FRIDAY, DECEMBER
17, 2021
VOLUME 115, No.50
www.thevincentian.com
Christmas messages Throughout
Jarvis to get trial date Page 4
More protests Page 8
Dr. Godwin Friday, leader of the Opposition, assessed that the space that this country had for borrowing was narrowing at a fast rate.
PUBLIC DEBT OVER $2B $128. million; National Insurance Services (NIS) - $41.3 million; AS OF SEPTEMBER 30, 2021 this Insurances - $66.2 million; country’s public debt amounted to Organisation of Eastern EC$2,083,671,265. Caribbean States - $188.5 And according to Minister of million; Others - $75.6 million. Finance, Camillo Gonsalves, who The external debt, however, delivered the 2022 Estimates of which now stood at EC$1.56 Revenue and expenditure in billion, had increased by 19.2 Parliament on Monday, Dec, 13, percent. this figure was representative of a According to the Finance 13.1 percent increase over the Minister, the main changes to the total amount disbursed for the domestic debt over the period was comparative period in 2020. the balance outstanding on He said that the total domestic overdrafts owed by the public debt amounted to EC$525.4 sector, which had increased by million, which showed a 1.6 EC$800,000. percent decrease, i.e. EC$8.7 The main drivers to the million, over the same period in national debt were attributed to 2020. the supplemental financing of the second reform and resilience Entities owned and driving portfolio credit of EC$135 million; forces the second fiscal reform and resilience policy credit, which was Among the entities owed and referred to as the Catastrophe the amounts owed were: Eastern Draw Down Deferred Option Caribbean Central Bank (ECCB) - (CATDDO) of $EC54 million; the $29.5 million; Bank of St. Vincent Caribbean Regional Digital and the Grenadines (BoSVG) Transformation Programme — Stories by DAYLE DA SILVA
EC$1.50
EC$3.9 million; the OECS medium and small enterprises guarantee facility project — EC$2.7 million; the Regional Disaster Vulnerability Reduction project — EC$27.3 million and the Human Development Service Delivery project — EC$5.9 million. Notwithstanding the above, Gonsalves said that payments were recorded on a number of external loans. He explained that some of the more significant loans repaid included EC$1.3 million on a number of European Investment Bank (EIB) loans; EC$6.8 million repaid on loans from Taiwan; EC$1.9 million repaid on loans owed to the ALBA Bank; EC$1.6 million repaid on loans from the CARICOM Development Fund and EC$11.6 million paid to bond holders. Total debt service for 2021 was estimated at EC$271.9 million or 41.9 percent of the current revenue he said. Continued on Page 3.
$$ for farmers, etc. Page 20
Teachers’ Union worried Page 46
Camillo Gonsalves, Finance Minister, said the Estimates were presented in the context of the time (COVID-19) and they would come to naught if people continued to refuse to be vaccinated.
EC$1.3B BUDGET FOR 2022
THE ESTIMATES OF REVENUE AND EXPENDITURE for the 2022 fiscal year amount to EC$1,329,349,860 which, according to Finance Minister Camillo Gonsalves, represents a 9.6 percent increase over the approved budget for 2021. Minister Gonsalves in laying the Estimates before the Parliament on Monday 13th December, 2021, highlighted Recurrent Expenditure, inclusive of amortization and sinking fund contributions, as amounting to EC$931,876,660, and Capital expenditure to EC$397,463,860. Financing of the 2022 Estimates is expected to come from Current Revenue amounting to EC$677,586,000 and Capital Receipts totaling EC$651,832,860. The situation , though, was that there was a deficit of EC$49.5 in the Current Estimates columns, created by the 2022 Current Expenditure (exclusive of Amortization and Sinking Fund Contributions) of ($727,017,441), as against the Current Revenue is estimated at $677,508,000. Continued on Page 3.