Government Discovers Unpaid Loan Totaling Millions
Friday 22nd March, 2019-Government has revealed it recently discovered a loan that was secured by the Baldwin Spencer-led administration that has not been serviced.
The loan is in the amount of US$ three million and was approved by China Civil Engineering and Construction Corporation (CCECC).
The loan has “just come to light” and Cabinet has begun making arrangements to settle that debt.
Cabinet Spokesperson, Information Minister Melford Nicholas was questioned about the purpose for the loan and how such an important obligation was hidden for so long.
Officials are hopeful there aren’t more surprises, but says if similar transactions are unearthed and they are legitimate, the current administration will have to honour them.