Small debts to be cleared

PM Gaston Browne says the government will clear all debts under $20,000. He made the announcement during his Browne and Browne Show interview. Moreover, he said payments will be completed by the end of the month.

He explained that all local suppliers and contractors will benefit. “Anything under $20,000 will be eliminated in full,” he said. Therefore, small creditors will receive full settlement.

He added that the government will remove these obligations completely. As a result, no small creditor will remain unpaid under the plan.

Larger debts to be restructured

Browne said larger debts will be handled differently. The government will combine cash payments and bonds. In addition, this approach spreads repayment over time.

He said creditors may receive 10% to 20% upfront. After that, the remaining balance will be converted into bonds. Therefore, payments will continue over several years.

“These will be bonds over maybe a 10-year period,” he said. He also noted that interest will be included. As a result, creditors will still earn returns.

He stressed that all creditors will be included. “We’re making payments to everybody,” he said. Therefore, no group will be left out.

Government payments and arrears

Browne said the government has already allocated over $20 million. This money goes toward clearing outstanding debts. Moreover, payments are being processed continuously.

He also addressed public servant arrears. More than $30 million has been set aside. Therefore, back pay should be settled soon.

He said the process continues weekly. In addition, different departments are handling payments step by step.

Processing delays explained

Browne said delays come from administrative work. Treasury staff must verify each payment. Therefore, processing takes time.

He explained that thousands of workers are involved. As a result, calculations must be checked carefully. However, he said the money is available.

“The money is there,” he said. He urged patience from those waiting for payment. In addition, he said disbursements continue regularly.

Economic management plan

Browne said the plan improves financial management. It also reduces overdue payments. Therefore, government cash flow becomes more stable.

He added that the initiative supports local businesses. Contractors and suppliers rely on timely payments. As a result, the plan aims to restore confidence.

Overall, he said the government is working to clear arrears. In addition, it is balancing cash payments with long-term bonds.