Parliament approves EC$32 million budget loan

By Janelle Norville (GIS) During the Oct. 30 Sitting of the House of Assembly, parliament authorized the Minister for Finance, Prime Minister Hon. Allen Chastanet, to borrow EC$32,603,000 from 1st National Bank Saint Lucia Limited for capital expenditure to finance the 2018/2019 budget.

According to the prime minister the monies had been approved in the Appropriations Bill and would support a number of capital projects.

The interest on the principal amount of the loan is repayable at a rate of 6 percent per annum and the principal amount of the loan is repayable in the amount of EC$275,123 per quarter, inclusive of interest one month after the Order Paper of Tuesday, Oct. 30.

The full draw down of the loan, with the last payment plus any outstanding principal and interest is due 180 months after the full draw down. Additionally, an arrangement fee of 1 percent is payable on the loan amount.

5 COMMENTS

  1. You guys obviously don’t understand how these loans work. They need to do this to pay people until they generate enough tax dollars to pay it back. Most of these taxes come from tourism sector and if they don’t keep improving the island, then tourism is gonna drop. So I say Borrow, Borrow, Borrow.. Just make sure you Build, Build and build…

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