‘Sharp increase in Gov’t Liabilites’-2013 Auditor General Report
The report noted that the most significant public liabilities are loans received by the government for development projects.
Loan balances however, decreased from $102 million in 2012 to $90.9 million at the close of 2013 the report now a public document stated.
New Hospital a burden
According the Ms, Webster, “the largest balance was for the New Hospital project $71.6 million.”
The report stated that the $90.9 million loan obligation was made up of $14.0 million in foreign loans, $38.2 million from local commercial banks and $38.7 million from the BVI Social Security Board the report noted.
The cost of financing government long term liabilities in 2013 was $4.6 million compared to $5.5 million in the prior year.
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