Friday, Oct 18, 2019
HomeBusinessTurnquest: Govt to determine when, how $90M from IDB will be used

Turnquest: Govt to determine when, how $90M from IDB will be used

Minister of Finance Peter Turnquest said the government will decide when the $90 million funds from the Inter-American Development Bank (IDB) will be used, noting that it is “hard to say” exactly when that would be done.

Speaking with Guardian Business yesterday, Turnquest explained the funds would be recorded in the budget period that the government decides to draw the funds.

“The government will determine based upon its policy objectives and schedule when and how the money will be used.

“We know that we have some pressing issues with respect to airports and so various ministries will determine when it will happen.

“It is hard to say at this time and a lot of work goes into these things. It is not only just a matter of getting the money, it is also a matter of scheduling and ensuring that the programs are on track.

“We are still on a cash basis. It would fall within the year that we draw it. We are only at the moment considering the resolution to approve the borrowing, so that when we do need it we can access it.”

The government is seeking to borrow $90 million from the IDB for coastal management, airport infrastructure and skills training programs for current and future related jobs.

The first of the three loans, which was approved by the IDB board in November 2016, was the labor market loan, which involves the skills training programs.

The second loan to be approved was the Family Islands airport infrastructure loan in January 2017; it was prepared four to six months prior to its approval.

The most recent approval, that took place in November 2017, was the coastal zone management loan; that loan was prepared in terms of technical readiness since March/April of last year.

The loans are expected to not have an impact on the government’s borrowings for the current fiscal year.

 

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