Government seeks to borrow $15 billion

Date: 
Tuesday, December 1, 2015 - 00:00

The Government will present a motion in Parliament on Friday, seeking authorisation to borrow as much as $15 billion dollars either locally or externally.

The motion forms part of the Order Paper released by the Parliament this morning.

It will also present another motion that will seek to set a limit of $45 billion for borrowings of companies that are guaranteed by the Government.

Under the Development Loans Act, the Government is authorized 'to borrow from time to time money externally or internally in a sum or sums not exceeding in the aggregate $30 billion in the currency of Trinidad and Tobago, for the purpose of :

(a) financing general development in Trinidad and Tobago;

(b) repayment of borrowings effected for such general development; or

(c) repayment of borrowings effected for general development;

(i) by a statutory authority within the meaning of the Statutory Authorities Act;

(ii) by an enterprise that is controlled by or on behalf of the State; or

(iii) by the University of the West Indies,

The motion only states that it is necessary for the Government to borrow the money at this time.

There are three motions in all to be presented Friday. The following are the resolutions of the three:

(i) "Be it Resolved that for the purposes stated in the said section, the Government is hereby authorized to borrow money externally or internally in a further sum or in further sums not exceeding in the aggregate fifteen thousand million dollars in the currency of Trinidad and Tobago."
 
(ii) "Be it Resolved that for the purpose of financing general development in Trinidad and Tobago, the Minister of Finance on behalf of the Government is hereby authorized to borrow money externally in further sums not exceeding in the aggregate the equivalent of fifteen thousand million Trinidad and Tobago dollars in any foreign currency."
 
(iii) "Be it Resolved that the aggregate amount of all borrowings by Companies that are guaranteed by the Government under the Act shall not exceed forty-five thousand million dollars in the currency of Trinidad and Tobago."