No audit report and conflicting data raise doubts about level of government public debt – Prevost

Prevost

“The budget presented for the year ahead, 2011/2012, which is also meant to report on the Governments performance for the year past, 2010/2011, and which failed to present the accompanying Director of Audit report for two years ago, that is 2009/2010, portends serious failures within the government’s financial system,”
Roseau MP Norris Prevost has said.

According to Prevost the public debt as reported in the budget, does not include the huge amount government owes to Venezuela, under the  Petro Caribe program where fuel is supplied on credit.

“When this is taken into consideration, the Dominica’s government debt/GDP ratio could well snowball to the region of about 100 percent.  Having failed to present the audited accounts for 2009/ 2010, on p 12 of 2010/2011, government states as follows: ‘..in terms of the fiscal year 2009-2010 I can report that our debt to GDP ratio now stands at 72 percent,'” he stated.

Prevost continued, “GDP for 2009/2010 current prices in memo on  p15 of 2009/2010 budget is reported to be $1,126-million whilst in 2010/ 2011 budget to be S1,309.9-million. The failure to present to  Parliament the audited accounts for the 2009/2010 financial year, and the seeming inconsistencies in these data, raises serious questions of credibility about the government’s statement on p 15 of the 2011/2012 budget, that its debt to GDP ratio as at June 2011 is 55.8 percent, especially when, according to information published by the same government, it has contracted loans of $100-million from China directly to government, and well close to another $100-million from the AID Bank, from Venezuela, CDB and EIB.”

According to the MP, in 2003 Dominica, with a debt to GDP ratio of 130 percent and a worsening negative growth rate, found itself in the clutches of an IMF stabilization and debt restructuring program, which lead to public servants salaries being cut by 5 percent and a stabilization being levied on all income earners.  He said that as predicted, Dominica’s economy got worse before it got better, and at best, has remained in stagnation.

“Even the unaudited statement in the budget page 15 is reporting increase in government’s disbursed debt of $38-million.  Government needs to come clean in reporting of the public debt. Government must be transparent and accountable, especially in the matter of reporting the public debt,” he said.

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23 Comments

  1. space
    July 11, 2011

    these are too complex issues for the majority of dominicans pretty much care less..what a shame the island which has a loose animal farm..

    wonder who eats who and the farm…haha

    what a interesting island with animals..

  2. Luis
    July 11, 2011

    Hi,
    Im a 16 year old guy from Guatemala. Ive been assigned to investigate from Dominica´s political and economical situation. I read a few articles, but Im not really getting what is all the trouble with your PM, the budger, the corruption, and the possible revolution. Can somebody help me with this issue?

  3. ?????
    July 11, 2011

    Whilst all is said and I do not criticise this article. ???? Shouldn’t Mr Prevost have attended the House of Assembly and made those points he is making in this article. Is there any respect for the constitution and the House?? Just asking? That is where he was elected to go to to make his contributions.

  4. Pedro
    July 11, 2011

    The poeple cannot trust this Government since the have confirm that it is OK for a government to LIE to its people.

  5. Oh please!!
    July 10, 2011

    It’s all well and good for Mr. Prevost to scrutinize find faults in the budget but Hon. Skerritt has shown that he can manage the financial affairs of the state quite admirably and that’s the reason we his supporters have full confidence in him as his track record over the last few years have shown. Meanwhile, the same cannot be said of the opposition as their track record will show. Where were you all these years while your party was in power. You did not apply your skills or are you just good at finding faults but have no plan of what you are going to do once you get into power?

  6. ethnic paralysis
    July 10, 2011

    Well said Mr. Prevost.
    This sham budget only demonstrates the level of ethnic paralysis in the DLP.
    Almost every revenue generator, national resource and major contract is outsourced.
    Even the leader caNnot be one with full Dominican allegiance.

  7. Scaredrat's policy
    July 10, 2011

    Now that is why the people of Roseau keep electing Mr Prevost.
    Armed with his Harvard Masters degree…an ability to critically analyze the Scared Rat misrepresentation of figures that they called a budget.
    Otherwise presented to an intentionally drugged out populace.
    Typical examples area:
    1. Destruction of a foriegn exchange earning guest house in contrast to extending a sea wall to ensure rum shops are rebuilt in soufriere.
    2. Facilitation of a massive drug trade with foreign policy so every week there is a new young paro on the streets.
    3.Highest teen drug use in the caribbean.
    4. Strategic attack, arrests, intimidation and chasing away of the intellectuals to be able to control the minds of the gullible unaware remnants….
    Listen to tony ask the critical questions as to why the blatant irregularities in the administration of justice highlights the “?” Blue signs.
    Thanks Honorable Norris Prevost.

  8. NB
    July 9, 2011

    Please be careful with your spelling. I know its not a spelling bee but remember, the world is reading.

  9. Gemini
    July 8, 2011

    Mr. Prevost, Sir I am not the least bit impressed with your analysis of this years budget. Your pronouncements of doom and gloom seem premature at best, especially considering that you yourself admitted that you lack or have not reviewed some critical data required to make such an assessment.

    In any case my real issue is this:
    ….you have conveniently mentioned that in 2003 strict austerity measures were implemnented by the DLP, but why did these measures become neccessary. Wasn’t it your party that drove the public debt to this ridiculous level or did the DLP cause that too.

    • Finance - Economics
      July 8, 2011

      The ideas purported by the UWP are sad ones. Let us all be truthful and realize that these guys are Jokers. In one corner you have Neg Bawi-Speaker Of The House who allows the old heads who have nothing to lose and nothing to offer hijack his party.

