REAL NEWS: The latest borrowing by the Gaston Browne Administration – reportedly US$100 million to facilitate certain airport upgrades and other government projects – should be debated in Parliament before the money is disbursed.
This is the position of the United Progressive Party (UPP).
During its meeting last Wednesday, November 8, the Cabinet reportedly held a Zoom meeting with three officials from a banking group.
However, the name of the banking group was not disclosed and whether the institutions are local or otherwise was not shared, either.
However, it was noted that those discussions centred on a loan to the Government through the Antigua and Barbuda Airport Authority (ABAA).
From that sum, which is about EC$270 million, the Government will receive EC$27 million upon signing the loan document.
The balance would then be disbursed in phases to the Airport Authority.
It is expected that the first tranche of these funds will be delivered
before the end of November 30.
Damani Tabor, UPP public relations officer, says that borrowings of this size should be taken before the Parliament, affording Opposition members to debate such loans.
But as it stands now, Tabor says, the public – whose tax dollars will be repaying the loan – has no information on the agreement, not even the rate of interest.
Further, he says, no study was done to justify the borrowing of this large sum, or to demonstrate that it is a priority at this time.
Accordingly, Tabor says the UPP is demanding more information on this loan to ensure it is not another scheme for ministers to enrich themselves creatively.
He notes that a loan of this magnitude should be used to repair the country’s ailing infrastructure, including the many police stations and clinics that have been closed or relocated – in some instances,
for years.
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I thought it was EC$$. What would those funds be used for at the Airport? We shall await those results at the Airport.
Could Sidelines and or Tenman tell me.What is the total indebtedness owed by the Country.Since Gas-man Browne became the Prime Minister.HE should have gone to the IMF AND GET A CONSOLIDATED LOAN AND PAY ALL CREDITORS OFF.THEN HE WOULD ONLY HAVE ONE LOAN TO PAY BACK. INSTEAD THE COUNTRY HAVE TOO MANY LOANS TO REPAY AND CANNOT MEET ITS OBLIGATIONS,MONTHLY.
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