Tuesday, March 21, 2017

Opposition: More debt woes coming*

DRAWDOWN from HSF: Finance Minister Colm Imbert


IN ADDITION to the $1.7 billion drawdown from the Heritage and Stabilisation Fund (HSF), the Government quietly borrowed some $1 billion from the Central Bank overdraft facility and is also seeking a further US$300 million loan from the Andean Development Bank.
And the Opposition was unaware that the Government utilised the Central Bank overdraft until the Bank’s mid-year report came out earlier this month, while Finance Minister Colm Imbert has already received Parliament approval to seek up to $50 billion in loans.
That was the information coming yesterday from three former ministers in the previous People’s Partnership administration—Dr Bhoe Tewarie, Dr Tim Gopeesingh and Dr Suruj Rambachan—at a news conference at the Office of the Opposition Leader, Charles Street, Port of Spain.
The three United National Congress (UNC) MPs said they were “very worried” that the Government’s bad financial decisions were mortgaging the country’s future.

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