Daily Archive for November 20th, 2009

T&T borrowing $13 billion

Peter D Neptune
November 20, 2009 – guardian.co.tt

Karen Nunez-Tesheira

Karen Nunez-Tesheira

From January 2007 to the end of the current fiscal year, Government intends to borrow more than $13.6 billion to finance the budget deficit, pay for several large government projects and to fund the government’s money supply management strategy for the economy. Responding to a question by the Opposition during private members day in the Senate earlier this week, Finance Minister Karen Nunez Tesheira said the government has already borrowed more than $8.8 billion since January 2007, and plans are already being made to raise another $4.77 billion to continue its strategy into the new fiscal year. The funding needs for the next fiscal year include $2 billion from the domestic market, $2.2 billion from foreign capital markets and another $572.3 million in project related loans. She added that the Finance Ministry was in the process of developing a plan for Trinidad and Tobago’s borrowing requirements for the medium term – that is for the next three to five years beyond the current fiscal period.
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