Public Debt Set To Increase As Bankers Request $1.2B Government Guarantee On Petrotrin
506 views · Published 9 October 2018 · 2:27 · Indexed 1 November 2026
Channel: TTT Live Online · 2018 · People & Blogs
Government is to stand as guarantor to some $1.2 billion owed by State-owned oil company Petrotrin. The Minister of Finance, Colm Imbert, said he received a letter from the company on Monday afternoon with the request for Government guarantee as there are at least two financing facilities that need to be refinanced by October 15th. He said Government has no choice but to accommodate the request. In light of this, he said the injunction granted to the Oilfields Workers’ Trade Union stopping the VSEP process at Petrotrin until hearings, has profound implications for the economy of Trinidad and Tobago. He said the Government Guarantee increases the public debt immediately, and read from the letter which stated there may be further requests.
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