Opposition walks out of National Assembly – Jagdeo says budget lacklustre and flawed
THE Opposition yesterday walked out of the National Assembly in protest at a decision by the Government to disallow Opposition Leader Bharrat Jagdeo from being the penultimate speaker in the budget debate.The walk-out was greeted by shouts of “shame” from the Government benches, but Jagdeo said though the PPP/C is willing to work with the Government, it will never allow its rights to be violated.
The Opposition party has expressed strong reservations over the decision by the Government to disallow Jagdeo from being the penultimate speaker in the debate, contending that it is a breach of parliamentary convention.
Following the walkout, Jagdeo told reporters that the PPP/C will not tolerate any attempt at a walkover by the Government, and will be considering the proposed time-frame for consideration of the budget estimates.
Government’s Chief Whip Amna Ally told reporters that a tentative timing of 09:00 to 22:00h might go forward for the three days of consideration, with a possibility of the timing of the exercise being extended.
Jagdeo said the PPP/C will have no problem if it is given more time for the consideration, but will be examining its position over the weekend.
The Opposition Leader in his presentation to the House, strongly criticised the budget, deeming it lacklustre and flawed.
Jagdeo, an economist by training, noted the slowdown in business, but said the budget does nothing to stimulate private consumption, investment and exports.
The Opposition Leader said in a crisis, governments ideally do one of two things: they either increase spending or increase money supply, or a combination of both.
Jagdeo said none of this was done by Finance Minister Winston Jordan, but yet he (Jordan) is talking about withdrawing government money held in private accounts. The Opposition Leader was referring to some $60B sitting in private accounts in the commercial banks.
SHRINKING MONEY SUPPLY
“He is shrinking money supply, this is not anti-cyclical, this is pro-cyclical, you are going to drive the economy into greater problems…Mr Speaker, if the minister feels so strongly as they did yesterday [Thursday] that all of this money is illegal, they should transfer the money today [to the Consolidated Fund], and if they don’t do it, it means that the same reason that they attributed to us were keeping it outside to thief, then they are keeping the money outside the budget to do just that,” a passionate Jagdeo said to loud approval from the Opposition benches.
The budget, the former President contended, is a lacklustre budget, and does not respond to the needs of the people.
“It does not focus on those who are losing their jobs, it does not focus on creating wealth. As my colleagues have pointed out, he gives with one hand and takes with the other,” Jagdeo said, informing the House that the people want a budget that responds to their needs.
Painting a dire picture ahead, the Opposition Leader said given the “flaws” in the budget and if it continues, in the next two to three years, the economy will flat line.
“The bank and the housing stock, you talk to the agents if you don’t believe me, they can’t sell a single house, because people are anticipating the drop in the volumes of homes; Mr Speaker, have them speak to the people who are selling motor vehicles and they will tell you the sales are drying up. People are holding on to their spending now, because they are not getting the right signals from this government,” Jagdeo said.
The situation at hand he said, is a crisis of confidence.
By Tajeram Mohabir
