RESOLUTION OF PARLIAMENT TO BORROW FOR CAPITAL OR CURRENT EXPENDITURE – BUILDING PUBLIC HEALTH RESILIENCE – CORONAVIRUS DISEASE 2019 RESPONSE PROJECT – SECTION 63(1)(a)
Commencement [20 March 2023]
RESOLUTION
WHEREAS it is provided under 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 under 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 USD9,867,000.00 from the Ordinary Capital Resources of the Caribbean Development Bank allocated from the European Investment Bank Second Action Line of Credit Component Resources (the Loan) for the implementation of the Building Public Health Resilience – Coronavirus Disease 2019 Response Project;
AND WHEREAS the loan is repayable in 76 equal or approximately equal and consecutive quarterly instalments commencing 3 years after the date of the Loan Agreement;
AND WHEREAS interest at the variable rate of 4.06% per annum is payable quarterly on the amount of the principal disbursed and outstanding from time to time;
AND WHEREAS a commitment fee at a rate of 1% per annum is payable quarterly on the amount undisbursed from time to time commencing from the 60th day after the date of the Loan Agreement;
BE IT RESOLVED that Parliament authorizes the Minister of Finance to borrow USD9,867,000.00 from the Ordinary Capital Resources of the Caribbean Development Bank allocated from the European Investment Bank Second Climate Action Line of Credit Component Resources (the Loan) for the implementation of the Building Public Health Resilience – Coronavirus Disease 2019 Response Project;
BE IT FURTHER RESOLVED that —
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(a) the loan is repayable in 76 equal or approximately equal and consecutive quarterly instalments commencing 3 years after the date of the Loan Agreement;
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(b) interest at the variable rate of 4.06% per annum is payable quarterly on the amount of the principal disbursed and outstanding from time to time;
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(c) a commitment fee at a rate of 1% per annum is payable quarterly on the amount undisbursed from time to time commencing from the 60th day after the date of the Loan Agreement.