PUP asks GOB for assurances on Treasury Notes

By Aaron Humes: People’s United Party Treasurer and appointed co-economic czar, Christopher Coye, raised multiple issues with the announced US $30 million Treasury Note on the market.

There are legal concerns, especially with regard to the Superbond, about which Prime Minister Dean Barrow has announced potential talks when the next payment is due in August.

Coye questions whether the International Monetary Fund (IMF) has been consulted, considering that it is negotiating assistance with countries.

Coye asks for assurances that the Central Bank and domestic banks will not buy up the notes, and that new money truly comes in for balance of payments support.

And the timing is curious, considering the Superbond payment of US $13 million due in August and potential plans for negotiation with the bondholders.

And Coye reminded that the Government is under court order to be open with its spending details not only with this money but others it has spent over the last few months.

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