Prime Minister Dr. Godwin Friday has issued a stark assessment of St. Vincent and the Grenadines’ economic health, describing the financial situation his new administration inherited as “dire”. In a recent comprehensive interview, the Prime Minister rated the inherited economy a mere “one or two” out of ten, pointing to an increasingly unmanageable national debt.
According to Friday, the previous administration routinely borrowed at non-concessional, domestic interest rates of six and seven percent, resulting in a heavy burden of monthly payments. He specifically highlighted the alleged misuse of the government’s overdraft facility.
While the law mandates that the overdraft facility should not exceed $85 million to tide…