Prime Minister Roosevelt Skerrit said he has written to several governments and financial organizations seeking debt forgiveness for Dominica in the wake of Tropical Storm Erika.
The government of Dominica has said over $1 billion is needed to fully recover from the ravages of the August 27th storm that destroyed infrastructure and claimed lives.
Skerrit said at a press conference held that it would be difficult for the island to remain committed to its debt while it deals with recovery efforts.
“We have started the process engaging those whom the state owes or those the state contracted loans with, so we are in discussions with them, those discussions have started,” he remarked. “I have in fact gone further, as Minister of Finance, and written to some of our partners and multi-lateral institutions on the issue of debt forgiveness, or the restructuring, or in some cases differing the commencement or suspending the payments of the interests and the penalties for a period of time to allow us to recover. So there are a number of elements in respect to your debt that you have to take into consideration.”
According to Skerrit some organizations, which Dominica is a member, has suspended the country’s contribution for a period of time.
“One case in point is the Commonwealth that has suspended our payments in light of the storm and differed our payments for 2015-2016, and a number of other organizations have done that in recognition of the fact that Dominica is under a critical, financial strain and would require all the help it can get as small as that help can be…,” he explained.
He pointed out further that debt forgiveness is an important element.
He said also that some institutions can deal with debt restructuring, “but they may not deal with debt forgiveness.”
“In the process of negotiating debt forgiveness you may very well find yourself limiting your opportunities for contracting loans, even if at concessionary terms…,” Skerrit noted.
Furthermore he mentioned that a country can’t go to another country or lending agency and simply say “give me a loan.”
“There is information, documentation that you must provide those countries in order to contract loans,” he said. “Therefore this is why we keep saying always that we must ensure that these countries always meet its obligations to its creditors. Sometimes we the citizens want us to take decisions that can hamper our opportunities down the road.”
beggars beggars. remember that you spent 34 million to win an eleection because you couldd not have won it otherwise.
when you beggin for debt forgiveness tell them bout the expenses
and how you crippling us for every thing.
just look at how much taxes you charging us for importing simple things to the country.
Mr.PM forgiveness for what? You had monies giving people overseas to come vote for you.you pay their airfare to Dominica, Had millions to have entertainers to entertain you and your squad. Now you want forgiveness. Guess you never know how hard it is to make a dollar. Guess you joking .my dear PM go read the book of proverbs.
Skerrit them cant hide the debt anymore, the country not nice anymore
Once again, I must ask whether the Prime Minister is really serious. Listen to this, I am owing my neighbor $5000 for years and I have problems servicing the dept. I decided to asked my neighbor to write off the debt, but while I am begging my neighbor to assist me, I decided to buy a brand new car for my girlfriend. The message to Skeritt, you are asking for debt forgiveness, but you built a $27 million palace for one man and his wife.
its a joke 30 millions spent on an election few less than a year ago, now you asking for loan forgiveness because of a storm?
come on it sound to me you the prime minister it riding on the back of Erika.
One thing Dominicans are quite aware of, whether they are for or against the Government, is that whatever the Supreme Leader wants he gets. Our dear and precious Supreme Leader, an ordained Knight of the Most Holy Roman Catholic Church, his Eminence Dr. Roosevelt Skerrit is respected, loved and adored by Leaders worldwide. This great man is no less than an Angel like the Archangels Gabriel and Michael. Labourites are proud and grateful that we now have such an effective and proactive Prime Minister and Party Leader at the helm during this critical time in our Nation’s history. The good lord has sent an Angel to watch over us. The critics who fail to acknowledge the superiority and divinity of this great and wonderful man are like the Israelites who denied Christ and took Barabas (The Novice) in his place. It is shameful to say the least. However, our Supreme Leader will accomplish his goal to receive debt forgiveness from our friends in the International Community. Oh yes!
What bl$*dy debt forgiveness?! Total lack of foresight! Where was there thought of the debt when you were blowing tens of millions on your election campaign? Where was there debt forgiveness when you “failed” to properly account for proceeds from passport sales? Where was there debt forgiveness when you failed to initiate marketing agreements within those sketchy MOUs? Where was there thought of debt forgiveness when you could have earlier salvaged and propped up the agricultural industry. No foresight, a total hindrance!
We need debt relief for the citizens of this country. We need debt relief for the private sector, individuals, truck drivers, teachers, police officers not just the Government of Dominica.
And the begging continues. Constantly looking for ways to get freebies. That is the kind of strategic thinking our P.M. does. This guy is an opportunist. Erika pass so he using that as his springboard to seek forgiveness for his reckless spending and them. So much spending in recent times and very little to no progress to show for it. These actions are the equivalent of somebody pulling out loans just to throw a party and then telling the bank you cannot pay them back due to unexpected events. (In this case Erika). I will give him one thing; he good at finding alibies. The person below is 200% right. The luxurious state palace is a prime example of wayward behavior. Garcon not even God that would forgive you for you foolishness, so I don’t know why anyone else should.
And the begging continues. Constantly looking for ways to get freebies. That is the kind of strategic thinking our P.M. does. This guy is an opportunist. Erika pass so he using that as his springboard to seek forgiveness for his reckless spending and them. So much spending in recent times, yet very little to no progress being made. These actions are the equivalent of somebody pulling out loans just to throw a party and then telling d bank you cannot pay them back due to unexpected events. (In this case Erika). I will give him one thing; he good at finding alibies. D person above is 200% right. That state luxurious palace is a prime example of wayward behavior. Garcon not even God that would forgive you for your foolishness, so I do know why anyone else should.
Where can a Dominican citizen find information on the level of debt that we owe to lenders? Is there a document, website, someone in the Finance Office who could make this information available to the public? Is there a list of lenders, the type of loans, rates of interest, terms of the loans and other related information that is available to the public?
As the Minister of Finance the PM has every right to seek monetary assistance (loans, grants, etc.) to help build our nation. He also has the responsibility to share with us the results of these efforts. We the citizens of Dominica are the ones in effect, who are responsible for repaying these debts. Therefore, we need to have more information. Where is this information? Is it accessible?
If my husband goes out there and takes loans on our family’s behalf, I expect him to share the details with me, because the repayment of these loans will be our family’s responsibility. We will all be making sacrifices to repay those loans.
Those are very reasonable questions. A great deal of information about the public budget, including debt, is available on the Ministry of Finance web site, specifically here: http://finance.gov.dm/index.php/budget/information/19-2015-2016-budget-for-ministries
I don’t see interest rates there, though, and I agree with you that should be publicly available.
They must first set the example so that the outside world can see they are serious. While this government ask for debt forgiveness they continue to reward their ministers and others with huge salaries for doing nothing. Reduce the size of the Cabinet as well as their salaries. Set the example Mr PM !
I understand the fully the intent of the prime minister seeking debt forgiveness. But this huge debt that we have, whet do we have to show for it? A state palace? And we are going to ask for forgiveness of that debt?
I hope we learn and change our ways of doing things in Dominica…