Last day to take Government’s offer
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 email@example.com or visiting www.centralbank.org.bb.