The PNC Opposition are beside themselves that the PPP Government are not only changing the legislation on the NRF to allow them to withdraw practically 100% of the oil funds deposited into it, but are also increasing the ceilings on both domestic and foreign borrowing!! They know that now that the PPP’s broken the barrier on their first TRILLION-DOLLAR budget, there’s no stopping multi-trillions coming down the pike!! With money in the land with the Yankee dollar bill, the Opposition seem to think they’ll end up with the Big Bamboo!
So, let’s talk a bit about increasing our debt, shall we?? You can’t blame the PNC for becoming paranoid when it comes to debt!! After all, in their Founder Leader Burnham’s grandiose schemes in which he wanted to “mould” the nation, he ended up not only bankrupting the Treasury, but saddled us with debt and interest that demanded payments far exceeding our ENTIRE national income stream!! That’s how come we couldn’t even afford to import flour for our bake and roti back then!!
But Burnham’s inheritors are missing the forest for the trees when it comes to borrowing. Which is: it doesn’t matter HOW MUCH YOU BORROW, once your income stream allows you to repay the debt!! Debt gives you the option of spending right now on projects you need but don’t have the money for. And all of us would’ve known this as a basic rule, if the PNC had allowed us to become rich enough to encourage banks to lend us money!! When it comes to money, those who have it get to borrow more, so they can invest!!
And the only question the banks and we, the people, should ask is whether the things we’re spending the loans on would be generating enough profits to allow us to service the debt without any sweat!! Now, one of the main spending items on the PPP’s budget is infrastructure – which, as we all know, don’t really generate income DIRECTLY!! Surely, no one expects all those roads being built to be generating revenues directly, do we?? Tolls anyone?? And so, we’re gonna have to ensure our income flow from our oil would be increasing fast enough to cover our debt servicing.
And this is where the PNC oughta be breathing easier. They know we’re heading to 1.2 million barrels per day within two years – up from the present 690,000bpd or so…and this will be maintained for at least another 30 years!! But when you scratch beneath the surface of the Opposition’s druthers, you realise that it’s not the spending that worries them – but WHERE the money’s spent.
They’d rather we share out the money like Santa Claus – and the devil take us after thirty years!!!!
…the best cricket!!
Well, how about our own Shamar Joseph and his spectacular debut Down Under??!! Nurtured by our Amazon Warriors, this young man might just be the core of the reincarnation of our famous pace attacks from the seventies – with such greats as Michael “Whispering Death” Holding. He certainly did much better than Holding’s debut against the Aussies in 1975, when he was punished zero-for-127!! And here it is that Shamar had two five-fors in as many Tests!! It doesn’t get better than that!!
He was player of the match (1-56 and 7-68) and player of the series with 57 runs and 13 wickets!! And he did this in the last innings, when his big toe had been hit while batting and he wasn’t even supposed to come out and play!! If this isn’t true grit, what is?? And the kid can do cartwheels in celebration that would make those Olympic gymnasts proud!! Well, one thing your Eyewitness recommends is: on his return to Guyana, Pres Ali hands over to Shamar his own house and lot!!
…administration
Your Eyewitness wants to know whether UG’s previous VC’s “Cabinet” is still in place – with DVCs, Registrar, Bursar, Human Resources Director, Director of Berbice Campus, Legal Officer, Director of the Office of Strategic Initiatives, and Chief of Staff?
