{"id":260745,"date":"2025-12-08T20:30:00","date_gmt":"2025-12-09T00:30:00","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=260745"},"modified":"2025-12-08T20:30:04","modified_gmt":"2025-12-09T00:30:04","slug":"pringle-warns-lenders-to-use-extra-due-diligence-before-issuing-loans-to-government","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/pringle-warns-lenders-to-use-extra-due-diligence-before-issuing-loans-to-government\/","title":{"rendered":"Pringle warns lenders to \u2018use extra due diligence\u2019 before issuing loans to government"},"content":{"rendered":"
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Pringle warns lenders to \u2018use extra due diligence\u2019 before issuing loans to government<\/strong><\/h2>\n\n\n\n

Opposition Leader Jamale Pringle has urged regional and international lenders to exercise \u201cextra due diligence\u201d before approving new loans to the government, arguing that weak procurement systems and questionable spending practices raise concerns about how borrowed funds are being used.<\/p>

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During his Budget Debate presentation, Pringle said the administration\u2019s claims of strong fiscal performance do not match its continued push to borrow nearly half a billion dollars for the 2026 financial year. <\/p>\n\n\n\n

He warned that institutions financing these loans \u2014 including multilateral partners \u2014 should not rely solely on the government\u2019s assurances.<\/p>

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Pringle said lenders should apply \u201cextra due diligence\u201d to ensure that any new borrowing is properly monitored and disbursed only for the purposes stated. <\/p>

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He tied the warning to what he described as repeated procurement failures, pointing to years in which actual spending on government vehicles far exceeded what Parliament had approved.<\/p>\n\n\n\n

He argued that such discrepancies demonstrate \u201cgross incompetence\u201d and raise legitimate questions about oversight and financial discipline across key ministries.<\/p>

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The Opposition Leader also linked his concerns to the widely discussed vehicle-purchase controversy, saying procurement systems must be scrutinized before additional credit is extended. <\/p>\n\n\n\n

He cautioned that lenders should not assume that the government\u2019s reported surpluses reflect available resources, adding that unpaid obligations to teachers, contractors, vendors, and landlords create a misleading picture of the nation\u2019s finances.<\/p>

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Pringle said the borrowing requests \u2014 including loans for roadworks and major capital projects \u2014 make little sense if the government\u2019s projected surplus is accurate, insisting that lenders should investigate whether the administration is using borrowing to mask cash-flow constraints.<\/p>

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The Budget Debate continues as government ministers prepare to defend the borrowing programme and respond to Pringle\u2019s criticisms.<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

Pringle warns lenders to \u2018use extra due diligence\u2019 before issuing loans to government Opposition Leader Jamale Pringle has urged regional and international lenders to exercise \u201cextra due diligence\u201d before approving new loans to the government, arguing that weak procurement systems and questionable spending practices raise concerns about how borrowed funds are being used. During his […]<\/p>\n","protected":false},"author":3,"featured_media":260670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-260745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nPringle warns lenders to \u2018use extra due diligence\u2019 before issuing loans to government - 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\/pringle-warns-lenders-to-use-extra-due-diligence-before-issuing-loans-to-government\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pringle warns lenders to \u2018use extra due diligence\u2019 before issuing loans to government\" \/>\n<meta property=\"og:description\" content=\"Pringle warns lenders to \u2018use extra due diligence\u2019 before issuing loans to government Opposition Leader Jamale Pringle has urged regional and international lenders to exercise \u201cextra due diligence\u201d before approving new loans to the government, arguing that weak procurement systems and questionable spending practices raise concerns about how borrowed funds are being used. 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