welcome back to primetime news and a special welcome once again to our viewers
on onespotmedia.com up first this evening Opposition leader,
Mark Golding is slamming the government for using money from the Bank of Jamaica, Jamaica's profits
to fund the budget now he argues that the Holness administration is using devaluation as a tax
Mr. Golding was making his contribution to the budget debate in parliament this afternoon
vashen brown has been covering the debate and now joins us live vashon thank you so much
janella well mark golding was making his first budget presentation as leader of the opposition
now mr golding says some of the funds from the boj was due to the depreciation of the jamaican dollar
now he sees a clear problem because according to him the dollar losing value has made the lives of
low-income jamaicans miserable finance minister dr nigel clark recently set a one-off dividend of 33
billion dollars from the bank of jamaica will go towards the 60 billion social and economic
recovery and vaccine program for jamaica but in his budget presentation on tuesday
opposition leader mark golding argued that 17.9 billion of the 33 billion dividend from the boj
was achieved through devaluation so he says as the jamaican dollar depreciates in value
massive foreign currency gains for the boj so in essence the bank of jamaica has profited
from the volatility and evaluation of the jamaican currency over the three years this is the same
devaluation which has made life harder for the jamaican people the devaluation of the jamaican
dala madam speaker effectively operates as a tax on the purchasing power of the jamaican people
the majority of whom live off a fixed jamaican dollar income the finance minister last week
announced that there will be no new taxes however mr golding argued that by using the
foreign currency gains from the boj to fund its budget the government is essentially treating
the devaluation as an indirect tax like the opposition spokesman on finance mark
golding argues that the price of certain food items have gone up in recent times
the increases in food items he argues is because of the same devaluation
that has resulted in profits for the boj mr golding showed parliamentarians a basket of goods
worth ten thousand dollars but this is what you can buy one one loaf of bread
two pound
and the list goes on with items like mackerel sardines cooking oil
hand sanitizer one tin hour one thing i can't be
ten thousand dollars was the value of the government's kovid kovit-19 grant mr golding
argued that the money was not enough to feed families who were struggling due to the pandemic
in the meantime the opposition leader says the ganja industry can assist in jamaica's
economic recovery providing foreign exchange as well as jobs he says a government led by him
would make some changes we will take the law relating to the lawful cannabis industry
out of the dangerous drugs act all together we will enact a cannabis industry development act
to support the inclusive development and growth of this industry madam speaker in doing so we will
overhaul the current system of regulation that has been developed by the cannabis licensing authority
we will ensure inclusion of small farmers who are now effectively excluded from the lawful industry
now vashon another major talking point the students loan bureau yes janelle that was again
up for discussion now as you remember the finance minister in his contribution to the budget debate
announced that applicants to the students loan bureau will no longer need to have two guarantors
to access funds he said effective april 1 the srb the slb will require only one guarantor for
student loans today mr golding argued that the government did not go far enough the requirement
of finding a guarantor works against children from low-income families the next pnp government
will abolish all together the requirement of finding a guarantor to access student loans
now we will hear from the prime minister come thursday janella it's back to you