sound like a broker for T-bills.

      • DollFace
        July 27, 2015

        I realize you are the same “Truth” aka “Truth and Justice” aka “Facts” aka “The Real Facts-ON”…

        What you must do is leave your cushy home in ONTARIO, CANADA where you’re retired and come back to live in Dominica for one year…just one year. I dare you.

        It is easy for a person to stay from afar and sing the praises of this Roosevelt Skerrit led government….but you have NO IDEA of what the people of Dominica are going through.

        Sell your house in Canada, and move back to Dominica Mr. Vanterpool, I DARE YOU!

        Then and only then you can come and talk about who is the ‘idiot’.

        Good day.

      • eyes opened
        July 27, 2015

        LMAO…so in your mind having this amount of debt is OK?! My friend…any serious country thinking to loan to Dominica looks at the ability of the gov’t to repay. Now the government may very well repay, but where is that money going to come from? Yes, the very same treasury from which teacher, nurses, etc. must be paid.

        We can’t recover from a crisis 7 years ago, but with this insane amount of debt, and an economy the size it was over 10 years ago is growth? You feel comfortable simply b/c the PM says so. You guys are sick and dangerous. I guess DOminicans must be groveling on their stomachs before you admit we have a problem!

    • anonymous2
      July 25, 2015

      People seem to think that it is easy to stimulate the economy of individual countries. Well, it’s not, because everything is controlled by the bankers. It is not so easy once you have borrowed the money and the noose is around your neck to ever pay it off, even if you have a productive economy. Unless, you utilized the 1st borrowed money to generate more money and paid the whole thing off quickly and then didn’t borrow anymore. This is a control game and the bankers get you to take the bait. It doesn’t matter who is in office. They have you. They own you. That is their game.

    • the fly
      July 25, 2015

      ALL of you UWP. supporters and so call leaders who think you could a better job for Dominica DEBT free then go ahead, one more thing some of you seating on the wall all day long talking and thinking crap go get a job to help Dominica if you care.

    • forreal
      July 25, 2015

      like the ones you already paying in the US,by comparison,what is a billion dollar debt for a country,this is chicken feed,this figure has blown your mind,dominica has assets,that is worth trillions,you people live in a trillion dollar society,and do not know monies net worth,educate yourself in tampa,before post crap on dominica

    • Sane
      July 25, 2015

      Tampa,
      I was expecting you to tell us of ANOTHER source of government revenue.
      Until then reading your comment is a total waste of time!

  63. July 24, 2015

    Debt is a natural occurrence in all Countries and Nations globally. It’s indeed a Country’s willingness and efforts to repay debts and to remain in good standing that counts. His Holiness, our most precious Supreme Leader, the right and Honourable, Dr. Roosevelt M. Skerrit as Prime Minister and Minister of Finance has been most prudent in managing Dominica’s debt and remaining in good standing with all our friends and allies. The United Wicked People in opposition are on a campaign to have you believe that Dominica is the only Island-Nation in the Caribbean with debt. Yet, most Dominicans are wise enough to know that the size of our population can only generate so much revenue, hence the need for loans, grants and gifts is greater for us than for most. The fact that our Supreme Leader has been so prudent in managing Dominica’s debt is an assurance to Dominicans that they made the right choice at the polls on the 8th of December last year. There were no other alternatives.

    • OneDestiny
      July 24, 2015

      I love it

    • Anditcontiues
      July 24, 2015

      His holiness, most precious, supreme right and honorable,,,?? Well well

    • too late
      July 25, 2015

      is it true that his holiness and almighty dr skerrit raise tax on chicken too? :lol:

    • July 25, 2015

      Yes ah. Ou say uh majjjii mem.

    • koolaid
      July 25, 2015

      Man comout there your malfayteh pid labourites that have our life like that. Undeducated people. All you still trying to defend m wicked people re in gov sstupes

    • Country Woman
      July 25, 2015

      Lab of Love now you know that? When workers was in power is debt they was putting on people now it ok? I see all you think is one set that would pay for it, fire is our wire.

