Money matters are expected to dominate when the House of Assembly meets today at 10 a.m. with Government down to seek approval of two loan guarantees for state agencies totalling more than $8.5 million.
There is also on the Order Paper a $1.7 million supplementary for the Ministry of Tourism and International Transport, which requires the funds to cover the net losses, severance payments and rents owed to the Grantley Adams International Airport in respect of the closure of Club Caribbean VIP Lounge.
The first Government guarantee is for a loan of $5.55 million from RBC Royal Bank (Barbados) Limited to facilitate the repayment of debts incurred by Hotels & Resorts Limited (“Gems”) in the course of its operations.
The approval of Parliament is being sought under the Guarantee Of Loans (Companies) Act, which allows Government to guarantee an aggregate of up to $1 billion without taking into account any amount in respect of interest, commissions and any other expenses secured by the guarantee. (AB)
