RESOLUTION OF PARLIAMENT TO BORROW FOR CAPITAL OR CURRENT EXPENDITURE – BUILDING CAPACITY AND RESILIENCE IN THE HEALTH SECTOR TO RESPOND TO THE CORONAVIRUS – 2019 PROJECT – SECTION 63(1)(a)
Commencement [6 March 2023]
RESOLUTION
WHEREAS it is provided by section 63(1)(a) of the Public Finance Management Act, (the Act) that the Minister of Finance may, by an affirmative Resolution of Parliament, borrow from a bank or other financial institution for the capital or current expenditure of Government;
AND WHEREAS it is further provided by section 64 of the Act that money borrowed by the Government must be paid into and form part of the Consolidated Fund;
AND WHEREAS the Minister of Finance considers it necessary to borrow from the Caribbean Development Bank the sum of USD5,220,000 to finance the Building Capacity and Resilience in the Health Sector to Respond to the Coronavirus – 2019 Project;
AND WHEREAS the loan is repayable in 20 years after the grace period of 3 years from the loan agreement date in 80 equal or approximately equal and consecutive quarterly instalments;
AND WHEREAS the loan payments commence on the 1st day of January, the 1st day of April, the 1st day of July and the 1st day of October in each year after a grace period of 3 years following the date of the loan, or on such later due date as the Bank may specify in writing;
AND WHEREAS interest is payable —
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(a) at a variable rate of 5.16% per annum on the amount of the principal disbursed and outstanding from time to time;
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(b) on the 1st day of January, the 1st day of April, the 1st day of July and the 1st day of October in each year commencing after the date of the first disbursement of the loan;
BE IT RESOLVED that Parliament authorizes the Minister of Finance to borrow from the Caribbean Development Bank the sum of USD5,220,000 to finance the Building Capacity and Resilience in the Health Sector to Respond to the Coronavirus – 2019 Project;
BE IT FURTHER RESOLVED that —
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(a) the loan is repayable in 20 years after the grace period of
3 years from the loan agreement date in 80 equal or approximately equal and consecutive quarterly instalments;
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(b) the loan payments commence on the 1st day of January, the
1st day of April, the 1st day of July and the 1st day of October in each year after a grace period of 3 years following the date of the loan, or on such later due date as the Bank may specify in writing;
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(c) interest is payable —
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(i) at a variable rate of 5.16% per annum on the amount of the principal disbursed and outstanding from time to time,
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(ii) on the 1st day of January, the 1st day of April, the 1st day of July and the 1st day of October in each year commencing after the date of the first disbursement of the loan.