  64. July 24, 2015

    Oh God look upon Dominica, where all these money’s gone, All these projects these administration completed were funded by China, Venezuela,European Union,The government refuse to build infrastructure that can create revenues, jobs for our country they have no clue how to invest money, That state house should have been the last priority, that money could’ve been use to develop the City to attract visitors to come to our shores, this state house is not a revenue for our country, even a marina could have been built in Port mouths that’s a great revenue for the government if they had use that money wisely.

  65. Lang Mama
    July 24, 2015

    Wow UWP had a debt $300 million and the Laborites said it was a crime , the eorse thing to ever happen to Dominica. Today our debt is almost 4 times more and the con man is saying that it is a necessary crime. Note ateast when UWP had us under debt the people were at work and producing but under Slerrit the people are begging and unemployed.
    But Dominicans we are ignorant,no wonder guys like Tobu Astaphan,Hartley Henrey et al can disrespect us and forever think we are sheep for the slutter

    • %
      July 24, 2015

      At that time when UWP was in office, and a debt of $300 million, Skerrit was praying to his God to stop UWP corruption.Ha! Ha! Ha! Skerrit was praying or stuttering to his God to halt corruption in Dominica.My question is where has the huge debt money gone? I have already said with an inept and intellectually vacuous Finance Minister,the country will always ba pregnant with debt.

    • Informant
      July 25, 2015

      While I am not happy to hear the amount of debt we have, tell me which caribbean country does not have large debt. And further, it a 15 year span I don’t think the increased debt is unreasonable. Some other countries’ debt is increasing twice as fast. What we need to find are ways of generated more in Dominica, a way to increase exports and reduce imports to help create a balance in the debt. So while there are areas we must borrow, at least we will be minimizing the expenditure in certain areas, and increasing revenue in others as well. That way yes, we will be borrowing, but we will be able to repay at a faster rate, and also gain more from our exports. This is the only way we can reduce that debt.

      • DollFace
        July 27, 2015

        You people don’t seem to understand basic economics:

        We are not saying Dominica must not have debt….We are asking what does Dominica have to show for that huge debt?

        Let me break it down for all you:

        Is like a mother give a child $100.00 to go to Roseau and tell de child to buy some food, and to pay de water bill by Dowasco….instead de child spend de money and buy kfc for he and his friends to eat, thus coming back home with his hands empty and no receipt to show that he paid off the water bill or even bought a pound of flour to make bakes at home..

        Do you all see the picture I’m drawing??

    • Francisco Telemaque
      July 25, 2015

      I do not know if I am correct, but if ten hundred million is equivalent to a billion dollars, that means Skerrit’s debt is seven hundred million dollars more than what the UWP owed, and mind you they were investing in projects that would definitely yell dividends.

      The International Airport they building would be paid off by now since it cost just over a meager three hundred million dollars to build. Skerrit squandered all of that money in exactly the way Ralph Gonzalez instructed him to do. Skerrit’s actions from the day he became a minister in Charles government is treasonous, the man has committed treason against our people, and country, and should be living in jail!

      When it is all over for this gang of thieves, the new government should investigate these people, let them account for their wealth, confiscate their real and liquid assets , and jail them!

  66. Student
    July 24, 2015

    we have resources in abundance, your gov. just don’t know how to put it into good use, mr skerrit

    • The Real Facts - ON
      July 24, 2015

      It looks as if you should be the PM since you appear to know so much and are certain of it. Next election why do you not campaign for that position?

      • Francisco Telemaque
        July 27, 2015

        Facts, if you are talking about me, I have no desire to hold any political office in Dominica.

        I am not one of those who left home live for a few years overseas, and when I find myself broke and more hungry than a church mouse run back to Dominica penniless; and go to as people to vote for me I am going to build Dominica.

        More than eighty percent of them who ran back, is because they could not survive using their head, and a profession in Europe , nor North America. Have you heard “only the strong survive?”

        Let us phrase it this only the smart survive in the European, and North American world, we live by what we have in our head, and not with a cutlass, hoe fork, and pick ax, and digging pit holes! If I was to reenter the work force before I die, I have my technical skills that I can use to see me through!

    • anonymous2
      July 25, 2015

      It used to have them. But they are owned by other entities now outside of DA. They know that the people here are not very sophisticated.

    • Informant
      July 25, 2015

      Then as a member of the public, why not share some of those and also suggest ways to make good use of them. Whether or not your voted for the PM and his team, they represent you.

