The Antigua & Barbuda government says “within a couple of weeks” it will have a new subscriber for a US$200 million bond it was forced to withdraw from the international market earlier this year. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.
Prime Minister Gaston Browne also told Parliament that he had not sought to deceive the population when he had earlier announced that the bond had been oversubscribed.
“The fact that we had a subscriber for the full amount and that there is yet another one that will be subscribing for the full US$200 million would have suggested, Mr Speaker, that we would have had at least two entities that would have covered twice the amount of the bonds that were issued,” Browne said.
“Clearly, we did not lie to the people of Antigua & Barbuda. It was oversubscribed and what we are seeking to do here is to get the best deal,” he added.
Browne told legislators that the bond was initially withdrawn after the original subscriber, whom he did not name, had sought a higher interest rate.
“We had a subscriber who after the deal was concluded decided to seek to increase the bond interest rates from about six per cent as effective yield to in excess of nine per cent. Mr Speaker, my Cabinet is a very responsible Cabinet and we deemed it was too expensive to be borrowing US$200 million at approximately 10 per cent and, accordingly, we have withdrawn the bond.” The funds were to be used to construct a hotel at Morris Bay.
“In the next couple of weeks, we should have a new subscriber with a better interest rate,” he added.
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Whether 6 or 9%- this is so much more than the 1% interest rate charged by the IMF.
GASTON AND ABLP been fooling Antiguans for years.
It need to come to an end sooner rather than later.
UPP saved this country so much loan interest and GASTON went and borrowed at an exhorbitant rate.
Antiguans are we so dumb and stupid?
They don’t care about anyone else but themselves!
In the eyes of fools 1% is more than 6% . Some people accept the deception from The Antigua Barbuda lousy People ABLP who looks to stay in office for their personal gain not to empower people
Please Gaston, when you have the money in the bank, come and tell the people. We are tired of the spinning. Also name the lender and what collateral you are giving for the loan. The question thought is when are the Antiguan people going to be able to repay all these loans. Antigua people know that you have already bankrupt the country with your unending borrowings.
Talking about building hotel at Morris bay. Who is going to manage it? You people can’t manage anything. Think of Jolly Beach.
Geeez!!
Here we go again!!
PROMISES, PROMISES!
If the truth were to see Gas-man Browne and that ugly head of his.It would run across the Atlantic Ocean to some where in Europe.
Dam lier!
Another of that POS scum Gaston’s lies
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