BREAKING NEWS| Over a nine month period during the last fiscal year, the FNM government borrowed money four times and extended the overdraft facility at Royal Bank three times just to meet the public payroll.
The government’s overdraft is now up to $102 million and Royal Bank has cut the FNM government off- refusing to give them one penny more. This is critical and new as the banks are losing confidence in this government’s ability to competently manage the country’s public finances.
For this reason, the says it is unable to pay the civil servants their $1,200 lump sum payment.
This is in the face of public borrowings in excess of $2 billion in just two years.
But when Opposition Leader the Hon. Philip Brave Davis raised this issue and sounded this alarm in Parliament during the recent budget debate, Finance Minister Peter Turnquest dismissive, claiming this was a normal practice.
The government has called on a local business executive and former Chamber of Commerce head to explain the state of government finances to Royal Bank in a last ditch effort of desperation to persuade the bank to release more funds to the government.
Meanwhile, doctors cannot get their holiday pay.
Not only is there a power crisis with BPL on the brink of collapse, but the government is also faced with a serious cash crunch where it is unable to pay civil servants.
We report, yinna decide