      In the other corner you have Matt, Lennox, Angelo, Groovey Bat and others who have not and will not contest elections – running around with a man love for Skeritt.

      The UWP party is a joke. I do not feel bad for them, I feel bad for Dominica and their supporters.

      We win and we lose, but we fight and keep fighting.

      Mike Douglas would never do this kind of boycott…nor would Roosie or Mamo…

      What else do they have planned. Dominicans do not care about voter ID cards….we are not Zimbabwe with a Zanu-PF party….

      The election was won and if they make the voter ID card part of their approach no worries….it is the only approach….only…how will that give me a job?

      • Ted Lewis ( possie)
        July 11, 2011

        whats your take on the Budget Mr. Finance and Economics.

  10. Tony
    July 8, 2011

    I came to Dominica in October of 2010 to get a piece of land from my mother in Laplaine. To my surprise a distant family member build a small house on the front portion of my mother land. I consulted an Attorney in Dominica who told me that since the house was built over twevle years we cannot me them leave. How can this be and what type of law is this. What is going on in Dominica. Can some just still my mother land like this.

    • They MAD
      July 9, 2011

      Sorry to hear. But that’s how it is in Dominica. Alot of madness all over. And a large percentage of the people are either politically blind or just plain wicked. Just read some of them comments under this story, it goes to show the level they on. The laughing stalk of the Caribbean. Comess alone they like, commess alone they supporting and commess alone they does talk in defense of the same commess. A failed State – Dominica.

      • Young Wisdom
        July 11, 2011

        Hold on right there!!!! You in dominica???? for you to be saying that sh!t on DNO??? Whoever the hell you are… is YOU DAT MAD EH!!! Yea it have things in dominica that we don’t like or approve off… but doh never call my beautiful country a fail!!! cause we eh fail shit!!!! Everywhere people struggling so hard times is not nothing only dominicans experiencing!!! Madddddd Fooolll let me tell you eh… DOESN’T DISRESPECT MY COUNTRY LIKE DAT EH!!!!! REAL TALK!!!!!

    • Young Wisdom
      July 11, 2011

      DAT NUH???? WHAT DAT HAVE TO DO WITH WHAT PEOPLE TALKING ABOUT??? HAVIN RETARDED PEOPLE SAYING STUPID SHIT ABOUT DOMINICA??? I SURE YOU DIDN’T KNOW A HOUSE THERE FOR TWELVE YEARS… WHY YOU DIDN’T COME HOME SOONER??? WHY DIDN’T YOUR MOTHER MAKE DEM COME OUT THERE SOONER??? AND ALLU OBVIOUSLY DIDN’T NEED DI LAND IF THE PERSON THERE FOR 12 YEARS!!!! YOU RATHER SEE YOUR FAMILY HOMELESS???? DAT YOU SAYING DERE???? EH TONY??? JUST THROW DEM IN DI STREET??? EHHH???

      • They MAD
        July 12, 2011

        Take care you burst a vein. The truth must be sending you a bit crazy. Go PMH, I hope they at least have paracetamol to give you. LOL. Seat down there and make excuses for the government’s inability to improve the standard of living of its people talking about “hard times everywhere”. There are all kind of challenges all over the world, this is why a team- a government is in place to face it head on and strategize a proper way to confronting those challenges. I can tell you are either some infant or some dumb little political peepsqeek. lol

  11. Utter Rubbish!!!
    July 8, 2011

    Mr. Prevost is in the House you had to go and debate that, it too late now we in cricket mode!!!

    Now take my foolish advise, go to the next sitting and for CHRIST SAKE allow young hector the opportunity to Chair the Public Accounts Committee, since the last election none of the select committees of the House of assembly have been appointed, now that is sad..

    What you talking about there Mr. Prevost should have really been said at the Parliament and Hector John should be asking these questions to the Director of Audit during his investigations as head of the Public Accounts Committee!!!!

    But again who cares really? Hector gets his 5k monthly whilst the rest of you get $2,500 for doing absolutely nothing why would you all want to stop that good time and free tax payers money ah?

    Now continue describing to us what is CORRUPTION!!!!

    • Pepper
      July 8, 2011

      WELL SAID!!!!

  12. Akhenaton
    July 8, 2011

    Just a matter of time, and the truth shall be revealed. The finanies of the state seem to belong to a selected few, who have the ability to doctor the figures presented for public consumption. It is evident that a recalculation of the records presented is required. What a shame the Government is being deceived by the technocrats and the politicians are too dum to see. What a Brilliant “FINANCIAL SECRETARY”

    • Utter Rubbish!!!
      July 8, 2011

      you need to take some time off and educate yourself on how the government system works!!!

      Your lack of knowledge is very glaring and trust me you sound real foolish!!!

      • Lucky Me
        July 8, 2011

        Utter Rubbish why don’t you interprete the budget and financial statement for us. You ask us to trust you so do us a service and educate us on GDP , deficits and equities. Please!!!!.
        I assume that you have taken the time to understand the functionality of Government economic machinery.So tell us what you understand.
        Please respond intelligently otherwise it would be wise the remain quite.

        1, 2, 3 go

      • Ted Lewis ( possie)
        July 8, 2011

        Utter Rubbish

        we are waiting for that bit of education. while you at it please check out the economic review published by the ECCB for the first nine month of 2010.
        http://www.eccb-centralbank.org/PDF/efrsep2010.PDF
        page 27 -32 .

  13. Sackway Toneh
    July 8, 2011

    A house built on sand is destined to crumble…so as a government defined by greed and lies.

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