Robert Hart, Assistant News Editor
OPPOSITION LEADER Bruce Golding yesterday declared he was concerned that the Government could be planning to use funds secured under the PetroCaribe oil deal with Venezuela, to secure a record fifth term in office.
Mr. Golding warned Prime Minister P.J. Patterson and his administration that the Jamaica Labour Party (JLP) would "scrutinise, monitor and police" the use to which, what he estimated as $10 billion in savings through PetroCaribe was put.
NO FOOLING AROUND
"We mustn't fool around with the welfare and the fortunes of the next generation, because some of these funds are going to be due for repayment when we have left the scene," Mr. Golding said during a press briefing called, after yesterday's sitting of Parliament in the Opposition's office at Gordon House.
"We don't want that generation to come and find that, in order to try to secure some fifth term, that some minister of Government was motivated to run with it and having run with it say that the next generation must now correct it," said the Opposition Leader, flanked by his spokesmen on energy, Clive Mullings, and finance, Audley Shaw.
Mr. Golding said the JLP was concerned because there was an election constitutionally due in two years and which, by "every indication on the political horizon", could be held much sooner.
He said the country was already aware of the Government's inclination, in the face of an election, to spend funds irresponsibly.
PRIORITY AREAS
He suggested the Government focus on three priority areas for spending of the PetroCaribe funds, including education, power generation, and improving productive capacity and energy efficiency.
"We feel that as a matter of policy, a decision should be made that these funds will only be spent on capital projects which represent real, hard lasting investments," Mr. Golding said. "And we feel strongly about that because these are funds that are going to have to be repaid and therefore they ought to be utilised in areas which will generate the returns to meet the repayment requirements."
Under the PetroCaribe Initiative, Jamaica is to purchase 21,000 barrels of oil per day from Venezuela, but convert 40 per cent of the cost of that oil to a 25-year loan with a two-year moratorium and a one per cent interest rate.
Yesterday Mr. Golding said the funds saved could be used to set up hydroelectric generation, using rivers, as an alternative to petroleum. He said the country could also introduce diesel units that over the long term produce electricity at a significantly cheaper cost.
Golding's suggestions for PetroCaribe funds
Part-funding of education transformation programme.
Implement alternative power generation methods.
Low-interest loans for businesses to retool and convert to more efficient, cost-effective energy consumption methods.
