GOVERNMENT has to immediately pump more funds into the economy in the form of contracts and other spending to help boost the economy, the People’s Progressive Party said yesterday.Speaking at a news conference, PPP MP, Irfaan Ali said he agrees that part of the slowdown is a result of national elections but in any country this has an effect which is a global issue,” but the erosion of confidence is what continues to affect the economy. For example if we had gone ahead with the Speciality Hospital there would have been US$10M spent in the economy and that would have driven employment and other expenditures. If the 1,000-home project was continued, the construction sector would have continued to grow, the hardware stores, block-makers and many others would have benefited,” Ali explained.
Meanwhile, in lauding the decision for an early 2016 Budget in January, Ali said there needs to be rapid implementation of projects since many will be rolling over to 2016 which will result in a capacity overload.
“The major projects that the Finance Minister is speaking about are supposed to be carried out by contractors that meet a certain technical and financial requirement and those contractors are still burdened with the 2015 programme and now they will be working on getting projects in 2016 so there may be a capacity overload and implementation crisis,” the former Housing Minister contended.
Ali also noted that based on statistical reports, all sectors are not performing and the government needs to seek advice on how to improve in all areas.