THE People’s Progressive Party/Civic (PPP/C) will support any move by government that will benefit citizens, especially where lowering the fares of the Berbice Bridge Company Inc. (BBCI) is concerned.This is according to former President, Bharrat Jagdeo, who, at a press conference at Freedom House on Friday, said that if government is really serious about fulfilling its Manifesto promise, it could buy out the Berbice Bridge, since Guyana is not a bankrupt country.

“You still have about $30 billion in the semi-autonomous agencies; the so-called private accounts that the government can transfer (at) any time, and should have transferred, based on their election promise.” Jagdeo declared. “I remember they had said that this money was held outside the budget, and its only purpose was for us (PPP government) to steal it. So the Government has money to negotiate a settlement and take back the bridge, since there are resources available.”

Jagdeo said on the $80+ billion that was budgeted for the year: “The Government has the ability to spend $850M per day, and I doubt whether they (Government) can spend it.”

Jagdeo said the administration could purchase the necessary shares in the BCCI. The equity for the Bridge is $400 million. This is the sale of an ownership interest to raise funds for business purposes. The remainder was financed by debentures.

The former President said government could put in place a different structure, which could allow for the equity to be increased; which could see the equity doubling, thus providing funds to pay bondholders and the preference shareholder, which is the National Insurance Scheme (NIS).

He noted that Berbice business persons can also invest in the project, which would cause the equity to be reduced and immediately cut some of the overhead expenses of the BBCI. That, he added, will be a win-win situation for all, including Government, investors, and users of the Berbice Bridge.

Asked why the PPP is now supporting a reduction in fares for the bridge, Jagdeo said the PPP had never promised a reduction of the fare in its Manifesto.

The former Head of State said the issues surrounding the BBCI were being politicised. “We want the suggestions to come from the people. I don’t want to get involved personally; but, like I have said, anything that will bring down fares on the Berbice Bridge, I am supportive of, once it is fair to all of the shareholders.”

The former President, who ended his three-day outreach to Berbice with the business community meeting on Wednesday, addressed the bridge issue at several meetings during the three days. According to the Opposition Leader, without any consultation with the BBCI, government took a unilateral decision to reduce the bridge toll by $300 for vehicular traffic.