POND ISLAND–Government can now contract up to NAf. 30 million in loans to execute several of its capital expense project thanks to a recent approval by the Committee for Financial Supervision CFT. This approval means Government can now take advantage of low interest rates offered by the Netherlands
Announcing the approval to take the loans, Finance Minister Richard Gibson Sr. told the press on Wednesday: “It is ready to take off!”
This is the first time in four year CFT has given Government the nod of approval to contract loans. Although, the country had an approved budget last year, the no-approval to get loans was given. Instead, CFT told government to use money it has in its bank account.
Gibson Sr. will also seek a separate loan of some NAf. 13 million for the upgrade of the Tax Administration. CFT has already given its approval for the loan in principle, but requires Government to submit a business plan for the project that will include a building to house the Receiver’s Office and the Inspectorate of Taxes.
The draft business plan should be completed by Friday, and will be submitted to the Council of Ministers by Gibson Sr. for approval before it is sent on to CFT.
The other step in the approval stage is getting a second opinion on the business plan, said Gibson Sr.
The tax overhaul project will have “everything we need to have a 21st century Tax Department functioning the way it should,” Gibson Sr. said.
Source: The Daily Herald https://www.thedailyherald.sx/islands/65808-govt-gets-cft-approval-to-take-naf-30-million-in-loans