Prime Minister Gaston Browne has committed to providing Parliament with updated reports on the government’s securities holdings, following questions from the Opposition about compliance with the Finance Administration Act.
During Thursday’s sitting of the House of Representatives, the Prime Minister was pressed by the Member for All Saints East and St. Luke on why he had not complied with Section 46(3)(a) of the Act, which requires the Finance Minister to table full details of securities purchased.
Browne responded that while the government has not historically filed those details, the information is publicly accessible through the Eastern Caribbean Securities Exchange (ECSE) and included in the annual budget statement.
“We have not filed the details of the securities on the Eastern Caribbean Stock Exchange,” Browne said. “That information is public, and because you have regular trades, it may be quite unwieldy. For example, someone may have a bond today and it may be repaid next month.”
He added that he was prepared to take steps to improve reporting, suggesting a biannual update on the government’s outstanding securities.
“We can take a snapshot from time to time, and I’ll undertake to perhaps, maybe half-yearly, bring a list of outstanding securities as at that time,” the Prime Minister said.
The exchange continued as the Opposition member cited Section 46(3)(b), which requires the Minister to table copies of all security purchase agreements. Browne clarified that such filings would represent a new practice, as no precedent exists for submitting those documents to Parliament.
“These are publicly traded securities, not private transactions,” he said. “There’s no precedent for that type of filing. But if that is what you’re requesting, certainly, we have no difficulty. We pride ourselves as the most transparent government to have governed this country.”
When the Opposition referenced the government’s shareholdings in entities such as Blue Ocean, West Indies Oil Company, and State Insurance, Browne said he had no objection to filing those details.
“Those are publicly known,” he said. “I have no difficulty filing the information and financial statements. You can also get that information from the company registry. But if the recommendation is to bring that public information to Parliament, we will comply.”
The Prime Minister further distinguished between traded securities—such as treasury bills, which change frequently—and permanent shareholdings in companies, affirming that the latter could be tabled in Parliament.
“If you’re referring to securities in other companies which are permanent shareholdings, we will comply and bring the information here,” Browne concluded.
The exchange marked a rare parliamentary discussion on the transparency of government investments and securities reporting.
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