Northeast Desk, 10th September: Meghalaya Opposition Leader Mukul Sangma has expressed strong criticism of the MDA government’s recent decision to increase the state’s borrowing limit. Sangma described the move as a significant ‘red flag,’ raising concerns about the state’s financial future.
Speaking to reporters, Sangma condemned the decision, warning that it could lead the state towards economic instability. He compared the situation to an individual struggling to repay bank loans and EMIs due to inadequate earnings, highlighting that frequent borrowing to manage both principal and interest payments is alarming. This issue, Sangma noted, was also highlighted by the Comptroller and Auditor General (CAG).
Sangma criticized the government’s approach, suggesting that it reflects a departure from fiscal discipline. He argued that the decision reveals a lack of commitment to maintaining financial responsibility and has condemned the government’s practices as marked by illegalities and irregularities.
He further emphasized that the government should adhere to the provisions of the Meghalaya Fiscal Responsibility and Budget Management (MFRBM) Act, 2006, and ensure a thorough examination of the borrowing process. Sangma’s remarks underline the broader concerns about the state’s fiscal health and long-term economic stability.
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