RESOLUTION OF PARLIAMENT TO BORROW FOR CAPITAL OR CURRENT EXPENDITURE – ORGANIZATION OF THE EASTERN CARIBBEAN STATES DATA FOR DECISION MAKING PROJECT – SECTION 63(1)(a)
Commencement [19 July 2022]
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 an amount of USD8,000,000.00 from the International Development Association for the Organization of the Eastern Caribbean States Data for Decision Making Project;
AND WHEREAS the service charge is the greater of —
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(a) the sum of three-fourths of one per cent (3/4 of 1%) per annum plus the Basis Adjustment to the service charge; and
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(b) three-fourths of one per cent (3/4 of 1%) per annum on the withdrawn credit balance;
AND WHEREAS the maximum commitment charge rate is one-half of one per cent (½ of 1%) per annum on the unwithdrawn financing balance;
AND WHEREAS the loan is repayable in 40 years commencing from the date of disbursement of the loan inclusive of a grace period of 10 years;
AND WHEREAS the principal amount of the loan is repayable on each 15th day of March and 15th day of September each year commensurate with the following terms —
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(a) 1% of the loan amount commencing on the 15th day of September, 2032 to and including the 15th day of March, 2042;
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(b) 2% of the loan amount commencing on the 15th day of September, 2042 to and including the 15th day of March, 2062;
BE IT RESOLVED that Parliament authorizes the Minister of Finance to borrow an amount of USD8,000,000.00 from the International Development Association to finance the Organization of Eastern Caribbean States Data for Decision Making Project;
BE IT FURTHER RESOLVED that —
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(a) the service charge is the greater of —
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(i) the sum of three-fourths of one per cent (3/4 of 1%) per annum plus the Basis Adjustment to the service charge, and
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(ii) three-fourths of one per cent (3/4 of 1%) per annum on the withdrawn credit balance;
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(b) the maximum commitment charge is one-half of one per cent (½ of 1%) per annum on the unwithdrawn financing balance;
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(c) the loan is repayable in 40 years commencing from the date of disbursement of the loan inclusive of a grace period of 10 years;
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(d) the principal amount of the loan is repayable on each 15th day of March and 15th day of September each year commensurate with the following terms —
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(i) 1% of the loan amount commencing on the 15th day of September, 2032 to and including the 15th day of March, 2042,
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(ii) 2% of the loan amount commencing on the 15th day of September, 2042 to and including the 15th day of March, 2062.