Former Finance Minister Colm Imbert claims the Government’s latest US$800 million foreign loan has pushed this country’s public debt to an estimated $151 billion dollars.
He disclosed this during an Opposition media conference this morning.
Mr Imbert also claimed that more than $500 million US dollars has been withdrawn from the Heritage and Stabilisation Fund.
Mr Imbert alleged that the borrowing is being used to cover Government expenses rather than fund development, adding that while the funds are converted into local currency, the country must repay the debt in US dollars.
He also accused the Government of withholding information and said the public is being presented with “bogus figures”on the state of the economy.
