Future of Dominica's state-run bank generates heated debate

by Paul Charles

Wednesday, November 19, 2003

ROSEAU, Dominica: The future of the Dominican state-run National Commercial Bank (NCB) generated a rowdy debate in the island's parliament on Tuesday. 

Prime Minister Pierre Charles told the parliament his administration is divesting its majority shares in the bank after consulting with the International Monetary Fund (IMF) and the World Bank about its operations. According to him, the both organisations advised government to sell off its most of its 51 per cent shares to save the bank from collapsing.

The IMF and the World Bank was concerned about the huge amount of debt the NCB had incurred from heavy borrowing from government which has been unable to meet its financial commitments due to the ailing economy, the Dominican leader stated.

Government MP Charles Savarin blamed the opposition United Workers Party (UWP) for ''raping'' the bank while it held office here from 1995 to 2000. He added that the Freedom Party-Labour Party coalition administration would have like to keep the NCB state-owned but the international agencies warned the integrity of the institution would be compromised.

Opposition leader Edison James and head of the UWP refuted the government's side attack on his party claiming that it was the usual ''blame game'' from a government that is ''incompetent, lazy and negligent.''

James urged the government to save the NCB from privatisation because it was a national treasure that many prominent Dominicans had worked hard to establish in 1978, the same year the island became independent from Britain.

Debate on the issue had been punctuated with heated outbursts and retractions, forcing House Speaker Alix Boyd-Knights to intervene with her loud call for ''order'' and ''you're imputing improper motives.''

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