The government announcing that the terms of the UK bail-out loan make it near impossible to find a new financier; expressed by Minister of Finance Washington Misick in that press conference held at the Hilly Ewing building Thursday morning.
Hon Misick said the conditions of the loan are unique and the details complex which means the widely touted notion that the country could wiggle out of the demanding loan terms by finding a new lender are dashed.
Finance Minister Misick said of the 260 million dollars granted, the TCI has to pay back a bond of 170 million dollars which was drawn from the grant and the country has to do it by 2016. This repayment goal has been the impetus for the surge in taxes which has been met with angry reaction from all sectors.
Nonetheless, the mission is demanding and the PNP administration says it is focused on reaching the objective, which is to add about 120 million dollars more to the sinking fund to meet that 2016 balloon payment… and to do it without implementing VAT.
