Government Borrows More Money
Less than two weeks before general elections, the Antigua and Barbuda government has continued its reckless borrowing of money.
On Thursday, the government resorted to its practice of borrowing money by issuing bonds on the Eastern Caribbean Securities Exchange. This time, the government raised over $17 million dollars on the exchange. The offer was oversubscribed as the government’s intention was to raise $15 million.
It is not immediately known those entities which participated in the purchase of the government bonds. But earlier this month, when the government raised over $20 million, the Medical Benefits Scheme (MBS) purchased over $18 million dollars of that amount.
It is believed that the government borrowed the money in order to ensure that salaries are paid on time this month, since it is the last payday before general elections on June 12th. Additionally, the government has to pay holders of bonds which mature in early June, followed by another payment due to the IMF later in June.