Jagdeo accuses Govt of sneakily altering debt ceiling

first_img– warns amendment could increase Govt’s liability riskA recent decision made by Government to raise the current debt ceiling guarantee to $50 billion has been criticised by Opposition Leader Bharrat Jagdeo, who claimed that this move will increase the Government’s liability risk. Jagdeo said although the decision was made in Parliament, he noted that it was done sneakily.The Opposition Leader claimed that after Speaker of the House, Dr Barton Scotland indicated that Private Members Business was done for the day, he packed up and left, only to find out later that the issue was reopened. “What they did last week in Parliament, surreptitiously, at the last hour,” he explained.According to him, the amendment could be applicable to the loans that Government has taken. “I suspect this is to facilitate the $30 million bond and maybe the bridge across the Demerara River (New Demerara River Crossing),” he stated. But Jagdeo said he is still convinced that these are huge financial risks.While Finance Minister Winston Jordan tried to convince the National Assembly during its last sitting that Government will do better in repaying this $30 million bond, Jagdeo argued that the People’s Progressive Party (PPP) Government managed to secure a lower interest rate for Marriott.“In the case of Marriott’s failure to service the loan, then the Government will have to step in and service the loan. The intention was to sell that project in the first place. So once you sold that property it was the private developer’s responsibility to service the loan and not the Government,” he added.Jagdeo, an economist, explained further that in that case, the hotel’s assets would be used to collateralise the loan. And in case where the person who owns fails to pay, the bank can levy on the property.He said, “But he (Jordan) has now brought that into the Treasury. The loan was collateralised using the assets of the Marriott by taking the loan and bringing it to the Treasury.”The former Head of State is suspicious that Government will do the same for the $30 million bond that they are negotiating for the Guyana Sugar Corporation (GuySuCo).During the last sitting of the National Assembly on May 11, Government used its one seat majority to pass a motion that extends the ceiling for the State to guarantee debts, to up $50 billion, for any project upon which the Government wishes to embark upon.While the A Partnership for National Unity/Alliance For Change (APNU/AFC) was in Opposition, it had rejected a motion to raise the debt ceiling to the required level with respect to the Amaila Falls Hydro Project and as such, the project was killed.Jagdeo outlined that in relation to the Amaila Falls Hydro Project, the PPP Government was not guaranteeing a debt but was guaranteeing contingent liability. In other words, Government would have only become liable if the Guyana Power and Light (GPL) refused to buy the power or pay for the power bought under a Power Purchase Agreement.Jagdeo said by providing a Government guarantee through the debt ceiling amendment, the Finance Minister has shifted the liability onto the Treasury.His party in a press statement on the issue had said that the passage of the bill paves the way for Guyana to once again be on the road towards “financial and economic bankruptcy.”In February 2018, it was disclosed that the National Industrial and Commercial Investments Limited’s (NICILs) Special Purpose Unit (SPU) was seeking $30 billion in loans via a syndicated bond to support GuySuCo and its remaining estates.The funding, it was outlined, would cover a four-year period and will provide capital, support infrastructure maintenance and upgrades at Albion, Blairmount and Uitvlugt.The monies are also expected to go towards developing new co-generation capacity for the estate operations and the national electric grid. Government has since secured this loan.Additionally, in early April 2018, Minister Jordan said “Guyana has not received any loans from the Islamic Development Bank [IsDB]”; however he noted that “the IsDB has a resource envelope of US$900 million that is potentially available from which the Government of Guyana can borrow.”In response, Jagdeo said that the coalition Administration was pawning the future of Guyana. He said the debt accumulated from 2015 to 2018, plus the $30 billion from Republic Bank, coupled with the US$900 million which the PPP predicts Government will borrow from the Islamic Development Bank, doubles the total debt which the PPP had left after 24 years in Government. (Samuel Sukhnandan)last_img read more

