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Prime minister gets approval to raise $US 50 million

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Contact:  Shannon Lebourne


Tuesday, September 13, 2011 – At the House of Assembly's meeting on Tuesday September 13, Prime Minister and Minister for Finance, Hon. Stephenson King presented two money bills for consideration by members.


The Prime Minister received authorisation to raise a sum not exceeding US$50 million by the issue of Savings Bonds on the Trinidad and Tobago Capital Market to assist in the financing of capital or other expenditure and debt refinancing by Government.


Prime Minister King explained how the money will be used in the interest of accountability.


“The funds will be utilised to finance the 2011/2012 Capital Expenditure Programme of the government and will include the following projects: reconstruction and rehabilitation of roads-eight million dollars. The East Coast Rehabilitation phase three, costs eight million three hundred and forty two thousand, two hundred and ninety three dollars. For community and agriculture feeder roads twelve million one hundred and sixty five thousand four hundred and ninety five dollars have been allocated.


To market tourism, thirty million dollars have been identified. Five million and eighty six thousand dollars, will go to the west coast overlay. Four million five hundred thousand dollars, is earmarked for the construction of human resource development centres in various locations.


Constituency Development Programme twelve million six hundred and eighty nine thousand three hundred and forty five dollars. The St Jude Hospital reconstruction project will obtain six million two hundred and two thousand, five hundred and sixteen dollars. Closed Circuit Television Security System for various locations on the island will benefit from three million dollars. To continue national reconstruction and development programmes, three million one hundred and thirty thousand, four hundred and sixty six dollars have been identified, whilst two million dollars will go towards farm access road improvement.”


Parliament authorised the Prime Minister and Minister for Finance to loan by means of advanced sums, not exceeding twenty five million from commercial banks.


Parliament also approved amendments to the Insurance Premium Tax Act, the Security Tax Act, the Police Act, and the Architects Registration Act.


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