Last day to take Gov­ern­ment’s of­fer

Daily Nation (Barbados) - - News -

To­day is the dead­line for hold­ers of Trea­sury notes, Trea­sury bills and deben­tures to ac­cept Gov­ern­ment’s debt re­struc­tur­ing proposal. The of­fer closes at 5 p.m. Se­nior tech­ni­cal ad­vi­sor to the Gov­ern­ment, Dr Kevin Greenidge, said Gov­ern­ment recog­nised that the terms were dif­fi­cult ones, as in­di­vid­u­als and pen­sion­ers were be­ing asked to stretch out the re­pay­ment of their debt to 15 years, and ac­cept re­duced in­ter­est rates.

“But these changes have be­come nec­es­sary be­cause the debt bur­den is oth­er­wise un­sus­tain­able, and con­tin­ued re­pay­ments would only fur­ther un­der­mine the Bar­ba­dos dol­lar,” he said.

Greenidge stated that the Cen­tral Bank would tally the re­sponses to the of­fer let­ters and an an­nounce­ment should be made by Oc­to­ber 12.

“Af­ter that, the Cen­tral Bank will place the new bonds in ac­counts for each per­son and in­put the bank pay­ment in­for­ma­tion it re­ceives. As part of the mod­ernising process, the Cen­tral Bank will no longer send out phys­i­cal cer­tifi­cates for the new bonds, and will need to col­lect pre­vi­ously is­sued cer­tifi­cates for notes and deben­tures.

“In­ter­est pay­ments will be made on De­cem­ber 31, 2019, for the new bonds,” he ex­plained.

Fur­ther in­for­ma­tion is avail­able by email­ing deb­tex­change@cen­tral­bank.org.bb or vis­it­ing www.cen­tral­bank.org.bb.

Newspapers in English

Newspapers from Barbados

© PressReader. All rights reserved.