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‘Pres Ali’s housing loan promise to teachers unrealistic’- Glenn Lall
…warns teachers not to be fooled, says President selling dreams
Kaieteur News – In the realm of political promises and policy proposals, President Irfaan Ali’s commitment to provide housing loans to Guyanese teachers has raised questions. Businessman and Kaieteur News Publisher, Glenn Lall, has emerged as a vocal critic, raising compelling questions about the viability and practicality of this endeavour.
Businessman and Kaieteur News Publisher, Dr. Glenn Lall
President Irfaan Ali
Lall’s reservations revolve around the core components of the plan a $15 million housing loan for teachers combined with the acquisition of house lots. While many view this pledge with optimism, Lall urges a more circumspect analysis, branding it as an “unrealistic dream.”
“President Ali’s proposal sounds promising,” Lall concedes, “but $15 million can hardly secure a flat house with 2 or 3 small bedrooms, let alone a two-story dwelling. To fulfill this dream, teachers would need more than just loans; they’d require a financial miracle.”
According to Lall, “$15 Million at 3.75% means interest is $70,000 on monthly mortgage. That teacher will take some 30 years to pay off the bank, considering that many teachers earn around $120,000 per month”
“Such a mortgage could mean dedicating a significant portion of their income for an extended period and raises a fundamental question. How would teachers and their families manage to live comfortably under such financial constraints, “ a visibly disturbed Lall asked.
Lall’s concerns encompass the broader financial responsibilities that teachers shoulder, including utility bills, transportation costs, and the ever-increasing expenses associated with educating their children. He emphasizes that when factoring in these essential costs, the prospect of owning a home with this housing loan becomes increasingly untenable.
The issue of the 3.75% interest rate, Lall asserts, warrants closer scrutiny. He challenged the president to find a bank offering such favourable terms in the current economic climate, echoing the skepticism that has greeted this aspect of President Ali’s proposal.
In light of these reservations, Lall presents an alternative avenue for financing housing projects for teachers and other public servants. He points to the suggestion put forth by the International Monetary Fund (IMF) and other international organizations: capping interest rates on offshore investments, notably those associated with ExxonMobil. Lall envisions that redirecting profits from these lucrative ventures could potentially generate ample resources to fund housing projects that cater to the needs of teachers and, by extension, other essential public servants. In conclusion, Glenn Lall’s skepticism towards President Ali’s housing loan pledge to teachers raises vital questions about the feasibility of the plan and its potential impact on the lives of educators.
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