PM Browne claims that July 2021 and February 2022 bonds are same bond that was cancelled

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Prime Minister ofAntigua & Barbuda Gaston Browne

REAL NEWS: Prime Minister Gaston is seeking to shed light on the $540 million bond “secretly” taken out by his Administration over a year ago, implying that it is the same bond that was circulated on the international capital market in February this year and subsequently cancelled.

About three weeks ago, it was revealed that, on July 31, 2021, the Browne Administration clandestinely floated a 10-year bond for US$200 million, at a 4 percent interest rate, which was taken up by a company called Resilience Partners Incorporated.

This information was contained on page 102 of the 2022 Budget Estimates.

However, today, the Member of Parliament (MP) for Barbuda, Trevor Walker, sought to get some clarity on the bonds: whether there were two separate borrowings and whether the Government had received the funds from the 2021 bond.

PM Browne, who is the Minister of Finance, reiterated that the bond had been cancelled, appearing to suggest that the bonds were one and the same.

Asked to explain why the bond is listed in the 2022 Budget Estimates under the debt stock for 2021, PM Browne gave what has been described by one resident as “an interesting and peculiar explanation.”

He claimed that an appropriate heading had to be created in the event the Government had received those funds.

Browne had said the proceeds from the bond would be used to implement projects that would stimulate the economy and would secure growth of 8 per cent this year (2022).

Two of these projects were the acquisition and renovation of the Jolly Beach Hotel and the construction of a resort at Morris Bay.

The Political Leader of the United Progressive Party, Harold Lovell, noted earlier that $540 million is 50 percent of the national budget and a significant part of the country’s Gross Domestic Product (GDP), and could have been used to boost the country’s economy.

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12 COMMENTS

    • Isn’t Gaston Browne the financial wizard. For that BIG LIE alone about the US$200 million bond you should be booted out of office. What an incompetent and despicable government.

  1. Our PM claims to be such a shrewd banker and he has out lied himself. Already labeled the Caribbean’s biggest liar, he has broken his own record. What part of this story makes any kind of sense? Either it was an outright lie or he intended to conceal a future lie, all is lie. Is he admitting to gross incompetence. The sad part is Antiguans and Barbudans did not see any of this money. Time for this crook to go!

  2. Who believes this KING LIARD?

    He didn’t even admit the failure of the second bond until questions by Hon Trevor Walker during Questions to Ministers. If it wasn’t for that he would have hidden it all from the public. A true dictator and a complete d**k, keeping it real.

    Gaston Browne has zero credibility.

    Weston said we had the 500 million. The public is outraged they got no relief and Gaston is hastily trying to get out of this one, but his explanation makes zero sense.

    In fact he was boasting about the total success of the bond during the 2022 budget. So how or when did it suddenly get “cancelled” nearly a year after it was issued?

    This is the bright banker talking? lol Red dead
    Vote dem out!

  3. Gaston, you do know that you are the worst PRIME MINISTER and the WORST FINANCE !
    So, you had a Supermarket in Jennings and it failed
    So, you worked at Swiss American Bank and it went bankrupt
    So, you are connected to an off-shore bank and that bank is being sued
    So, you issued this bond and you put the bond in the budget , then say that the bond over-subscribed, then you say the bond failed. Hey Gaston, is that what you learnt in university/
    BTW Did you even go to university!

  4. That explanation is total popycock as the English would say. I dont know what voodoo economics, or Houdini gymnastics he and the people who prepare that budget was practicing.

    It’s may as well he had said it was a typo, because how can you list something as a debt but the bond was canceled? Was it not around the same time when rice pudding Weston was saying they have the money and will not be going cap in hand to beg anyone for money during the pandemic.

  5. It’s about time antiguans wake up and realize that even before the birth of this nation the people that you have elected to represent your interest have not being doing so in any way shape or form. Its about time antiguans start taking actions to let the politicians understand that you will no longer tolerate their disrespectfull behavior. It has to stop. They are elected, given a portfolio.They then become a director or manager of one of the many institutions of government only for them to tell you in soo many words I don’t have to account to you the people who have hired them. Accountability, Professionalism, Respect, Courtesy, transparency and responsibility Yes indeed thet have none. Do you think the minister of health can justify the poor conditions of the hospital or the lack of respect for the nurses? I dont think so. MBS has anyone taken responsibility for that mess?? $500 mill if what is alledged is true no one will take responsibility but you the people will be held accountable to repay that money plus interest. People don’t wait until for the politicians to sell you back into slavery or back to eating cakkle and weedy weedy you better wake up before its too late.

  6. Six and Half a Dozen are one in the same. Gaston,not in this instance,those two Bond Issues are not the same. You tink all a are we drink de red kool aid. You tink all a are we a LAMIN,MS.BILTMORE,FLIP FLOP PANCAKE.

  7. during the IMF Article IV consultations earlier this year, the Government informed the agency that the bond funds were used to pay outstanding debts and finance the country’s deficit, among other uses.

    What is the truth? Antigua and Barbuda 🇦🇬.

  8. You know I’m confident we need to have a special education program for UPP and their supporters. Because the simplest thing you cannot just explain to them and think they will get it. I am just losing patience in trying time and time to explain to them. Tabor goes on the radio on Friday morning and tells the whole world, he read it in the 2021 estimates. OK so it was part of the estimates. But was it also an actual. Was it realized? Can anyone secretly float a bond of US$200million? How do you do that? You just go on your computer and print some fake bond instrument, like monopoly money. And issue them to some dummy, who then give you US$200million in a brown paper bag. I mean, how dumb can you guys be. The more you guys talk, the more you expose your stupidity. I hope we have seen it all. Cause Lard I can take anymore stupidity from these guys. It just cannot be true. People cannot be that dumb. Not in Antigua and Barbuda. Papa Bird has educated us. Free primary and secondary school. No wonder when Gaston brought the University here, you guys were against it. The next generation will be much smarter and that will surely be the end of the UPP. Like the BPM kept the Barbudans believing that they owned the land in common for all these years. Now that the APEX court the Privy Council has ruled and has revealed that it was a myth indeed, they don’t know what else to do. No more appeals possible.

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