OPPOSITION WORRIED OVER GOV’T BORROWING

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Former President and Opposition Leader – Bharrat Jagdeo says the Opposition is worried over increasing borrowing from the local banking sector. More in this report from Handell Duncan

While Guyana’s borrowing internationally has gone up by 11 percent, Opposition Leader Bharrat Jagdeo says that can be accommodated. However, he says that Domestic borrowing between, 2014 to present has increased by over 373 percent. That, for the Opposition Leader, is creating paranoia.

The Opposition Leader puts the figure borrowed from the local banking system to some $500M USD since 2014. This, he says is not good in the long term.

Jagdeo who was at the time speaking at the Georgetown Chamber of Commerce and Industry’s (GCCI) annual awards and Gala Dinner at the Marriott Hotel. He told scores of businessmen, that, the Opposition was not just criticizing, the administration because they want to be negative but, that they are worried.

During an earlier interview with the newscast, the GCCI had expressed concerns over, the rate of tax collection verses the rate of income. The Opposition wants the government to place emphasis on stimulating the traditional sectors.

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