St. George’s, March 26, 2012 – Grenada is on its way to becoming a bankrupt country, an opposition politician warned Monday.

“You’re heading straight for bankruptcy with this kind of budget,’’ Senator Anthony Boatswain said as the Upper House began two days of debate on the 2012 budget.

The EC$1.023 billion budget, described as “carefully crafted’’ by Finance Minister Nazim Burke, has already been approved by MPs in the Lower House.

The theme of the budget is, “Consolidating  the Recovery and Advancing the Transformation Agenda’’.

“The recession is over and Grenada is growing again,’’ Burke said in his budget presentation to parliament. “This budget demonstrates government’s commitment to rigorously pursue our vision for a new and modern economy.’’

The opposition New National Party, whose MPs in the Lower House disputed the government’s budgetary figures and projections for the year, as well as the claim that the economic recession has ended, continued its attack in the senate.

Boatswain, who is an economist, described the budget as “good-for-nothing,’’ saying it lacked creativity and innovation.

“We’re heading down the road of bankruptcy,’’ the opposition senator said. “This is not politics; this is pure economics. Do the math.’’

Boatswain said Grenadians need jobs and bold leadership.

“I want the minister of finance to show some more creativity and be more progressive in his outlook,’’ said Boatswain.

During Monday’s debate, government senators defended the government’s track record since taking office in July 2008 and backed this year’s billion-dollar budget.

“It’s a good budget,’’ said Sen. Franka Alexis-Bernadine, Minister of Education and Human Resource Development.

Leader of Government’s Business, Sen. George Prime, said the budget emphasizes the ruling administration’s search for a “new economic space.’’