Ousted Prime Minister Laisenia Qarase has alleged that the finding of the Public Accounts Committee is another attempt to discredit the SDL led government.
Speaking to Fijivillage news this afternoon, Qarase disputes the findings of the Accounts Committee that the SDL borrowed over $775 million in 2006 to finance the gross deficit. Qarase said the members of the Accounts Committee don't know what they are doing.
According to Qarase all governments have to borrow to stimulate economic growth which is lacking under the interim government.
After assessing the 2005 and 2006 Auditor General reports, the Public Accounts Committee said the high level of borrowing practiced by the SDL government in 2005 and 2006 needs to be reduced urgently as the country's deficit budget would just grow based on those trends.
Spokesperson for the Accounts Committee, Taufa Vakatale said in 2006, for instance, the committee is gravely concerned that both overseas and domestic loans totalling 633 million 885 thousand dollars was taken by the then government to finance the gross deficit which was 285.7 million dollars.
She said this borrowing was way above the deficit amount.
The Committee reveals that in spite of the excessive amount borrowed, Treasury Bills were also raised for the amount of 141 million 311 thousand dollars bringing the total loans raised in the year 2006 to 775 million 195 thousand dollars.
However the committee said 51 percent of the borrowed amount covered the budget deficit and 49 percent were simply excessive borrowings.
Qarase Disputes Accounts Committee Findings
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