Government is seeking approval to borrow EC$154 million to refinance loans and finance capital projects.
This is one of two major financial motions to be debated when the House of Assembly meets tomorrow, Tuesday, Oct. 23 at 10 a.m.
According to a press release from the Office of the Prime Minister, the House will be “invited to approve a request to borrow EC$154 million for refinancing existing loans, to repay a loan of EC$35.7 million incurred for the purchase of the Daher Mall by the former United Workers Party (UWP) Administration and to finance ongoing projects”.
The press release said EC$73 million will assist government to execute its Capital Projects Programme which includes:
– Land acquisition for community relocation and housing ($10 million);
– National Initiative to Create Employment ($10 million);
– Roads Infrastructure Programme ($24 million);
– Tourism Marketing ($12 million);
– St Jude Reconstruction Project ($5 million);
– Furniture and equipment for the new hospital ($10 million);
– Plant and equipment for schools ($8 million).
Meanwhile, in the other motion, the House will debate an order to be made by the finance minister to set a VAT rate of 8 percent for the hotel sector and for services provided in the tourism industry.
According to the press release, this is the first time that such a debate will be taking place on the taxation of the tourism industry prior to the implementation of an order made by the finance minister.