Eustace: National resources not being properly managed

Opposition Leader and President of the New Democratic Party (NDP) Arnhim Eustace has lamented the declining state of this country’s economy.{{more}}

At a press conference held at his office at NDP headquarters on Wednesday, June 8, Eustace said that the national resources are not being properly managed by the government and has called on the government to use ‘fiscal prudence’ in the handling of the economy.

“If you notice in St. Vincent and the Grenadines we are having more closures and cutbacks…. Ju-c is now closed; 68 people have gone home. BRAGSA has sent home all temporary workers, and temporary means workers who have been there for years.”

“Food City is closing and being taken

over by new operations. Everybody has been sent home. They have to wait and see how many of those will be employed by the new company. And as far as I know, those who have been sent home have not been paid a severance.”

He also noted that he was aware of another major business take over that is on the horizon.

Eustace said that a decrease of tax revenue, which is being brought on by low profit returns to local businesses, is a leading factor in the spiraling decline of the country’s economy.

He admitted that while all blame cannot be placed squarely on the shoulder of the government, it is the responsibility of the government to devise ways to bring a turn around before the International Monetary Fund (IMF) intervenes.

“All of it is not Gonsalves fault or somebody else fault. There are international factors, but the government of St. Vincent and the Grenadines has to take some action and exercise the kind of fiscal prudence that is required if we are to stay on course….”

“All this comes because of the constant shortage. We are spending money on all sort of things except what we are supposed to spend it on, and we have more and more people going on the bread line.”