Take on massive debts secretly, and hide it away until someone finds out about it. It's been the practice in government for years but no more. Cabinet has worked out a new finance and audit bill which will be taken to the National Assembly at its next meeting. Among the reform initiatives included in the bill is that the National Assembly must approve any loan in excess of $10 million, provided that the total amount of money which may be borrowed by the government at any one time will not exceed 10% of GDP. The National Assembly may also authorize the government to offer guarantees if it is satisfied that they are guaranteeing a legitimate developmental purpose, for example, not Intelco. It's a great step, but critics argue that it's just a little too late. In fact it comes when government has just about maxed out its credit and is scrambling just to repay its current debt.

Tags The National Assembly Intelco