Intl Finance Bill in Parliament

The bill was introduced in the House of Representatives on February 23 in the name of Finance Minister Colm Imbert.

During a post-Cabinet news conference at the Diplomatic Centre in St Ann’s on February 16, Attorney General Faris Al-Rawi listed this bill amongst other pieces of legislation which would be laid in Parliament.

Al-Rawi said the former People’s Partnership government had tried to access funding through the Corporation but did not put the necessary legislative mechanisms in place to do this.

Clause Three of the bill states that Government could borrow money from the Corporation for the purpose of financing or promoting social and economic development in TT.

Clause Five allows for a copy of the loan agreement between the Corporation and the Government to be laid in Parliament.

Payments to the Corporation would be charged on and paid out of the Consolidated Fund.

Established in 1970, the Corporation has the mission of stimulating sustainable development and regional integration by financing projects in the public and private sectors, and providing technical cooperation and other specialised services in Latin America.

The Corporation currently consists of 18 member countries from Latin America, the Caribbean, and Europe along with 14 private banks.

The authorized capital of the Corporation is US$10 billion.