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Jun 7, 2012

Barrow, Bond and Budget to be read on June 22nd

Dean Barrow

The budget for the financial year 2012-2013 should have been presented and debated to take effect on April first. But it has not been tabled in the House of Representatives as yet. The Prime Minister says it’s coming up for full ventilation in Cabinet for presentation later this month. As to the Superbond, the bond team has raised the issue of the restructuring with the International Monetary Fund (IMF) and the Inter American Development Bank (IDB).

 

Dean Barrow

“The Tuesday we were to have gone over the budget in Cabinet, of course I couldn’t get back. So I expect to do it now next week. I believe because we’re backed up with cabinet meetings, I will want to have a regular Cabinet meeting on Tuesday and then we vote Thursday for the budget and then I would want to go as early as the following Friday in terms of the presentation.”

 

Jules Vasquez, 7 News

“June twenty-second that would be?”

 

Dean Barrow

“Yes.”

 

Jose Sanchez

“Is there any word from the Superbond team? And the recent Moody’s downgrade, does that play any role whatsoever?”

 

Dean Barrow

“Well, it’s helpful. It, in fact, indicates why there is a downgrade and the reason is precisely because we have made clear that the bond needs to be restructured—that we cannot pay at the current rate. So that’s actually an assist to our cause; preparing the bondholders for what lies ahead which at bottom is a requirement that there be some relief, some form of debt relief. I can’t get any more into the details. The IDB was here last week and I had a report from team leader Espat that those conversations went well. It’s important to get the IDB and the IMF on board—number one—so that the figures we put out to the bondholders can be certified as being real and legitimate. In the case of the IDB we’re also asking them to partially guarantee the restructured bonds and those conversations went, as I understand it, well, very well indeed.”

 

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1 Response for “Barrow, Bond and Budget to be read on June 22nd”

  1. YoU says:

    i would want to know when will be the date they will recruit for police!!

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