    • winston warrington
      July 25, 2015

      St Lucia, St Vincent, Grenada); Antigua, St Kitts; Barbados,Jamaica. Trinidad is the only island in the Caribbean whose debt to GDP ratio is better than Dominica’s. What is important to note about the other island nations is that commitment to infra-structural development has positioned them to attract foreign investors; but that has landed them in a sea of red ink. Dominica has no resources; be educated about this.
      It should be clear to all that the most advanced countries are worse off debt-wise than Dominica.Japan has the worst problem that it not been able to solve for the last 10 years; Canada, which has the highest standard of living in the Western Hemisphere is dripping in debt; USA, the mighty has a debt of over 17 trillion dollars, and the list goes on; Italy, Spain, England etc.
      We produce nothing.
      Out of a population of 70,000, 25% are under the age of sixteen, another 23% over the age of 65. If the government employs 35% of the workforce, where is the revenue generated?

  67. sewo
    July 24, 2015

    Mapuis is part of our culture lol

  68. Not in denial
    July 24, 2015

    Who do you owe all this money to Mr. Skerrit, the Chinese government? Why don’t you revisit the laws od the land #1 ticket and charge the idiots that speed necessarily, put parking lots in place of the run down houses in town. Use these monies to fix our roads etc and avoid being put into further debt. The Chinese government own our country now its as black and white as can be.

  69. %
    July 24, 2015

    The highly rated professionals in Team Dominica led by Dr Fontaine had already tell us the size of the debt.What about the petrocaribe debt?

  70. Sams Gutter
    July 24, 2015

    Can politicians in Dominica deliver a speech without throwing “mapuis”?

    • The Real Facts - ON
      July 24, 2015

      What was stated by some people is known. It must be informed to others. No exception, other governments do likewise.

  71. DominicanSon
    July 24, 2015

    Party supporters will find an excuse…. The blind leading the blind… Father do something to help my country for me.

    • The Real Facts - ON
      July 24, 2015

      You can begin with sincere worship, fervent prayers and obedient to God according to His Commandments and the (including) religious teaching of the Church. Too many want God to do something but do nothing for their country, for others and for themselves. God help those who help themselves.

  72. Ha!
    July 24, 2015

    They using all the money for their benefits now I bet they going to raise tax.. again to use our money to attempt to pay after bawl labour ka twavay

    • The Real Facts - ON
      July 24, 2015

      You sound as if what you pay is a lot. I hope the tax you pay is a substantial amount, enough to help repay the loan or for other projects.

    • anonymous2
      July 25, 2015

      You better believe that they are going to raise taxes, every which way that they can and you will not be receiving the benefits as the money is going to pay the debt.

  73. %
    July 24, 2015

    Skerrit your voodoo economics will wreck this country, unless the citizens of the country take back this poor piece of rock back from your failed hand.Where has the debt money gone.Dr Fontaine was very correct.Brilliant chap!
    Can you imagine like Skerrit is a Minister of Finance.Abject poverty and indigency,together with the thousands of beggars you created shall surely be you most damning legacy.
    The unborn child is already bawling for mercy under this corrupt, inept, clueless and wicked regime.Thank you Dr Fontaine.Keep on informing us!

  74. Ha!
    July 24, 2015

    Wtf?

  75. zibyeah
    July 24, 2015

    D country in all that debt , yet allu promising tablets and find money to pay people plane ticket to come down to vote and all kinds of unnecessary nonsense papa zorr when dominicans eyes will open to see mr sucking d country dry?? They love their pm sooo much

    • The Real Facts - ON
      July 24, 2015

      You are living in the past. We are in the present and looking to the future. Try living in the present while keeping your eyes and mind fixed on the future.

  76. Man kind
    July 24, 2015

    Put monies in the right areas and you will be able to reduce debt .

    • Student
      July 24, 2015

      Argriculture

    • The Real Facts - ON
      July 24, 2015

      Since you appear to have a suggestion, why not divulge it and to the proper authority?

  77. July 24, 2015

    No more loans and wasting money please skerrit.

    • The Real Facts - ON
      July 24, 2015

      You must develop broadmindedness.
      It is not wasting money. If no more loans, this will be the end of all projects including road construction and maintenance. What will you say and do should this occur? Who will you blame?

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