Premier Smith can't recall speaking of having $90m in bank!
The $90 million figure became a mantra for the National Democratic Party (NDP) and the other parties, including the Virgin Islands Party (VIP), who’s members challenged the Premier to use some of that money he had spoken about to pay bills.
The Premier had been on a recorded television interview when he made the statement that at the end of 2014 the Government had the sum of $90 million in the bank.
On another occasion, Premier Smith, speaking at the Band Stand in Road Town on May 26, 2015 while addressing an NDP rally, said, “At the end of three-and-a-half years, we are happy to say that the economy did grow. When we came into office, we met a total of $51.5 million in the bank. Last year, up to the 31st of December 2014, we had $90.4 million.”
The question was asked by members of the VIP at that time if this were so why were Government cheques being dishonoured at the banks.
“I don’t recall speaking about $90 million. I have to refresh my memory before I could make any comment on that,” Premier Smith said when confronted on the issue by this news site last week Friday October 23, 2015.
“I know that Government is committed to having a reserve fund which is at the moment probably approaching $50 million in the reserve account. And there are of course other accounts which are there,” he said.
“I cannot at this moment say how much is there in any account,” said the Premier.
Financial Secretary Neil M. Smith confirmed to this news site that the money that the Premier spoke of constituted reserves plus Consolidated Fund.
Hon Fraser speaks up
Leader of the Opposition Honourable Julian Fraser RA (R3) said leading to, and during the elections campaign, there was “this huge desire on the part of the electorate” to uphold the utterances of the incumbent NDP Government as credible much to the discredit of everyone else.
“When the Premier said he had $90 million in the bank, he very well may have, but was it gross or net? That is, did he already meet the government's financial obligations? The answer to that question people for the most part were not interested in knowing,” said Honourable Fraser.
“I for one was never fooled as to what it really was, for even then vendors were not being paid, and government cheques for the first time in history were bouncing at the bank. So I am not surprised that today, the threat of salaries not being paid is a reality, even as statutory bodies reliant on Central Government subventions are allegedly unable to meet payroll as normal.”
He said that materially, there is no justification for the “current run on the Treasury” which has caused departments the embarrassment of not being able to raise Purchase Orders, ostensibly because of lack of cash. “The truth no one will ever know, because government is accountable to no one,” said Honourable Fraser.
“I surmise that government is advancing itself cash from the Consolidated Fund to meet obligations for some loan funded projects due to a failure on its part to timely meet requirements for drawdown from the bank,” he said.
According to Honourable Fraser, he has in the past wrestled with Government to get information on its finances and has been met with half-truths and road blocks, and was never satisfied that the information given was of any use.
He said that with this new Administration going forward, it will be necessary to use a new approach since “obviously the strategies and techniques used prior did not seem to work.”
At a recent press conference, Premier Smith dismissed the suggestion that Government was broke and noted that, as with all economies, sometimes they experience dips.
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44 Responses to “Premier Smith can't recall speaking of having $90m in bank!”
As Mark Twain was known to say, If you always tell the truth, you don't have to worry about remembering anything.
These things are on record.
Dr. The Honourable Orlando Smith that is a lie
Some people will twist anything to make a case.
I do believe the whole world heard your statement. Please don't insult our intelligence.