Basseterre, St. Kitts – Nevis
November 28, 2007 (CUOPM)
Legislation authorising the Federal Government of St. Kitts and Nevis to borrow some EC$150 million to re-finance existing short term demand debt held with commercial banks will be debated in the National Assembly when a new sitting convenes Thursday afternoon.
Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas will pilot through all three readings, The Refinancing of Existing Short Term Demand Debt Bill, 2007 during a new sitting of the lawmaking body which starts at three “˜o’ clock shortly after the adjournment of the current sitting of the National Assembly.
Lawmakers will debate the legislation which deals with the manner of raising the borrowing, the form of debentures, how the debentures are signed, the establishment of a Register Book of debentures and the retention of a Registrar and paying agent.
The Bill also provides for the rates of interest of the debentures, payment of interest, the mode of providing for their redemption, the authority to execute documents and the general power of the Minister of Finance.