$9.9 million for park approved

first_imgThe board approved the park expenditure at Tuesday’s meeting as part of the third phase of the park’s development. The park, originally named Lake Los Angeles Park, was renamed for sheriff’s Deputy Stephen Sorensen, who was shot to death in August2003 while investigating a routine trespassing case outside Lake Los Angeles. The park is about 100acres, and 3acres initially were developed in the 1990s as a grassy area with picnic tables, a small playground, horseshoe pits, restrooms and a parking lot. The second phase, completed in August, included construction of two lighted outdoor basketball courts, a lighted multipurpose field and baseball field, concrete walkways, landscaping, irrigation improvements and additional parking. The gym and community building also will contain a multipurpose room, classroom, lobby area, restrooms, kitchen, and storage, custodial and utility rooms. Once the project is finished, parks and recreation department officials anticipate one-time start-up costs of about $25,000 for sports and safety equipment, furniture, office and classroom equipment, and maintenance supplies. LAKE LOS ANGELES – Los Angeles County supervisors have approved spending more than $9.9million to expand Stephen Sorensen Park by adding a 14,100-square-foot gymnasium and community building. Construction is scheduled to begin in May2008 and be done by fall ’09. “We have a lot of different entities like the Chamber of Commerce, the Town Council and the park board. The seniors are meeting hit-and-miss wherever they can find a spot. This will give them a place of their own,” said John Jones, a Lake Los Angeles Town Council member and former park board member. “It will be a place for the kids to get in and play in the wintertime when it’s too cold. It’s going to be a good thing for the community.” karen.maeshiro@dailynews.com (661) 267-5744160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

The kids are alright as Weah nets in USA romp

first_img0Shares0000Tim Weah, celebrating with Josh Sargent after the latter scored, also found the net in his USA debut © GETTY IMAGES NORTH AMERICA/AFP / Mitchell LeffNEW YORK, United States, May 29 – Teenager Tim Weah scored a goal on his first start as a youthful United States team defeated Bolivia 3-0 in a friendly international match on Monday.Weah, the 18-year-old son of Liberia legend George Weah, tucked away a deft side-footed finish in the 59th minute of a comfortable win for the Americans at Philadelphia’s Talen Energy Stadium. Paris Saint-Germain forward Weah was one of several new faces in an experimental line-up named by caretaker coach Dave Sarachan.The New York-born forward had previously played only a few minutes for the US, appearing as a substitute during a friendly win over Paraguay in March.Sarachan took charge following the departure of Bruce Arena after the United States’ shock failure to qualify for the 2018 World Cup.Weah’s goal came just seven minutes after Europe-based teenage debutant, Josh Sargent, had made it 2-0.Sargent, who is on the books of Bundesliga side Werder Bremen but who is yet to make his full professional debut at club level, pounced on a blunder from Bolivia goalkeeper Guillermo Viscarra to score on 52 minutes.There appeared to be little danger when Viscarra attempted to chip a pass over Sargent from inside his own area.The 18-year-old US striker cleverly hooked the ball down before rifling home a low shot.Earlier, centre-back Walker Zimmerman had headed the US into the lead in the 37th minute, powering in his finish after an outswinging corner from Joe Corona.0Shares0000(Visited 1 times, 1 visits today)last_img read more

