And there's one more important news angle on today's tabling of the appropriations bill for 91.6 million dollars. That's the issue of interest. According to the Caribbean Court of Justice, it accrues at 17% compounded monthly - which is exorbitantly high. The Prime Minister says Government's opinion form legal experts is that the rate should be about one third of that:
Rt. Hon. Dean Barrow, Prime Minister
"We have been advised and I think this is important, that 17% interest that's compounded monthly until payment, is not the rate that should continue to run on the 91,596,013,022 as of the date of the CCJ judgement ordering leave to enforce their award as if it were a judgement of the Supreme Court. We are advised that the applicable interest rate, the sort of post judgment rate should be the 6% per annum which is set out in the supreme court of Judicature Act as the statutory rate of interest to be carried by all judgement debts. In our view, that 17% should have been cap at the time of the CCJ Judgement and whatever the total was, the award plus 17% from the date of the award until the date of the CCJ judgement, that should have been it in so far as the factor of that 17% interest rate is concerned. Thereafter, for whatever period, the judgement remained unpaid, it should continue to attract interest but only at the statutory rate of 6%. We are certainly going to go back to the CCJ to seek clarification on that."
So, that's another matter that's going to the CCJ for further litigation.
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