ANGUILLA EXPRESS (sister publication): Anguilla’s Chief Minister Hubert Hughes says the island’s financial problems continue to be dismal and that it will take some time to repair the damage inflicted under the last administration.
Hughes, who also holds the Finance portfolio, said the last government borrowed money every month to pay the salaries of public servants. He said his administration finds itself in a similar position.
But Hughes is hopeful that by the end of this year things will begin to improve.
Hughes told reporters here on Tuesday that his government will have to borrow EC$10 million from the Eastern Caribbean Central Bank (ECCB) in St. Kitts to pay civil servants at the end of this month.
“That money is coming from the Dominica credit. The previous administration was doing the same thing. They went to borrow money from the Dominica credit at the ECCB. Dominica has built up a big credit in the ECCB because Dominica is prudently managing its finances,” Hughes said.
He said government this week has been negotiating successfully with the Dominica government through the ECCB. “Dominica has agreed that we can use EC$10 million from their credit so that we can pay wages for this month (August). All the members of the ECCB have consented,” Hughes stated.
The previous administration borrowed a similar amount from the ECCB last year using the Dominica credit arrangement with the financial institution.
Hughes said the only difference is that his government made its intention to borrow the money from Dominica public from the start while the previous administration kept it a secret.
Hughes noted that Anguillians only found out about the use of the Dominica credit at the ECCB when the Dominican leader spoke about it during his election campaign.