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Author Topic: T&T relieves Guyana of US$123m.  (Read 969 times)

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Offline Flex

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T&T relieves Guyana of US$123m.
« on: October 20, 2005, 02:55:21 AM »
T&T relieves Guyana of US$123m.
T&T Guardian Reports.

The governments of Guyana and T&T recently signed a bilateral rescheduling agreement to write off US$123 million ($794 million) of Guyana's debt to this country.
The debt forgiveness is in accordance with the terms and conditions of the Paris Club and was agreed to in November last year. Paris Club talks take place between countries to renogiate debt.
The agreement was signed on October 9, according to a press release on Tuesday from the Guyana Ministry of Finance. T&T agreed to the debt relief under the Enhanced Heavily Indebted Poor Countries (HIPC) relief and is the latest round of Guyanese debt forgiven by T&T.
HIPC is an initiative of the International Monetary Fund (IMF) and the World Bank to reduce debt levels of countries with high levels of debt.
Robert Mayers, managing director of CMMB Securities, said he saw no reason why T&T cannot help its neighbour.
“We have to decide what we want. We cannot have a commitment to the region and have people in the region who are suffering. I see no reason why we cannot help our neighbour,” Mayers said.
“Guyana cannot pay. Full stop. That is like a bank keeping a loan on its books, but it’s not performing.”
The US$123 million write-off represents 70 per cent of Guyana’s debt to T&T. The remaining US$53 million still owed has been restructured. Guyana had said it could not make the payments on that debt because of the floods which hit that country earlier this year. It will be rescheduled over 15 years at a market interest rate.
In addition, Trinidad has "agreed to provide further debt relief to Guyana to assist in addressing the formidable challenge of regenerating Guyana's social and economic infrastructure which was damaged by the flooding disaster earlier this year.

…largest creditor

Guyana’s debt to this country arose out of the oil facility offered by T&T in the late 70s and early 80s. At that point, Guyana accumulated a debt of US$250 million, which then ballooned to US$536 million taking interest into account.
In May 1996 the T&T Government agreed to write-off 67 per cent of that debt under a Paris Club agreement. That left US$175 million repayable over 23 years.
Under the latest debt forgiveness agreement, T&T is forgiving 70 per cent of that figure, or US$123 million. The remainder, US$52.6 million is payable until 2019.

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Re: T&T relieves Guyana of US$123m.
« Reply #1 on: October 20, 2005, 10:45:49 AM »
well dey should have arranged other ways tuh pay we back, in de way of rum, rice and women :beermug:  ;D

Offline Teflon Don

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Re: T&T relieves Guyana of US$123m.
« Reply #2 on: November 14, 2005, 06:08:31 PM »
yea or dey could sen workers and equiptment  to make le amistade aka the stadium into a 50,000 seater with a retractable roof  ;D