Browne Administration must say how it spent $540 million from secret bond, Tabor says; debt becoming unsustainable

The Gaston Browne Administration should tell the public how it spent the money obtained from a secret loan, says Senator Damani Tabor, Public Relations Officer (PRO) for the United Progressive Party (UPP).

Tabor says the Party was alarmed to discover that, on July 31, 2021, the Administration clandestinely borrowed EC$540 million – by way of a 10-year bond that carries a 4 percent interest rate. The bond was taken up by Resilience Partners Incorporated, reportedly an insurance company.

He describes the Government’s covert transaction as disturbing.

Tabor acknowledges that the Party somehow missed this information, which was documented in the 2022 Budget Estimates.

At this moment, the UPP Senator says, there is nothing at which the Government can point to show the funds were spent on national development – or even on a stimulus for those who are struggling.

An alarmed Tabor says that Antigua and Barbuda’s debt is becoming unsustainable, and this loan will cost the taxpayers significantly more than the standby arrangement with the International Monetary Fund (IMF).

In short, he says the Labour Party Government is bankrupting the country.