Government Senator Dwayne George on Wednesday rejected opposition criticism of government borrowing under a projected budget surplus, arguing during the Upper House debate that borrowing is a deliberate investment strategy rather than a sign of fiscal weakness.
Speaking during debate on the 2026 Appropriations Bill, George said the government has moved from “borrowing to survive” to generating surplus revenue in order to invest, and that prudent borrowing allows the country to preserve reserves while financing long-term development.
“We don’t borrow now to survive,” George told senators. “We generate surplus to invest.”
He challenged claims that a surplus should eliminate the need for borrowing, using a household-finance analogy to explain the government’s approach.
“If you have $100 in your bank account and you want to purchase something for $100, any sensible individual would borrow rather than use the last $100,” George said. “When you use your last hundred dollars, you have zero dollars and zero cents. In the case of an emergency, you don’t have anything.”
George said borrowing allows governments and households alike to manage risk while spreading costs over time, even when cash reserves are available.
“It is easier to pay $5 or $10 a month than to spend your last lump sum,” he said, adding that businesses and individuals routinely borrow despite having sufficient savings.
The senator said the same logic applies to national finances, arguing that surplus funds should be preserved while borrowed capital is used to finance projects capable of generating returns.
He cited government investments in Social Security, the Jolly Beach redevelopment, the University of the West Indies Five Islands Campus and other state-backed ventures, saying such investments are intended to create a “multiplier effect” that strengthens long-term sustainability.
“We invest to multiply what we inject,” George said. “If we inject one dollar, we inject it with the intention of multiplying that dollar.”
He said borrowing in this context supports economic growth, job creation and social stability, rather than undermining fiscal discipline.
George dismissed opposition claims that borrowing contradicts surplus projections, saying the government’s approach balances discipline with development.
“This budget is not about survival,” he told the Senate. “It is about progress.”
The debate continued as senators examined competing interpretations of the government’s fiscal strategy and surplus projections under the 2026 budget.
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Let us assume borrowing in this case, when there is a surplus of cash available to the government, is the right thing. Now, justify why borrow at relatively tremendously high interest rate when tremendously low interest rate is available locally that can also empower locals? You will not be able to explain this one, the answer will be because of incompetence.
The government could have for years borrow money from locals by issuing bonds and shared to individuals locally, from the local treasury, paying locals higher than the interest banks give but substantially lower than what China and other foreign financial institutions is paid for the ABLP borrowing. Putting locals in more debt when locals could have been bond and share holders makinv those moneys ABLP is paying to overseas institutions. What on earth is wrong with making locals wealthy? Why on earth do you all always want locals to stay broke and poor?
With a competent, innovative, caring, selfless and professional government leaders people of the United Islands of Antigua and Barbuda (UIA&B) would have been substantially financially better off, maybe as much as PM Gaston Browne and his family who is using this same strategy to provide Government with his private space to rent and receiving substantial benefits for this. Other locals, the entire population, should be given this opportunity.
The Jolly Beach hotel should be owned by employees, the community and citizens of the country directly from their local investment and if there is room, then some smaller investment from the government but the opportunity should have been for locals instead of the insane borrowing and investments ABLP is taking.
My analysis on ABLP is that they are not smart with money, they just throw it at anything until something sticks. Imagine if you had someone really good at managing, saving, and investing money in the ministry of finance and in each ministry, imagine how much wealthier locals would be.
Based on my recent analysis on St. Mary’s South, sadly, Senator Dwayne George will not be winning anything. I heard you are an economist, sir use that talent and stop making them force you to say the most ignorant things exposing you to critical thinkers that will poke the biggest holes in the nonsense I am hoping they are forcing you to say as you should know better.
If you have a surplus of cash, and I doubt it, it is then time for you to borrow with the lowest interest and the opportunity to be innovative by providing locals with opportunities to be wealthier, having more cash flowing inside the country instead of shipping off those alleged cash surplus overseas (keep that cash in Antigua and Barbuda, in the hands of locals).
This is how I know nothing ABLP says is competent, there can’t be any cash surplus under ABLP, there are no innovation and fiscal/economic/financial skills there. Sadly.
They, ABLP, are not even smart enough to identify brilliant talent.
When you are a betrayer begging lodging what else can you do but sing your landlord tune, Dwayne George doesn’t have a personal opinion.
You called Gaston corrupt and incompetent, now you are defending his voodoo economics. Prostitutes comes in all forms. You have no ,integrity, nor morality as a man. Beating woman doesn’t make you a man.
I have a friend who used to say he nar go bank for nothing but my reply always was if u building an apartment I highly doubt u would use all your personal funds to do so…So yeah Dwayne I agree we can’t use up our resources but we can’t get too deep into debt either….
We must understand this Windbag is begging lodging in ABLP so he doesn’t have a choice but to go along. Anything the Party decides he dares not disagree, it also has to be his opinion. That’s what happens when you sell your soul