Nevis Government Allowed To Increase Debt
April 05, 2013
A resolution which allowed for the expansion of the Nevis Island Administration’s (NIA) overdraft limit from the existing $60 million to $65 million at the St. Kitts Nevis Anguilla National Bank, was passed unopposed in the Nevis Island Assembly on March 30, 2013.
The Resolution, No.4 of 2013 made under Section 14 of the Finance Administration Act 2007 to authorise a renewal of the Administration’s overdraft facility, was brought by Premier and Minster of Finance in the NIA Hon. Vance Amory. He explained that the additional money would enable the Administration to deal with certain matters.
“The purpose for that is to give us a $5million wiggle room of increase overdraft facility, to enable us to do some things which would provide for the services; provide us with the finances; to pay certain outstanding bills but also to have some ease for the tight fiscal situation in which we find ourselves,” he said.
Mr. Amory further explained that the Administration had already discussed the matter with the bank and based on the discussions the bank had seemed favourable but was awaiting the resolution to be brought before the Assembly for its approval.