The Ministry of Housing is seeking to settle millions of dollars in loan obligations inherited from the previous administration.
During Day 4 of the Standing Finance Committee on Friday, Housing Minister Dr David Lee outlined the repayment obligations associated with several loans taken out between 2020 and 2023.
He detailed the Ministry’s financial commitments for the 2027 fiscal year.
“The loan that has to be repaid that you all took out from Republic Bank for $650 million on the 19th of May 2020, in this fiscal, we are paying back $67,464,788.23 that applies to principal. The interest portion of that is $21 million.”
Dr Lee noted that the obligations span multiple financial institutions as the Government continues to meet commitments associated with previous borrowing.
“This ANSA Merchant Bank loan that was taken on the 11th of October 2021, the payment this year would be $67,857,142.86. The interest is $18,257,812.50, giving you a total repayment on that loan alone of $86,114,955.36. That is for the ANSA Merchant Bank loan of 475.”
Dr Lee also highlighted the repayment structure of a TT$1 billion loan, which was secured to settle outstanding liabilities and fund the construction of new housing units.
“There’s another Republic Bank loan that you all took out for a billion dollars to pay outstanding liabilities and funding for the construction of new housing units. Well, that’s still ain’t happening. On the 6th of January 2023, the payment for this year fiscal is $50 million principal, interest $45,000,912.”
He noted that the TT$1 billion Republic Bank loan carries a repayment of approximately $95.9 million this fiscal year, while a separate $700 million loan from ANSA Merchant Bank requires TT$115 million in principal and interest payments.