Mid-year review on May 13

THE mid-year review will be debated in the House of Representatives on May 13, Finance Minister Colm Imbert told yesterday’s post-Cabinet briefing at the Diplomatic Centre, St Ann’s.

He said the occasion would both review the past six months of national expenditure and include a supplementary appropriation bill to give more money to various ministries.

Imbert insisted the economy was on the rebound, saying the World Bank agreed with him on this. “Despite statements by others, I am completely satisfied the economy has turned around.” Otherwise he said the Government’s $1 billion housing bond would be offered in tranches of $5,000 running for five years and offering a 4.5 per cent annual rate of interest. The bond is not for institutions nor wealthy businessmen but for small people whom it may assist in ultimately buying a unit of public housing.

“Persons who invest in these bonds will be given preference for housing.”

The $1 billion from the bond sale plus another $1 billion due when people convert their licences to occupy public housing into mortgages, will fund a new thrust in construction of public housing, Imbert said. He said the initiative would be “a tremendous game changer” to both home ownership and personal savings.

Otherwise, Communications Minister Stuart Young said the initial 70 proposals to buy Pointe-a-Pierre oil refinery had been “boiled down” to 24 bids and would be reduced further to the most serious contenders. He also said a new berth at would be built at the Scarborough port to avoid the displacement of vessels whenever cruise ships visited Tobago.