Imbert: TT can borrow US$350m from CAF

Colm Imbert -
Colm Imbert -

A total of US$350 million is available to this country as long as TT asks for it, said Minister of Finance Colm Imbert at the post-Cabinet meeting on Thursday.

Speaking at the Diplomatic Centre in Port of Spain, Imbert told reporters TT had secured three loans from the Andean Development Bank (CAF). The board of governors approved one loan of US$200 million, for air and sea transport infrastructure and air and sea transport in general. Another, of US$50million, was approved as emergency funding to deal with covid19, and government got Cabinet approval to approach CAF for a further US$100 million.

“These are fast-disbursing loans," Imbert specified. "The funds would be available to us very quickly. This money could be available in one or two weeks. So we draw down on the funds as and when we require them.”

Imbert said all paperwork necessary for these loans had been completed and government simply needs to ask for the funds, but he noted that although the country and the world are facing strange financial times, TT has to be careful with the way it borrows and spends its money.

“We still have to look at our econometrics – our credit ratings and so on. And you always want to limit your borrowing as far as you can, because agencies look at our foreign debt to our GDP ratio.”

Imbert said TT has been borrowing on the local market, and doing quite well, but could not give an exact figure as to how much had been borrowed.

He added that government is using a yield curve rating which is published on the Central Bank’s website as a guideline for how much it borrows.

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"Imbert: TT can borrow US$350m from CAF"

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