Ronia lashes out at $100B loan intention
By SAMSON SADE
FORMER Auditor General Edward Ronia says it would be “pure insanity” if the government continues to pursue its intention to borrow US$100 billion loan via a Chinese broker.
He made the comment during his remark at a Talk-Back Show on the national broadcaster, Sunday.
Quoting from the 8th Chapter of the Book of Deuteronomy on curses and blessings, Ronia said that if we continue to borrow, we are under a curse.
“On the other hand, a nation that is blessed is one that is able to lend because it has the resources and the means to do so because it is blessed by God,” Ronia stated.
“Accordingly, if our leaders insisted on borrowing such a whopping amount of money we simply pushed ourselves further into curse as far as a christian nation is concern,” he added.
Ronia stressed that the proposed loan amount is far beyond imagination and the resource of our nation.
“This puts the ability of our country to finance such loan into question,” the former auditor general said.
“To commit the country to such a loan when our Gross Domestic Product (GDP) is just around USD$1 billion is nothing but pure insanity at the highest level.”
Ronia stressed that to acquire a loan, a country needs to look at its assets, the means to generate income to sustain and service the loan and most importantly our capability to finance the loan.
“History has shown that the country’s leadership, let alone the management of our economy have not demonstrated investment understanding and know-how.
“The country’s leadership is only good at spending and this is evident in the government’s financial undertakings.
“So I question what actually the government intends to use the money on as experience has shown that our leadership does not know how to manage such funds especially to invest in areas that would grow the economy,” Ronia pointed out.
He added that the country’s experience with Rural Development Fund (RCDF) under Taiwan speaks volume of our leaders.
“There is no development to show for after 36 years of RCDF support,” he said.
He adds that he is hoping that the switch of diplomatic ties to China would bring some breath of fresh air into our leadership and the way we do things.
“But just as we are about to settle down to business from the recent controversies, another monster has reared its head.”