Young: $1B recovered in highway project

After making this announcement during debate on the Finance Bill and four related motions, Young said, “So in total we have recovered just short of $1 billion.” Observing that former works minister Dr Suruj Rambachan seemed amused by the announcement, Young said while there were standing orders in place under the former People’s Partnership (PP) government, “a number of the international financial institutions when the standing orders were demanded ... did not pay as they were supposed to pay ... they refused.” He opined, “Maybe another government who signed Contract Addendum Number 2 on the eve of an election ... waiving our rights to terminate a contract on the basis of bankruptcy ... and gave that away ... would have said well ...

we’re not doing it.” Young said the Government’s legal team pursued the matter vigorously in the Commercial High Court in London and the court dismissed the argument by Banco Santander for an appeal or a stay.

“That would not have taken place if there was not a proper management and a proper performance by the Government,” he added.

Declaring the Opposition is speaking with a “forked tongue” on economic issues, Young disclosed that between June and September 7, 2015, “there was a massive increase in short-term borrowings which the country has not been told about.” He said the Estate Management Business Development Corporation (EMBD) was “forced by Cabinet to borrow $400 million in August 2015 and told who to give that money to, in the form of ten contractors.” After indicating shortterm loans of $1.6 billion and $1 billion were taken out by TTEC and WASA respectively under the PP, Young said together with EMBD “those are just three examples totalling just over $3 billion in debt which cannot be repaid.” While the PP boasted of no taxes during its five years in office, Young said it got revenue by taking $10 billion “from the coffers of NGC” (National Gas Company).

Finance Minister Colm Imbert remarked, “Oh Lord” as Young said the country will known “what is the true story with the Beetham Wastewater Plant.” Young also said the PP borrowed money to insert into the Heritage and Stabilisation Fund. He then reminded MPs that it was the PP that offered the Oilfields Workers Trade Union (OWTU) “zero, zero, zero for the period 2011 to 2014 and refused to budge.”