In delivering the 2017 budget, Finance Minister Colm Imbert made the following point: “The low interest rate environment which has prevailed for some time is constraining our savings culture. We must reverse this trend, given that the mobilisation of savings is critically important for financing growth and development. To that end, I propose to issue savings bonds under the Government Savings Bond Act Chapter 71:41 in different rates and maturities.”
That statement was made in a budget presentation that was delivered on September 30, 2016. But in the 16 months since Mr Imbert signalled to the population that he proposed to issue savings bonds in different rates and maturities in order to mobilise savings, he has failed to do so.