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“If we continue on this path we will certainly crash”: Financial Secretary

An internal text message sent by Financial Secretary Joseph Waight to Government CEOs has been leaked to the media. In the message, Waight who has confirmed its authenticity says that the Ministry of Finance is “being overwhelmed with requests for reallocations and dereservations of “savings” identified in various accounts.”  Waight tells the CEOs that these are “illusions as the reality is that there is no money in the bank.”  According to Waight, the Government will likely have to issue more T-Notes (Treasury Notes) to meet the early end of year payday next month. He warns the CEO that the country’s debt is already at 100% of GDP and rising. The Fin Sec further warns “If we continue on this path we will certainly crash. I am appealing to all to instruct your finance officers to just stop trolling through their books to find unspent funds. The money is simply not there.”  Earlier this week Waight spoke to the media about the upcoming budget presentation. He says that it will be a billion dollars budget.

Joseph Waight, Financial Secretary

“It will be about a billion dollars yes but it’s ongoing, the numbers haven’t crystallized yet it is a work in progress. The story is this that we have an annual budget only, if there is unspent money in the book it dies but even if there is unspent money in the book that does not mean that there is unspent money in the bank. Remember it’s an allocation depending on how the revenues flow throughout the year. Some departments have unspent balances it dies with the fiscal year.”