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Government Raises Treasury Bills Ceiling, Labour, Business and Opposition Express Concern
posted (December 15, 2016)
And there was also a lot of talk across the floor about the Treasury Bills Amendment Bill. That increased the ceiling on what is called government paper, or treasury bills to 1.3 billion dollars. The business sector, labour and opposition said it's too much borrowing:..

Hon. Rufino Lin, Ag. Senator, Business Sector
"I believe that we must have a limit to borrowing. Private and Sovereign borrowing must be capped beyond which red flags must be raised. Borrowing in the private sector is not achieved simply by the stroke of a pen, it is achieved after careful, candid and meticulous review of the borrower's repayment capacity. There are key financial ratios that guide a banker as he/she reviews and evaluates a customer's financing requirements so both borrower and lender have a financial and social responsibility to be honest with each other. This bill really opens the opportunity for a level of borrowing that in my view places us in a dangerous path. So, this bill without any sort of limit just allows the borrowing of more and more money I think is one that we do not really support."

Hon. Ashley Rocke, Senator, Churches
"And so the church offers its caution to the government and say we are not in any position to stop you from doing what you're doing but we beg prudence and good management."

Hon. Elena Smith, Senator, Labor
"But I want to somehow echo the words that our Prime Minister had said some time ago, and he made an earnest plea to his cabinet members when he said 'For God Sake Stop It'. As a Christian I know that I should not be using the name in vein but I would like to echo those same words and I'd like to say for god sake let us stop borrow."

Hon. Dr. Carla Barnett, Senator, UDP
"This bill effectively reduces the ceiling on treasury bills by 250 million and then it increases the ceiling on treasury notes by 500 million, so that the net increase that we're talking about in the capacity to borrow not the actual borrowing, the net increase is 250 million. The intention is to create the head room that will be necessary to pay the second installment of the Dunkell/BTL Employees Trust Arbitration Award."

That award will be around 180 million dollars.

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