Saturday, April 29, 2017

Govt withdraws $2.5b from ‘Heritage’ Fund*

as overdue Payments pile up...

finance minister: Colm Imbert


ON the heels of an announcement that it will meet outstanding back-pay to public servants, Government has quietly withdrawn $2.5 billion (about US$385 million) from the Heritage and Stabilisation Fund (HSF).
It is the first time that there’s been a drawdown on the country’s sovereign wealth fund, which was established in 2007, and is often referred to as its rainy-day savings.

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