LOCAL COLLEGE ROUNDUP Cheney powers Bruins to big win

first_img No. 24 CS Dominguez Hills 2, CS Stanislaus 1: Yvonne Vasquez scored in the 73rd minute to lead the host Toros. Kelly Matosian gave CSDH (12-2-3, 7-2-2 CCAA) the lead just 18 seconds into the game. Corrie Horikawa (North Torrance High) assisted on both Toro goals. Adrienne Sorenson scored the lone goal for the Warriors (9-7-2, 7-3-2) in the 24th minute. Women’s volleyball Christal Morrison racked up 17 kills and 10 digs as No. 5 Washington swept No. 4 USC, 30-26, 30-28, 30-19. Stevie Mussie added 13 kills and 13 digs for the Huskies (18-1, 9-1 Pac-10). Asia Kaczor led the Trojans (17-3, 6-3) with 14 kills, while Jessica Gysin chipped in 10 kills and 16 digs. Taylor Carico (Mira Costa High) had 36 assists for USC. No. 7 UCLA 3, Washington State 0: Kaitlin Sather posted 17 kills and 10 digs as the visiting Bruins earned a 33-31, 30-18, 30-23 sweep. Rachell Johnson added 16 kills for the Bruins (16-4, 6-3 Pac-10), while Ali Daley chipped in 10 kills and 14 digs. Tara West led the Cougars (9-14, 0-9) with 11 kills. Long Beach State 3, UC Santa Barbara 0: Alexis Crimes racked up 15 kills and nine digs as the host 49ers cruised to a 30-14, 31-29, 30-17 victory. Ashley Lee added seven kills and 15 digs for Long Beach (13-5, 7-1 Big West). Lauren McLaughlin (South Torrance High) had nine kills and seven digs for the Gauchos (7-13, 2-6), while Rebecca Saraceno (Redondo High) posted three kills and 10 digs. CS Monterey Bay 3, CS Dominguez Hills 1: Brittany Etchings had 14 kills and 13 digs as the visiting Otters won, 30-19, 30-26, 22-30, 31-29. Sophia Lopes racked up 24 kills and 21 digs for the Toros (2-21, 1-11 CCAA). Christine Ricketts added 15 kills for CSMB (9-15, 6-6). Men’s soccer Humberto Lopez snapped a scoreless tie in overtime as No. 17 Cal State Dominguez Hills defeated visiting Cal State Stanislaus, 1-0, giving Coach Joe Flanagan his 200th career win. The Toros (13-3, 9-2 CCAA) held a clear advantage in shots, 20-5, against the Warriors (12-5, 8-3). UCLA 4, Oregon State 1: The visiting Bruins erupted for three goals in the second half. Mike Zaher scored in the 15th minute for UCLA (6-5-2, 2-1-1 Pac-10) before Mason Webb tied the game in the 37th minute for the Beavers (4-8-0, 1-3-0). Jason Leopoldo snapped the tie with a goal in the 54th minute. Maxwell Griffin and David Estrada added insurance goals. San Francisco 2, Loyola Marymount 1: Bryan Burke scored in the 70th minute to give the visiting Dons the victory. Brad Stisser scored the lone goal for the Lions (2-8-1, 0-4-0 WCC). Jeff Russell scored the first goal for San Francisco (5-6-0, 1-3-0). Men’s water polo Colin Mello scored with 19 seconds left to lift No. 9 UC Irvine to a 7-6 home victory over No. 6 Long Beach State. Mello, Tim Hutten and Cole Bitter each scored two goals for the Anteaters (9-7, 2-1 MPSF). Ash Blythen scored three goals for the 49ers (13-7, 0-2).160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGame Center: Chargers at Kansas City Chiefs, Sunday, 10 a.m.Valerie Henderson had four saves for UCLA. The Cardinal (10-2-1, 1-1-0) could only muster eight shots on goal. Freshman Christen Press (Chadwick High) had one of those shots. No. 10 USC 3, No. 19 California 0: Marihelen Tomer scored in the 29th minute to put the visiting Trojans ahead for good. Karter Haug and Lauren Brown added goals for USC (11-1-1, 3-0-0 Pac-10) in the 42nd and 57th minutes, respectively. The Golden Bears (8-4-0, 0-2-0) mustered just two shots, both by Caroline Lea. No. 18 San Diego 3, Loyola Marymount 1: The host Toreros scored three unanswered goals in the second half to end the Lions’ nine-game winning streak. Jamie Bell scored in the eighth minute for LMU (9-4-1, 1-1-0 WCC). San Diego’s defense then held the Lions to just four shots, while the Toreros (11-1-2, 2-0-0) got goals from Leigh Ann Robinson, Amy Epsten and Ashley Shoughro. Cal State Fullerton 1, Long Beach State 0: Jenae Gibbens scored on a throw-in in the 62nd minute to give the visiting Titans the win. Gibbens threw the ball in from the 15-yard line and it went untouched past 49er goalkeeper Liz Ramos. Fullerton (8-6-1, 3-2-0 Big West) had eight shots, while Long Beach (10-5-1, 3-1-0) had 13. From news services Lauren Cheney scored on a penalty kick in the 37th minute as the top-ranked UCLA women’s soccer team defeated No. 2 Stanford, 2-0, in Palo Alto on Friday night. Cheney was tripped up in the goal box, and she blasted a shot past goalkeeper Kira Maker for her 14th goal of the season. Christina DiMartino added an insurance goal in the 75th minute for the Bruins (10-1-2, 3-0-0 Pacific-10). Cheney picked up an assist. last_img read more

McGettigans Hotel Brides Day Out – Picture Special

first_imgMc Gettigans Hotel Letterkenny invited all brides-to-be to join them for the Ultimate Brides Day Out on Sunday February 12th.It was the perfect opportunity for future brides to view the chandelier-lit ballroom fully set for a wedding and enjoy afternoon tea and unlimited Prosecco.The event was filled with demos and talks on how to put your own stamp on your wedding, with an exclusive wedding panel sharing their wealth of knowledge in many areas from room décor, wedding dresses, mother of the bride and bridesmaid’s dresses, bridal hair and makeup and advice on wedding rings. Check out the sparkling scenes in the gallery below: McGettigans Hotel Brides Day Out – Picture Special was last modified: February 13th, 2017 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:bridalMcGettigan’s Hotelwedding fairlast_img read more