PM: Public Sector overdraft at NCB is $87,905,557

The Public Sector overdraft at the National Commercial Bank (NCB) as at June 30, 2009, stood at $87,905,557.

This was disclosed by Prime Minister and Minister of Finance Dr Ralph Gonsalves on Thursday, August 13th.{{more}}

The Prime Minister made the disclosure in response to a question posed in the House of Assembly by Leader of the Opposition Arnhim Eustace.

The public sector overdraft represents the combined overdraft for central government as well as the Arrowroot Association, the General Equipment and Services Corporation (GESCO), the Housing and Land Development Corporation, the Banana Growers Association (BGA), the Financial Intelligence Unit (FIU), the Kingstown Board, the National Fisheries Market, the Postal Corporation, National Properties Food City, the Carnival Development Corporation, Cricket World Cup and the National Broadcasting Corporation.

Noting that an overdraft fluctuates, Dr. Gonsalves said that the overdraft at the NCB for central government alone stood at $69,591,820 as at June 30, 2009, while the previous evening, August 12, the overdraft of the central government was below $60 million. “It is up one day and may be down significantly the next day,” he said.

As at June 30, 2009, the Government had bills of $7.8 million which were due, but had not yet been paid. This

figure too, the Prime Minister said, fluctuates.