Dominica’s approval for Anguilla to use its line of credit to obtain a EC$10 million grant from the Eastern Caribbean Central Bank has no immediate effect on the current economy, says Budget Controller within the Ministry of Finance Francisca Pascal.
The budget controller says Anguilla has agreed to repay the debt within one to three months and the finance ministry believes that the British overseas territory will be able to repay the debt.
In the meantime, unlike many other Caribbean islands, Dominica is not operating on an overdraft. Budget Controller Pascal says government’s overdraft facilities at all local banks are in the positive. Even though this would occasionally slip into the negative at the Dominica National Bank, it’s a rare and temporary occurrence, she said.
Attempts to reach the resident representative of the ECCB Edmund Robinson, at his Financial Center office, proved futile. However, a formal request for his comment on the subject has been tendered.
The EC$10 million credit concession afforded to Anguilla by Dominica was announced by Anguilla’s Chief Minister Hubert Hughes on Tuesday. He said that his government will borrow the money from the ECCB through the Dominica credit.
“Dominica has built up a big credit in the ECCB because Dominica is prudently managing its finances,” Hughes said.
I am asking what is going on?
If I recall sometime ago reading in a Toronto Caribbean-ethnic newspapers that the Dominica PM had stated he lent money to…was it Anguilla? The PM of that country denied that he ever received money from Dominica’s PM. Please correct me if I erred on this one.
It is a generous gesture to assist others who are in dire need of as another country. I have given this a good thought and am wondering where will the Dominica PM get all this money to lend to Anguilla? It appears it will be taken out of Dominica’s budget. Is this not a dangerous thing to do?
Furthermore, can Anguilla not borrow from the Caribbean Bank or the World Bank? What is its impediment that it cannot seek and procure its own funding.
What if Anguilla exceeded its budget of borrowing from Dominica’s budget and then Dominica goes bankrupt? Surely, Anguilla will not be able to re-pay Dominica.
But somebody tell me something? Am I reading right or not I believe am sleeping pinch me pinch me
The Government of Dominica is unable to pay it Civil Servants their back pay yet it can afford to borrow money to Anguilla. For the past months they were looking for sources to help pay civil servants money as their account at the bank was in an overdraft yet still they can afford to borrow money to Anguilla. Gadergaaaaaaaaannn etc paid civil servants on more than one occassion yet they borrow money to Anguilla. Am I missing something there. Why the hypocicy. Why the show. Why is the governement putting up a show to mislead my people, Dominincas go do ur homework.
I wonder what will Lennox, Matt and Angelo et all will do this time.Last tiem Angelo paged the former Chief Minister all the way to a London address and sought to take down the PM’s reputation. Of course the Chief Minster then, facing an upcoming election, denied that his tourism rich iland could never ever borrow money form a “banan republic” when indeed many Dominicans had migrated to Anguilla to fiond work. Of course! our local nay sayers were at war with themselves trying to convince the people of Dominica that Skerrit lying. I wonder what they would say now.
Good job Pm. I know you would have your day in court – the people’s court at that, now and intot he future
Robinson!!!
If I know mister , his answer will be no comments. Trust me.
Mister not in political drama.
I must say that good for Dominica to handle it financies, but on another not the sales in Dominica is another story bussiness is on a down low,
More bad news for my former party…Dominica is doing pretty well to even have credit and others in the Caribbean on overdraft…waypapa