On 25 April 2016 the House of Assembly approved the Motion that established a $25Million operating Line of Credit at the CIBC FirstCaribbean International Bank. Since then Premier Dr. the Hon. D. Orlando Smith disclosed that the money was accessed three times.
The disclosure was made by Premier and Minister for Finance Dr. the Hon D. Orlando Smith during the House of Assembly of 18 April in response to a question from Leader of the Opposition and First District Representative, Hon. Andrew Fahie.
Hon. Smith said: “Madam Speaker, the line of credit has been accessed three times since January 2017 – on 11th January, 23rd January and 14th March. The monies drawn went into the Consolidated Fund and were used specifically for what it was designed for, that is to cover operating expenses during slow revenue collection periods, and were not allocated for any specific purpose within any Ministry or Department.”
The Minister of Finance told the House of Assembly that the total amount expended to date from the $25Million credit facility from First Caribbean International Bank is $16.3Million. He also mentioned that $8.7 million is the remaining balance.