Finance Minister, Chris Sinckler says government cannot continue to look to the Central Bank for money to service its debt.
He admitted this while revealing that Central Bank financing reached $714.5 million in the 2016/2017 financial year, when government implemented its adjustment measures.
During his introduction to the debate on the 2017/2018 Estimates of Revenue and Expenditure, he acknowledged that the printing of money is unsustainable, Mr. Sinckler also took the opportunity to dismiss speculation that he ordered the Central Bank to do so.
He said, “they don’t wait on any call from the Minister of Finance to the Central Bank Governor or anyone else who is working in there saying, ‘oh, this is Chris Sinckler the Minister of Finance, I understand there is a shortfall in government revenue, start printing,’ it doesn’t happen that way! I’ve never called any Governor of the Central Bank, the Board or anybody and told them to print money! They sat on a committee, they understand the implications of doing it and they still do it.”
The Finance Minister also disclosed that Government will be presenting, in Parliament soon, its plan to stabilize the foreign reserves; reduce its debt and to ensure that the most vulnerable in society are protected.