GOVERNMENT IS NEARLY TRIPLING the amount of money it will guarantee for companies, in which it owns at least half of the ordinary share capital, up to $1 billion.
When the House of Assembly meets today at 10 a.m., Minister of Finance Chris?Sinckler is expected to pilot an amendment to the 1998 Guarantee of Loans (Companies) Act to provide for an increase in the aggregate amount of all borrowings by companies to which the Act applies from $345 million to $1 billion.
The legislation, which came into effect in?December 1998, also provides that a copy of every loan or guarantee agreement “shall be laid before Parliament within 30 days of the conclusion of that agreement or, if Parliament does not sit within that time, within 30 days after the commencement of its next sitting”.
Sinckler is also scheduled to lead debate on the National Insurance Commissioner (Validation) Bill, which will ensure that all functions performed and decisions given by the person functioning as the National?Insurance Commissioner under the National Insurance and Social?Security (Determination of Claims and Questions) Regulations, 1967, between ?January 1, 2004 and September 26, 2010, “shall be deemed to have been lawfully and validly performed, given and done as if that functionary had been lawfully and validly appointed”.
Minister of Transport and Works John?Boyce is slated to pilot an $8.6 million supplementary resolution to boost the original provision of $5 million in the 2010-2011 Estimates.
The lion share of the monies — $6.39 million — will enable this ministry to honour commitments and to complete Phase I of the stimulus package which includes roundabouts at Boarded Hall-Frere Pilgrim Junction, and Highway Q &?R Junction at Coral?Ridge as well as work at?Bowmanston and Pothouse,?St?John, and Content to Colleton, St Lucy.
An additional $600 000 is needed to complete repairs to Joe’s River Bridge, St Joseph, while another $300 000 is required to complete work on the roundabout at?Lancaster-Orange Hill, St James; and $303 322 to enable the Licensing?Authority to buy PVC card, laminate and ribbon for the production of plastic driving licences for the next 12 months.
