Ashni Singh presented nation with ‘voodoo economics’

Feb 02, 2022 News

…says MP Figueira, as he flagged steep rise in food prices

By Gary Eleazar

Kaieteur News – When Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh, presented the Budget for this year to the National Assembly last Wednesday, it was laced with ‘voodoo economics.’

This is the conclusion of Opposition Member of Parliament, Jermaine Figueira. Figueira, who is also Chairman of the Public Accounts Committee made the point as he drew reference specifically to the 11.5 percent increase in food prices that was reported by Dr. Singh.
Figueira, as such, questioned which foods specifically, rose by 11.5 percent, since according to him, almost all items of a food basket saw an increase of about 25 percent. As such, he posited, Dr. Singh’s figures as present, “must be some type of voodoo economics.”

The coalition MP in his presentation to the Budget Debate yesterday questioned, “where is the systematic developmental plan that shows year after year projection?” He was adamant the Budget as presented by Dr. Singh “…does not clearly define a time-bound developmental plan.”
As such he said, “…the coalition views this budget as anti-poor, anti-working class.” This, he said obtains “…at a time when grave hardship facing the Guyanese.”

With this in mind, Figueira posited that Budget 2022, much like its predecessor was aimed at supporting the business class only and not the working and poorer class of citizens. The majority of public servants, he said, earn less than US$500 per month and in lamenting Budget 2022, questioned if “…you could not see that public servants be given a livable increase, c’mon man this is unacceptable.” He suggested too that for government to boast of a $3,000 for pensioners—which equates to $100 per day—is total wickedness.

Addressing the lamentations by Dr. Singh with regards the National Insurance Scheme (NIS), Figueira noted that it was suggested that the scheme was financially unhealthy as a result of someone else’s fault. To this end, he was adamant that it was the investments in the Berbice Bridge and Marriott Hotel for which only private investors benefit, is the real reason behind the state of the NIS—guaranteed returns for private investors at the expense of hardworking contributors. According to Figueira, “Budget 2022 is not pro-poor; we say so out of deep concern for the ordinary people who will have to withstand the effects of the government’s policy.” He was adamant, flowery and well sugar coated speeches cannot fool the people all the time.

Reflecting on his position that the Budget 2022 is in fact, only aimed at supporting the Private Sector, he drew reference to the adjustments in freight charges and other taxes last year and questioned rhetorically who really benefitted. According to Figueira, it was only the business people that benefitted from the measures since the prices for just about everything including building materials went up. This, he said, meant that the working and poorer class did not benefit. As such, he was adamant Budget 2022 represents an unadulterated extortion of the people’s money.”

Budget 2022 he said, fails to address issues that plague the citizens of Guyana and reminded of an earlier pronouncement Government Minister in 2020 that “everybody has to make money and the government will facilitate.” To this end, he questioned rhetorically who is making this money, insisting that it was only the Private Sector that will benefit from Budget 2022.
Attempting to point out a duplicitous position on the part of the administration, he observed that Budget 2022 is being funded in part by oil inflows but this is being done while the oversight board is yet to be put in place. Additionally, he reminded that when the administration repealed the Natural Resources Act which was passed in 2019, there was the claim that it had been passed illegally. According to Figueira, despite this adumbrated position, the revenue had from adjustments made to other laws by the same coalition administration, was welcomed by the current administration. As such, he contends the repeal of the NRF Act was clearly intended to raid the oil fund using Parliament as cover.

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