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Minister in the Min. of Finance Senator Dr. Ubaldus Raymond

Gov’t to repay NIC $100 million by Aug. 26

The Finance Ministry led by Senator Dr. Ubaldus Raymond has told the press the XCD $100 million loan from the National Insurance Corporation [NIC] will be repaid by August 26.

The government requested the one hundred million-dollar NIC loan in July to cover a potential investor payout for two bonds which were set to mature by 31 July on the Regional Government Securities Market [RGSM].

The two bonds in question;

  • LCG100718, issued on 31/7/2008 with a value of $70 million, maturity of 10 years with a 7.5% yield,
  • LCG080718, issued on 30/7/2010 with a value of $47 million, maturity of 8 years with a 7.5% yield.

Dr. Raymond says the holders of the bonds have chosen to roll over and government will not be required to shell out the hefty payout. A leaked correspondence from the Finance Ministry to the NIC board requesting the one hundred million-dollar loan sparked national debate and drew the ire of the Main Opposition.

Dr. Raymond has accused the Opposition of attempting to sow seeds of discord among the public and NIC pensioners. He told the press the government raise XCD $80 million for bond LCG100718 and bond LCG080718 was “fully subscribed”.

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