New bill seeks early funding for 2021 state projects

By Admin. Updated 2:10 p.m., Monday, December 28, 2020, Atlantic Standard Time (GMT-4).

Kingstown, St. Vincent (ONE NEWS SVG) – A bill for an Act to authorize the government to raise funds to assist in financing its Public Sector Investment Program was passed in Parliament today (December 28).

The bill will now go to the Governor-General for her assent, at which time it will become Law.

The move will allow the government to raise up to EC $125 million dollars in bonds at the lowest and most favourable rates for its Public Sector Investment Program.

In the debate on the bill, Finance Minister Camillo Gonsalves said a robust construction program is critical to economic activity in 2021 in light of reduced tourism, caused by the COVID-19 pandemic.

But, members of the opposition have questioned the timing of the move, in light of the fact that the annual budget is expected about a month from now.

Government members maintain, however, that the timing is due the need to get early funding for public sector projects in 2021 to get people employed and get the economy ticking.

The process of gaining funding on the regional securities and exchange market can take months to complete.

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