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Tardiness keeps $1.8b out of Government coffers

Published:Friday | February 6, 2015 | 2:30 PM

Tardiness on the part of the Government has led to $1.8 billion of free money not making in into the country’s coffers.



Yesterday, Richard Byles, the chairman of the Economic Programme Oversight Committee (EPOC), said this contributed to the government’s revenues and grants being down $3.4 billion for December.



Byles says the only reason these grants were not taken up was because the paperwork was not completed.



He says EPOC has now been assured by the finance ministry that action has been taken to ensure the necessary paperwork is completed to effect drawdown of the budgeted grant funds before the close of the fiscal year.



Yesterday, the EPOC announced that all economic indicators are pointing to a seventh positive review by the International Monetary Fund (IMF).



Chairman of EPOC, Richard Byles, says the country met its targets for the primary surplus and net international reserves for the quarter which ended in December.



The IMF is expected to conduct its review of the country’s performance under its Extended Fund Facility during this month.



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