Singh would be Finance Minister in U.D.P. Govt.
Several months ago U.D.P. Leader Dean Barrow said that if he becomes the next Prime Minister he will not hold a specific portfolio. Since Manuel Esquivel cannot constitutionally–even as a Senator–be appointed as Minister of Finance, the most likely candidate for the post has become Freetown standard-bearer Douglas Singh. That speculation ended on Friday when Barrow told a business mixer that Singh would indeed be his man in the finance ministry. Today, on the eve of the budget debate, I sat down with Singh for a preview of his party’s economic policy.
Doug Singh, Chairman, U.D.P.
“It is a classic election year budget, first thing. But more than when you get through it and you listen to the presentation and the fervour in which it is presented, and the emphasis that is placed on certain things, that is also manifesto. It is the introduction to their manifesto and the promises that are being made have started already. In some cases, the promises are irresponsible.”
“And if you look at the percentage increase that is projected for this year, it certainly doesn’t reflect what the government said in September when it put through its revised budget when it was taking some kind of austerity with respect to their expenditures. It is my understanding, we have received information that the I.M.F. has actually recommended to them that they cannot or should not implement such wage increases, that the government can’t afford it.”
Janelle Chanona
“Now the P.U.P. is saying no new taxes, but we’re going to do social programs like the N.H.I., tax relief programs. You are saying they don’t have the money to do it so they won’t be able to do it; yet, when you come into government you’ll bring in the same programs and no new taxes. Where is your government going to find the money to do all of this?”
Doug Singh
“The P.U.P. doesn’t exercise their financial activities the way we do. One of the things that we want to do, as I had mentioned in a previous ad, is immediately seek to get a reduction in the debt servicing that we have. We’re looking at refinancing certain debts to try to get a reduction in the amount that we have to pay annually. And those funds can be used to address some of these social programs. We also want to try to put some policies in place immediately. We have some ideas with respect to the sectors we want to address to immediately create jobs. And the creation of jobs also lend to reducing the burden on the government, to be able to take care of some of these social services also.”
As for the new P.U.P. proposals included in the budget, Singh says such plans have been a part of the U.D.P. agenda for some time.
Doug Singh
“Some of those ideas are similar to what we have been discussing for a number of years now and putting it into our manifesto. For example, the increase to the limit of twenty-five thousand dollars for people who pay P.A.Y.E. You might recall that in 1998, it was the U.D.P. government that introduced an increase in the exemption from ten thousand to twenty thousand.”
“In our manifesto we did introduce the concept of a health insurance policy that would take care of primary health care and we discussed in detail where we think the funds could come from for paying for it. We do not believe that there would need to be increased taxation to take of this. We think we can provide for it from the existing government resources.”
“We are not against public servants getting their raises and we’re not against the benefits that are being offered to the elderly, we think certainly that could have been broad-based to include men and not just women. Any commitment made by a government must be honoured by any government that comes into party.”
Janelle Chanona
“Mr. Barrow has already indicated that should he become the next Prime Minister, he won’t take a portfolio. Will you be the next Minister of Finance?”
Doug Singh
“In the next government, I will be the minister of finance.”
Janelle Chanona
“What will be your first move?”
Doug Singh
“Our first move? Certainly we would have to address the debt situation. We’ve already taken that first move because we have already been consulting with international agencies and looking at the possibilities of doing it. We know that it’s not exactly easy to walk out there and say, well there are some debts that have conditions that include huge prepayment penalties that include conditions that are not easy to allow them to be renegotiated. We’ve been looking at this very carefully. We’ve been talking to agencies, foreign agencies in context of what is possible. So we’ve been taking a very realistic approach and we’re not waiting until we get into government.”
