Manifesto Review: PM Barrow Commits to Debt Ceiling and Public Debt Management

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Updated: November 10, 2015

Prime Minister Dean Barrow went  on to present the vision of his administration as it pertains to the management of external debt as well as other financial controls via the passing of Bills in the House of Representatives.

DEAN BARROW

“We’re also going to pass a Public Sector Investment Bill. What this will seek to do is to promote a more efficient allocation of resources that government is investing with the aim of achieving benefits in the most cost effective way possible. Then there’s going to be a Public Finance Management Bill that will ensure accountable, effective, efficient and economical management of the public finances of this country. All public resources covering the revenues, expenditures, assets and liabilities. Then there’s going to be a Public Debt Management Bill that will also incorporate features having to do with state guarantees, state borrowing. We’re going to establish a Debt Management Office in the Ministry of Finance. What we also plan to do by way of this legislation is to set a debt ceiling. It’s not going to be easy to determine what precisely what that ceiling is but we’re going to have a go at it; because again, we never ever want to return to the bad old days when in fact we ended up having to confront this creature, this vampire known as the Superbond.”