Prime Minister Bruce Golding has blasted the previous administration over its fiscal management practices.
In parliament on Tuesday, Mr. Golding lambasted former Minister of Finance Omar Davies, declaring that his administration inherited an economy in persistent fiscal tension.
"The truth of the matter is that the fiscal management of this country has been in due trouble for a long time. We had to deal Mr. Speaker with the issue of external turbulence, they've attempted to sort of brush it aside," said Mr. Golding.
"That government never had to deal with US$100 per barrel oil. They have never had to deal with the kind of commodity price aggression that we have had to contend with. Now there is no way you can achieve a seven per cent inflation when you're running one per cent or 0.8 per cent or 1.3 per cent, the pressure started from before,"
"There was no acknowledgement that we were overshooting our inflation target even before the 3rd of September. Now all of that is because you had a government that didn't know how to manage," he continued.
In parliament on Tuesday, Mr. Golding lambasted former Minister of Finance Omar Davies, declaring that his administration inherited an economy in persistent fiscal tension.
"The truth of the matter is that the fiscal management of this country has been in due trouble for a long time. We had to deal Mr. Speaker with the issue of external turbulence, they've attempted to sort of brush it aside," said Mr. Golding.
"That government never had to deal with US$100 per barrel oil. They have never had to deal with the kind of commodity price aggression that we have had to contend with. Now there is no way you can achieve a seven per cent inflation when you're running one per cent or 0.8 per cent or 1.3 per cent, the pressure started from before,"
"There was no acknowledgement that we were overshooting our inflation target even before the 3rd of September. Now all of that is because you had a government that didn't know how to manage," he continued.
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