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GSD maxed out Gibraltar's credit – Govt claims

The Gibraltar Government has hit back at GSD criticisms of its “out of control” spending, insisting that it is they who will go down in history as the party that left behind a note of financial woe.

No. 6 Convent Place was responding to comments made earlier this week by the Opposition who expressed concern that Government capital spending is ‘out of control’ and at the same time refuses to answer questions as to where the money is coming from to fund public projects.

In response the Government last night insisted that the GSD statement and comments made by Shadow Minister for Finance, Roy Clinton, “shows a remarkable lack of memory about his party's less than glowing record in office”.

“It is the GSD that will go down in history as the Party that left behind a note of financial woe - in the hand of the then Financial Secretary, Dilip Daryanam Tirathdas - to the effect that the borrowing limits then set down in law would be exceed if the GSD's projects were to be paid for.,” the Government insisted.

“It was the GSD - under their former leader Sir Peter Caruana QC - who therefore had to say that they would support an increase in the borrowing limits.”

According to No. 6, the GSD said this as early as the Ceremonial Opening of Parliament in 2011, showing they were aware that they had maxed out the borrowing limits.

The Chief Minister and Minister for Public Finance, Fabian Picardo, said: "The GSD Maxed Out our borrowing in 2011 and we have rectified the position.”

“They left us with no borrowing leeway and with a £100m hole in the companies.”

“That is reality and Roy's political amnesia won't change that. Now we are pressing on with the capital projects that our nation needs.”

“A couple of months ago the GSD were telling us we were failing to deliver. This month they tell us we are delivering too much.”

“We will deliver our essential projects in education, health, housing and sport as we are committed to do.”

“Additionally, and quite unlike the GSD, we will also deliver substantial 'rainy day funds' in excess of those ever held by Gibraltar before.”

“That is our commitment and we will not fail. Gibraltar's infrastructure will be modernised and improved like never before and Gibraltar's finances will be stronger than ever before.”

“That will be the enduring legacy of the GSLP Liberals and the reason that people continue to support out management of our nation's affairs.”

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