Dominica parliament approves overdraft of EC$34.5m

Wednesday, August 10, 2005

ROSEAU, Dominica: On Thursday, August 4, 2005, the Dominica Parliament granted approval for the Minister for Finance to borrow and guarantee by means of fluctuating overdraft, a sum not exceeding in the aggregate EC$34,500,000 to meet Central Government’s current overdraft requirements and to guarantee overdrafts to statutory and public corporations for a further period of one year commencing from July 1, 2005. 

This contrasts to June 2003 when the Government sought and received parliamentary approval to borrow the sum of $50 million to meet Central Government’s overdraft requirements and to guarantee overdrafts to statutory boards and public corporations.

In June 2002, the Coalition Government led by Pierre Charles, embarked on a programme of economic stabilisation and adjustment in order to restore the economy to fiscal health. The Government said then that there could be no growth without addressing the parlous state of Central Government finances at that time. 

In his 2005/2006 Budget Address, Prime Minister, Roosevelt Skerrit reported significant improvements in the country’s fiscal and debt situation. 

In his Budget address delivered on July 27, 2005, Skerrit also stated that as at June 2005, “the balance on the overdraft had been reduced to zero, compared with a balance of $59.9 million in June 2003”. 

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