NDP’s ‘greatest hits’ knocked down by reality
In a scathing critique of the current administration, Ralph Gonsalves, leader of the Unity Labour Party (ULP), asserted that the New Democratic Party’s (NDP) flagship policy proposals which he mockingly dubbed their “greatest hits” have been systematically dismantled by the International Monetary Fund (IMF).
During his radio address, Gonsalves claimed that the very international experts the government brought to the table have ended up rejecting the NDP’s primary economic promises.
Gonsalves highlighted the NDP’s Citizenship by Investment (CBI) proposal as a major casualty of the IMF’s recent Article 4 consultation. While the NDP had previously framed the sale of passports as a “pot of gold” for the national economy, Gonsalves pointed out that the IMF warned such a program would only “modestly increase fiscal revenue” while carrying substantial risks. He further noted that the program is already coming under scrutiny from the United States, which views the sale of citizenship as an inherent security risk.
Another “great hit” that Gonsalves says was rejected is the establishment of a National Development Bank.
Gonsalves mocked Prime Minister Dr. Godwin Friday for previously accusing him of a “stunning lack of imagination” for questioning the bank’s feasibility. However, according to Gonsalves, the IMF mission head specifically did not recommend the bank, citing “high risks” and the failure of similar regional experiments. He argued that instead of creating a new, risky institution, policy should focus on strengthening existing credit unions and banks that are already “a wash with cash”.
The NDP’s campaign promise to reduce Value Added Tax (VAT) from 16% to 13% was also “knocked down,” according to the ULP leader. Gonsalves stated that the IMF found “no room” to lower the standard VAT rate. In a move he described as “prophesied,” Gonsalves noted that the IMF actually suggested the opposite: increasing the special VAT rate for tourism from 11% to the standard 16%, a move he warned would devastate the country’s competitive edge in the sector.
Gonsalves concluded that these rejections leave the NDP with only one real policy: an austerity program that he called a “wrong and dangerous idea”. He claimed the government is preparing to deliver “bitter medicine” to the public, including potential job cuts through “natural attrition” and keeping wages stagnant.
The Opposition leader stated these developments as proof of the government’s incompetence, Gonsalves urged the population to recognize the election of the NDP as a “mistake” that must be corrected through the return of the ULP. He asserted that while the NDP has a “mentality of submission” to the IMF, the ULP remains the only force capable of promoting inclusive growth without harming the poor and middle class.