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GOB clarifies Fin Sec’s statement

The Ministry of Finance also clarified statements made by the Financial Secretary, Joseph Waight. As we reported on Friday, Waight sent a message to Government CEOs telling them that there is no money in the bank, so finance officers should stop searching for unspent funds. According to Waight, the Government will likely have to issue more T-Notes to meet the early end of year payday next month. He warns the CEOs that the country’s debt is already at 100% of GDP and rising. The Fin Sec further warns quote, “If we continue on this path we will certainly crash.” End of quote. However, the Ministry of Finance says that GOB’s annual budget is achieving its broad goals, allowing all obligations to be satisfied in a timely manner, including payroll. It says that there is no requirement for the Government to access any financing whatsoever outside of the budgeted and approved sources. It also explains that the statement made by the Financial Secretary was the standard financial year-end instructions given to Accounting Officers so as to restrain overspending and encourage senior public officers to remain diligent in the pursuit of budgetary objectives. Prime Minister Dean Barrow is expected to present details of the Government’s budgetary performance for this fiscal year and its targets for Fiscal Year 2018/19 on March 9, 2018.