Oct 27 - Government Insists Public Debt is Falling
In response to last week’s statement by Opposition Leader Daniel Feetham, on public debt, the Chief Minister has insisted that since the GSLP/Liberals election to Government the gross debt has been considerably reduced from £520m to £450m, and set to drop further.
A Government statement claimed that former Chief Minister Sir Peter Caruana admitted that if he had been elected once more in 2011, he would have funded the delivery of the GSD manifesto with further debt.
Commenting on the issue, Fabian Picardo noted that cutting Gibraltar’s debt was his Government’s commitment. He added, ‘It is becoming clear that the Opposition are looking to have their bread buttered on both sides. When they are in Government they want to double the debt to deliver their manifesto commitments. When they are in Opposition, they don't want government to spend any money so that we don't deliver our projects. They have to make up their minds.’
‘The sum of £520m was too high for gross debt and will be reduced. The net debt will also be reduced. But the funny thing is Mr Feetham seems to be more worried now about the lower borrowings there are under this GSLP-LIBERAL administration than he was about the higher borrowings under the GSD.’
He went on to add that it was important for Gibraltar’s public to understand that Gibraltar Savings Bank money is ‘obviously safe’.
