The government has reported success in its attempts to clear a long time debt for the upgrade of the VC Bird International Airport.
It was reported today that Four bankers/brokers who are sourcing a considerable loan for the Antigua and Barbuda Government, at a very attractive interest rate, flew from New York to Antigua on Tuesday, November 5, 2019, to report on their success.
The loan amount, entity, and interest rate was not disclosed by the government.
However it said following Cabinet that the resources raised will bring an end to an expensive loan that dates back to the previous administration; pay for upgrades to infrastructure at the V.C. Bird International Airport; and, provide some fiscal resources to the Treasury.
According to the government, the bankers have indicated their intention to raise the resources and complete the arrangement before the end of November 2019, since they have already reached tentative agreements with several lending institutions.
They will report in one week.
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Refinancing of a loan is making the news.Most persons refinance their loans because their credits were bad in the beginning.And their interest rates were elevated.If you as a Country had good credit in the first instance.You would not have to refinance this loan.I am laughing my backsides off.Borrowers,borrow,spend,borrow again,beg and thief.That is what we have for a Government.
Government continues, there will always debts from previous sitting government to be paid. Sometimes it goes back as far as three to two sitting government that debt are outstanding that didn’t get paid. It is part of governing. Large countries around the world have similar situation to.
@John Paul:
Could you tell me.What the heck are you trying to defend.Do not point out to me what is happening in someone else’s house.Look inside of your own house(Antigua) and cleaned it to heck up.You Labor Party minions are always trying to defend everything,ALP.
The new ALP borrowing money to pay off the old ALP debt. Why is this news??
Just more proof that the government is broke. This wanton borrowing will sink Antigua and Barbuda. Right back to the IMF they will go.
Dead broke they’re. They need to give us a breakdown of the expenditures in the last 4 years especially the $1 billion from the CIP (selling of our passports).
@BLACK-MAN, I agreed with you Sir but I am not an ALP minons and I had never been. I don’t plan to be one now or ever.
Those US banks are gonna lend money to a govt that is scared to publish an IMF report on the state of the Economy.
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