Gov’t To Borrow More From Credit Suisse

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The government says the Credit Suisse Securities (USA) LLC has agreed to lend it even more money.

Officials from the company’s New York office were in Cabinet yesterday.

The firm’s previous loan to the then Baldwin Spencer administration is still being repaid.

The US$100 million-dollar loan was controversial as it attracted a high interest rate of 13 percent.

The interest rate was negotiated downward by the incoming Gaston Browne Administration after 2014.

The government says having been assessed as a good credit-risk, has won the assurances from the lending company that it is willing to lend an additional amount at a far lower fixed-and-variable interest rate.

The rate of interest or amount of the new loan has not yet been finalized.

“The firm’s first proposal, which included a lender’s fee of a burdensome amount, was rejected. The counter-proposal to the Credit Suisse officials, by the Cabinet, will likely be agreed-to by the decision-makers. The team will confirm the rates early next week,” the Cabinet reported.

8 COMMENTS

  1. Barrah barrah and more barra ing

    The Antigua Borrowing Labour Party strikes again , Chinese loan ,CDB loan , French club loan Venezuela loan , everybody except IMF

    IMF lend you at 1 percent no lenders fee but alp no want IMF money because they can’t lie bout economy or growth because the IMF done peep the books

    Up to now the ALP can’t release the IMF report cuz they know they lying about growth and employment rate and god knows what else

    • Guy the credit suize loan at the ridiculous interest rate happened during the time we were on a IMF program, under the UPP administration. You claim the ABLP is being untruthful about economic growth yet the IMF on its very own website shows the very growth rates the government speaks about. Their projections tend to differ from other sources but the actual tend to be the same. In their publication World Economic Outlook (see https://www.imf.org/~/media/Files/Publications/WEO/2018/October/English/main-report/Text.ashx?la=en ) , October 2018, they place on pg 157 growth for 2014 5.1 2015:4.1 2016:5.3 2017: 2.8 (ECCB says 5.07) . They project 2018 (try and remember the report would have been complied before 2018 was completed) at 3.5. Government with more updated information has placed it at 5.3%

  2. Glad to see PM Browne negotiating this rediculous loan. If Antigua needs to borrow in the future, just borrow it from banks in China, they are nicer and give better interest rates.

  3. HEY THIS GOVERNMENT IS JUST MAD MAD JUST BORROWING TO PAY BACK WHO THEY BORROWED FROM FIRST……GOVERNMENT OF ANTIGUA IF YOU TAKE THE GOVERNMENT OFFICES OUT OF GASTON PLACES AND STOP PAYING RENT TO ALL THESE PEOPLE U COULD SAVE MONEY THIS IS THE PROBLEM…..THE E BOOKS SCANDAL IS REALLY A PROBLEM WHEN WILL THE INVESTIGATION START ON THIS ONE IF THIS WAS A REAL COUNTRY THAT MINISTER WOULD BE IN JAIL

  4. Only the inept UPP lead by finance minister Lovell would have agreed to a loan at 13% with no out clause. But the Credit Swiss people found in Gaston a real negotiator and had to agree to lower their rate and now they feel so good that they have been promptly paid they want to lend even more money at an even lover rate. That is what makes him a master negotiator. A real world boss. With Gaston at the helm no one can take Antigua to the cleaner.s Not even Butch.

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