EC$200 Million sought by Government

The Grenada Government will be seeking a loan of US$15 million from ALBA Bank as it seek to raise EC$200 million from various financial institutions as part of its plan to meet the finance gap in the 2013 budget and to cover payment of millions in unpaid claims in the Treasury.

In presenting the legislation for the approval of all legislators in the House of Representatives, Leader of Government Business Gregory Bowen said that it is necessary to seek the funding to implement the 2013 budget of EC$1.1 billion as well as reduce the more than EC$90 million unpaid claims which date back to previous years.

Monies borrowed under the legislation shall be effected and secured pursuant to the terms and conditions negotiated to be represented from the Ministry of Finance.

According to the legislation, Government will be seeking US$15 million from ALBA Bank and US$5.1 million from China Harbour Engineering Company. Bowen said that the Ministry of Finance has contacted a number of financial institutions and its officials are to decide on the “best financing terms” for the country.

Finance Minister Dr Keith Mitchell on Tuesday presented a EC$1.102,243,994 Estimates of Revenue and Expenditure for 2013, which will provide for Government to meet its expenses during the years. The overall budget provides for EC$477 million in Recurrent Revenue; EC$44.1 million in Recurrent Expenditure; Current account surplus or Transfer to capital budget of EC$32.9 million; Primary Deficit before grants EC$169.2 million; Capital Expenditure EC$262.4 million; Principal Repayments/Amortization EC$395.8 million and Overall Deficit including grants EC$154.4 million

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