{"id":45191,"date":"2026-04-23T08:31:45","date_gmt":"2026-04-23T12:31:45","guid":{"rendered":"https:\/\/annsvg.com\/?p=45191"},"modified":"2026-04-23T08:31:45","modified_gmt":"2026-04-23T12:31:45","slug":"leader-of-opposition-rejects-bank-bill-urges-strengthening-existing-programs","status":"publish","type":"post","link":"https:\/\/annsvg.com\/index.php\/2026\/04\/23\/leader-of-opposition-rejects-bank-bill-urges-strengthening-existing-programs\/","title":{"rendered":"Leader of Opposition Rejects Bank Bill, Urges Strengthening Existing Programs"},"content":{"rendered":"<p style=\"font-weight: 400;\"><strong>Kingstown St. Vincent April 22 <\/strong>&#8211; The Leader of the Opposition has rejected the proposed National Development Bank bill, warning that it threatens to dismantle existing institutions that have already delivered results for Vincentians.<\/p>\n<p style=\"font-weight: 400;\">Speaking in Parliament, he cautioned, \u201cClose down the student loan company. Close down the farmer\u2019s support company. Close down Prime. Close down all of those entities which have brought so much good to this country and to the people.\u201d<\/p>\n<p style=\"font-weight: 400;\">The Opposition Leader outlined a financial architecture built since 2001 without the need for a development bank. He cited the Student Loan Company, which has lent about $100 million to students, though with delinquency rates near 25%. He pointed to the Farmer\u2019s Support Company, capitalized with $5 million in 2014, offering loans at 2% interest, and the PRYME program, which provides grants of up to $40,000. He also highlighted the housing mortgage initiative that expanded the housing stock from 30,000 in 2001 to 47,000 today, enabling public servants to own homes through \u201cno\u2011down payment\u201d mortgages.<\/p>\n<p style=\"font-weight: 400;\">He argued that these fit\u2011for\u2011purpose institutions already advance national development goals, including the UN Sustainable Development Goals signed onto in 2015. \u201cWithout establishing a National Development Bank, a number of fit\u2011for\u2011purpose institutions and public policies were created to take the advancement of the particular goals,\u201d he said.<\/p>\n<p style=\"font-weight: 400;\">On financing, he warned that the new bank would be unsustainable unless it secured grants or concessional loans. \u201cA bank without money is an oxymoron,\u201d he declared. He cautioned that costly borrowing could push the country toward an IMF stabilization program.<\/p>\n<p style=\"font-weight: 400;\">The Opposition Leader also disputed claims that small and medium\u2011sized enterprises lack support, citing official data: \u201cThe number of employers has increased by over 300 during our time, and even a greater jump in self-employed persons.\u201d<\/p>\n<p style=\"font-weight: 400;\">While acknowledging the objectives of job creation and sustainable development, he concluded that the resolution in its current form could not be supported. \u201cInsofar as giving the National Development Bank the support here as what is presented, I regret that I\u2019m unable to do so for the reasons that I have just outlined,\u201d he told the House.<\/p>\n<p style=\"font-weight: 400;\">On April 21, Senator Chelsea Alexander introduced the motion to create a National Development Bank of St. Vincent and the Grenadines, a key campaign pledge of the New Democratic Party. The bank is designed to support four pillars of the economy: Agriculture, the Blue Economy, the New Economy, and Tourism. Alexander argued that small and medium-sized businesses have long been excluded from traditional credit systems. The new institution, she said, would provide financing to farmers, fisherfolk, creatives, and entrepreneurs, unlocking growth and creating jobs nationwide.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kingstown St. Vincent April 22 &#8211; The Leader of the Opposition has rejected the proposed National Development Bank bill, warning that it threatens to dismantle existing institutions that have already delivered results for Vincentians. Speaking in Parliament, he cautioned, \u201cClose down the student loan company. Close down the farmer\u2019s support company. Close down Prime. Close<\/p>\n","protected":false},"author":8,"featured_media":45192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[5],"tags":[],"class_list":["post-45191","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Leader of Opposition Rejects Bank Bill, Urges Strengthening Existing Programs - Asberth News Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/annsvg.com\/index.php\/2026\/04\/23\/leader-of-opposition-rejects-bank-bill-urges-strengthening-existing-programs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leader of Opposition Rejects Bank Bill, Urges Strengthening Existing Programs - Asberth News Network\" \/>\n<meta property=\"og:description\" content=\"Kingstown St. Vincent April 22 &#8211; The Leader of the Opposition has rejected the proposed National Development Bank bill, warning that it threatens to dismantle existing institutions that have already delivered results for Vincentians. 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