Mark Espat - the Minister who led the debt re-profiling effort also praised the Prime Minister's budget and said it stands apart from what happened before 2004. That's a hardly oblique reference to the G-7 movement of August 2004 that forced the ouster of Ralph Fonseca from the Finance Ministry.
Hon. Mark Espat, Albert Area Rep.
"No one Madam Speaker, no one can credibly argue that the health of government's finances has not improved significantly over the last two years, especially since 2004. The favorite threats, the favorite threats and forecasts of the Opposition of default and devaluation are no longer even relevant to the debate.
The unprecedented national focus on public finances, the momentum of reform and change, the bold and necessary actions of the government, and the efforts of the social partners, yes, including the private sector organizations and labor, are paying dividends and the results of the 20006/2007 budget are here as proof of the benefits of this new national consciousness in the manner in which we manage the people's money.
The broad outline of the budget is once again very very positive: keeping public finances on a sustainable footing and building on the progress of the past two years.
With the economy expected, conservatively, to grow by 2%, but with petroleum corporate taxes being paid to the treasury for the first time this year, the overall budget deficit is expected at less than one percent of the gross domestic product or just $24.7 million.
Madam Speaker there is actually a recurrent budget surplus of $65.6 million, the largest recurrent surplus in recent memory. Even after reclassifying $25 million that was in capital II expenditure to recurrent expenditure."
The Prime Minister will wind up the debate tomorrow - after the UDP's Party Whip Michael Finnegan responds to the budget.
