{"id":116168,"date":"2020-08-31T10:31:05","date_gmt":"2020-08-31T14:31:05","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=116168"},"modified":"2020-08-31T10:31:05","modified_gmt":"2020-08-31T14:31:05","slug":"government-borrowing-14-million-from-unnamed-foreign-entity-as-it-struggles-to-meet-debt-obligation","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/government-borrowing-14-million-from-unnamed-foreign-entity-as-it-struggles-to-meet-debt-obligation\/","title":{"rendered":"Government borrowing $14 million from unnamed \u2018foreign entity\u2019 as it struggles to meet debt obligation"},"content":{"rendered":"
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As the government struggles to meet its debt obligations, the Gaston Browne administration has turned to an unnamed \u201cforeign entity\u201d for a $14 million loan, it was revealed on Monday.<\/p>

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Speaking on\u00a0Observer Radio<\/strong>, Chief of Staff Lionel \u2018Max<\/strong>\u2019 Hurst would only say, \u201cIt\u2019s a private operation and they\u2019re prepared to loan us some money in advance of payments which we would normally make.\u201d<\/p>\n

\u201cIt hasn\u2019t gone through as yet, it\u2019s not complete although we signed all the papers that are required. The Prime Minister signed them on Friday. We anticipate that it will happen one day this week.<\/p>

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\u201cWe are talking about $6 million to be delivered between now and the middle of September, and then an additional $8 million to be delivered before the end of December.\u201d<\/p>

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According to Hurst, the Government is \u201cfinding some creative ways\u201d to meet \u201cthe obligations to our friends from China.\u201d<\/p>\n

The China Exim Bank is funding the development at the cargo port.<\/p>

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\u201cWe\u2019re borrowing some money, we\u2019re borrowing some money. That is as far as I can go, but that money should come to us in a matter of a week or two and then we\u2019ll pay off the first tranche,\u201d Hurst said.<\/p>\n

\u201cWe were to pay them at the end of March and then again at the end of September [and] we have asked them to consolidate so that we can pay them at the end of September.<\/p>

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\u201cIt would mean that thus far, that debt to China that should have been paid in\u00a0 March has not yet been paid. We\u2019re putting in place some arrangements that will ensure they are paid.\u201d<\/p>

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As the government struggles to meet its debt obligations, the Gaston Browne administration has turned to an unnamed \u201cforeign entity\u201d for a $14 million loan, it was revealed on Monday. Speaking on\u00a0Observer Radio, Chief of Staff Lionel \u2018Max\u2019 Hurst would only say, \u201cIt\u2019s a private operation and they\u2019re prepared to loan us some money in […]<\/p>\n","protected":false},"author":3,"featured_media":109745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,5],"tags":[],"class_list":["post-116168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news"],"yoast_head":"\nGovernment borrowing $14 million from unnamed \u2018foreign entity\u2019 as it struggles to meet debt obligation - Antigua News Room<\/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:\/\/antiguanewsroom.com\/government-borrowing-14-million-from-unnamed-foreign-entity-as-it-struggles-to-meet-debt-obligation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government borrowing $14 million from unnamed \u2018foreign entity\u2019 as it struggles to meet debt obligation\" \/>\n<meta property=\"og:description\" content=\"As the government struggles to meet its debt obligations, the Gaston Browne administration has turned to an unnamed \u201cforeign entity\u201d for a $14 million loan, it was revealed on Monday. 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