How much debt does T&T owe lenders? We have been hearing all sorts of figures but the main official audited source is the Auditor General.
The last report stated that at September 30, 2014, we owed $49.7 billion. This increased from $46.2 billion in 2013. We don’t have the audited figure for 2015 yet. This debt adds up local and international loans as well as loans and debts serviced under guarantees and letters of comforts. As far as we know, we have been servicing our debts.
But, we have a very troubling situation where T&T has been owed money for years and the borrowers have not been serving their debts. Who are these and how much do they owe us according to the Auditor General as at September 30, 2014?
Grenada: A 2005 loan to the Government of Grenada for TT$103 million. To date, they owe us almost TT$98 million. The last payment received was in September 2011.
Dominica: A 2006 loan to the Government of Dominica for TT$23 million. No repayment to date.
Antigua and Barbuda: The Government of Antigua and Barbuda was loaned TT$9.7 million to begin repayment from December 2008. No repayment to date. Another loan of TT$13.4 million was made with repayment to begin from December 2009. No repayment to date. A third loan of TT$13.5 million was given and no repayment again from agreed date of June 2010.
St Lucia: The Government of St Lucia was loaned TT$9.6 million to begin repayment in December 2008. No repayment to date.
St Vincent and the Grenadines: The Government of St Vincent and the Grenadines was loaned TT$13.4 million to begin repayment in December 2009. None received yet.
TTPost: TTPost was granted a loan of TT$71.8 million. No repayment was made nor was any contract provided to the auditors.
Port Authority of T&T: A loan of TT$1.1 billion dollars was made but no repayment made from December 2002 from when it was to begin.
T&TEC: A loan of TT$404 million was made and no repayment yet.
National Energy Skills Centre: A loan of TT$42.7 million was made and no repayment yet.
There may be others for other years that are not part of this report. What we as a nation are doing to recover these outstanding monies? Will they be written off? Can we charge interest?
These are some of the national discussions we need in this country. It cannot just be left to the politicians and technocrats. The people have voices too. It is our money. When we as citizens default on our payments to commercial banks, other lending institutions and hire purchase, we face the consequences by interest penalties, confiscation of items, etc. So, why let them off the hook so easy without proper explanations to the public?
In this “recessionary” period, as the late Max Senhouse would have said, we needs the money!
Kevin Ram