Jacqueline Archibald, who once served as API Deputy Director under the ULP government, before leaving for overseas, is calling for an investigation into the former government’s fiscal management of St Vincent, following a sobering economic report from the International Monetary Fund (IMF).
In a recent statement posted to Facebook, Archibald voiced the growing concerns regarding the country’s fiscal trajectory:
“We the Vincentian public is calling for a Commission of Inquiry into the former administration on the reckless handling of our country’s finances which has put us on the brink of economic collapse”.
The call for accountability comes on the heels of the latest IMF report, which reveals that St. Vincent has been under “debt distress” since 2016. The report paints a grim picture of the future, noting that if the current economic path remains unchanged, the national debt could reach a staggering 145% of the country’s GDP.
To stave off further instability, the IMF has issued several stern recommendations to the government. These include foregoing the implementation of a National Development Bank and refraining from lowering the Value Added Tax (VAT) rate.
Furthermore, the international body suggested that the government manage public sector costs by utilizing “natural attrition” rather than active hiring or expansion.
Archibald’s history with the administration is extensive, having returned to work at the API on at least two separate occasions.
