FINANCE Minister Colm Imbert said a $200 million loan has been taken to assist the TTPS in paying outstanding debt. He said this is in addition to an amended allocation of over $300 million dollars.

Responding to an urgent question from Opposition Senator Wade Mark in the Senate on Tuesday, Imbert said the loan financing was secured to meet outstanding payments for goods and services procured by the TTPS for 2020 and 2021.

“This $200 million is in addition to a total revised allocation of 382,539,845, making a total of 582,539,845 available to the TTPS in fiscal 2021, for past and current payment for goods and services."

He said a supplementary allocation of 4,512,329 has been made for the TTPS for debt service payments, on the loan that will become due later in 2021.

The first disbursement of $32,853,087.67 for outstanding TTPS payments, has already been made, out of this $200 million loan, and in addition to this sum, the funds already released to the TTPS out of its allocation under goods and services, to date in fiscal 2021, is $222,476,540.

He said, based on discussions with the TTPS, the loan of $200 million should take care of outstanding payments, and the additional allocation of $382 million for goods and services in 2021, should be adequate to cover the procurement of goods and services by the TTPS in 2021.

“The TTPS has asked me to make my best effort to make sure that the full amount of the allocation is disbursed in this fiscal year, and I have given that undertaking. The basis for disbursements from the loan is the submission of invoices by the TTPS to NIPDEC, who is the executing agency for this matter, and once those invoices are in order, NIPDEC sends a request to the Ministry of Finance, which is then passed on to the minister, who would instruct the bank to disburse the money.

“The first drawdown of $32 million went well, and I’m therefore hopeful that between now and the end of September, the TTPS will send the necessary invoices, they will check out and the necessary approvals can be given for the disbursement before the end of September, once everybody does what they’re supposed to do.

Imbert assured that he would not spend more than 24 hours when the file (request for disbursement) appears before him.

“Sometimes these files are approved by myself in a couple minutes, I would not delay because I would be satisfied when I receive it and have checked it that all concerned will have done all the necessary due diligence that is required.”