Senator Damani Tabor is calling on the Gaston Browne Administration to settle all local debts with the over $500 million dollars it claims to have secured on the securities market.
The Government announced in February that it had issued a US$200 million bond on the international capital market, which reportedly was fully subscribed.
Prime Minister Gaston Browne said, then, that the proceeds would be used to implement projects that would stimulate the economy and secure growth of 8% this year. Two of these projects were said to be the acquisition and renovation of the Jolly Beach Hotel and the construction of a resort at Morris Bay, Old Road.
However, since then, Browne has said nothing further on these funds, and Senator Tabor wants to know how the monies will be mobilized.
Tabor says the Administration continues to boast of having $540 million under its control, but it has failed to let the people know how it will mobilize a portion of the money.
Meanwhile, he says that having access to this financing is one reason why Government should not have increased fuel prices.
The UPP Senator is asking for proof that the money raised is still in hand and can be used to ease some of the burdens the people are now carrying.
Tabor states that, if those funds were used only for settling foreign debt, it would be a shameful action on the Administration’s part.