WHEN THE House of Assembly returns from the Easter recess today at 10 a.m., Government will be seeking to raise the loan limit to the highest amount ever – a record $4 billion – through the issue of Treasury Bills and tax certificates which is almost double the current level set two years ago.
And with proposed amendments to the Electronic Transactions Act also on the Order Paper, there are indications that the cash-strapped Government may not be able to pay people eligible for tax refunds in cash but may do so with the tax certificates.
Minister of Finance Chris Sinckler is down to pilot a resolution asking Parliament to approve the raising of the money through Treasury Bills, tax reserve certificates and tax refund certificates under the Treasury Bills And Tax Certificates Act, passed in July 1987.
The money raised, which is coming 43 days after the start of the 2014-2015 financial year, may also be used for the purpose of paying off, at maturity, bills already issued and outstanding.
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