PM Rebuts Bowen’s Debt Claims, Calls Analysis Outdated
Prime Minister Gaston Browne has pushed back against criticism from Opposition MP Sherfield Bowen over government debt and borrowing, saying Bowen’s analysis is based on outdated accounting principles and misrepresents the country’s fiscal position.
Speaking on the Browne and Browne show on Pointe FM, Browne rejected claims that recent borrowing points to a growing deficit, arguing that Bowen was incorrectly treating debt repayment as an expense. The prime minister said such an approach reflects obsolete accounting knowledge and fails to distinguish between spending, interest payments and debt amortisation .
Browne explained that the government has been recording primary surpluses, meaning revenues exceed expenses before interest payments are taken into account. After servicing interest costs, he said the country has still posted an overall surplus, which is then used to reduce outstanding debt .
According to the prime minister, Bowen’s argument wrongly lumps debt amortisation together with current expenditure, creating the impression of a deficit where none exists. He said amortisation relates to reducing the existing debt stock and should not be treated as a recurring expense in budget calculations .
Browne also addressed concerns about plans to borrow more than EC$1 billion, saying the strategy is primarily aimed at refinancing high-interest debt rather than funding new spending. He said the government is seeking lower-cost financing from international institutions, including the Development Bank of Latin America and the Caribbean (CAF) and the OPEC Fund, to reduce overall interest payments .
By replacing expensive loans with cheaper financing, Browne said the government expects to lower annual interest costs and strengthen the country’s long-term fiscal position. He accused the opposition of either misunderstanding or deliberately mischaracterising the borrowing strategy to alarm the public .
The prime minister said the administration remains focused on maintaining fiscal discipline while managing debt in a way that supports economic stability and growth.
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Whatever this financial Novice is trying to explain to his submissive followers is pure garbage to everyone else. Is he referencing refinancing high-interest debt like the high 1.5% interest rate to the IMF for a lower 7% from another lending agency? This guy is devoid of all reasoning. Funny that he never ever mentioned percentages, neither in Parliament nor on his Radio Station so whatever he tried to explain and nothing are quite the same. Mr. Bowen was explicitly eloquent in his delivery so it’s a done deal but the fact that the Novice has to do a double, says that he is really out of the realm of simple logics.
Gaston brown does not possess the qualifications to analyze or rebut Hon. Sherfield Bowen decisive analysis on Gaston cooked up guess figures meant to fool the semiliterate voters.
Rovi he is referring to things like the Airport loan undertaken during Lovell time as FM where the interest rate was some 13 percent…