House approves supplementary Budget allocations, deferral of Superbond payments

By Aaron Humes: The House of Representatives has approved, first in a Committee of Supply and then in the open meeting, proposals concerning supplementary allocations to the General Revenue and Appropriations Act, 2020.

As stated by Prime Minister and Minister of Finance Dean Barrow several weeks ago, this is necessary to address the hole in the budget created by extensive loss of revenue due to Covid-19’s impact on various industries including tourism.

The Prime Minister had stated that in his estimation hundreds of millions would be lost and thus the Budget had to be restructured, involving potential cuts in goods and services and as now confirmed, a deferral of interest payments on the Super Bond to be approved by bondholders after negotiations.

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