“We have decided to use part of the oil proceeds to finance the (Budget) deficit,” said PPP leader Bharrat Jagdeo in a recent interview.
The APNU+AFC Coalition has long accused the installed PPP of borrowing against oil revenues. This recent claim by the PPP leader lends further support to that claim.
The PPP has borrowed over $200 billion to finance the fiscal deficit that they have accumulated throughout their 1.5 year tenure in office. This is much more than the $126 billion ($607 million USD) in total oil revenue deposited into the Natural Resource Fund (NRF) to date.
The PPP now has the authority to withdraw up to $126 billion ($607 million USD) in 2022, after recent revisions to the NRF Bill. With the government borrowing $98 billion in 2020, there are legitimate concerns that NRF income would be lost in a black hole of debt.
More, In The Ring.
