TCI begins loan refinancing talks

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Related Items:cabinet meeting, re-financing Cabinet launches consultation drives Recommended for you Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 30 Sept 2015 – The Turks and Caicos Islands Government has already begun talks with lending institutions as the UK bail out loan nears its maturity date; this was revealed in the Cabinet minutes of last week.According to a Government press release from February, “It is the TCI’s intention to use the reserves held in its Sinking Fund to pay off approximately $100m of the bond, thus refinancing only the $70m balance.”In 2008, TCIG received a $260 million dollar loan guarantee endorsed by the UK government; the TCI owes a $170 million bond, which matures in February 2016.Meanwhile, Cabinet ministers also advised His Excellency the Governor to approve a third Supplementary Budget Appropriation for the financial year 2015/16 to meet, what were described as, “urgent transactions and unforeseen policy/regulation changes”; these will be forwarded to the UK Government for approval. These new financial needs for TCIG will eventually be brought to the House of Assembly. Bahamas to hold historic Cabinet Meeting outside of Capital PNP Administration to Meet the Press in Post Cabinet debriefinglast_img

Leave a Reply

Your email address will not be published. Required fields are marked *