Bond loans haul in USD 550 mil­li­on“It is a good re­sult”

Times of Suriname - - ENGELS -

The govern­ment re­por­ted­ly ma­na­ged to haul in USD 550 mil­li­on with its bond loans at an in­te­rest ra­te of 9.25%. The govern­ment had ini­ti­al­ly ai­med at hau­ling in USD 1.5 bil­li­on max but Fi­nan­ce Mi­nis­ter Gill­m­o­re Hoef­draad ex­plai­ned that USD 550 mil­li­on would be suf­fi­cient. Mi­nis­ter Hoef­draad as­su­red that the mo­ney would not be used for con­su­mer pur­po­ses. The mo­ney will in­stead be used to pay off debts of the Sta­te Oil Com­pa­ny (Staats­olie), the Ener­gy Com­pa­ny Su­ri­na­me (EBS) and other debts of the govern­ment. “We do not bor­row mo­ney for sil­ly things. We will not squan­der the mo­ney,” said the mi­nis­ter who is cur­rent­ly in New York du­ring an in­ter­view. The mi­nis­ter has re­por­ted­ly met with se­ve­r­al in­ves­tors. Staats­olie must re­por­ted­ly pay off USD 300 mil­li­on for the con­struc­ti­on of its re­fi­ne­ry. Due to a drop in the pri­ce of cru­de oil, the com­pa­ny could not ma­ke its pay­ments on ti­me. The govern­ment had al­so ai­med at hau­ling in at least USD 500 mil­li­on at an in­te­rest ra­te of 9.5% but even­tu­al­ly got USD 550 mil­li­on at an in­te­rest ra­te of 9.25%. “We are plea­sed with the re­sult. It is a good re­sult,” said Mi­nis­ter Hoef­draad.

The govern­ment had re­por­ted­ly gi­ven Op­pen­hei­mer and Sco­tia Bank the man­da­te to or­ga­ni­ze a se­ries of mee­tings with in­ves­tors who are in­te­rested in buying US dol­lar­de­no­mi­na­ted govern­ment bonds. It is still unclear how much com­mis­si­on the two bro­kers will re­cei­ve. Mi­nis­ter Hoef­draad pro­mi­sed to sha­re mo­re in­for­ma­ti­on af­ter he has ar­ri­ved back in Su­ri­na­me.

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