the selling price to distributors. This caused the company to rack up more than 160 million dollars in debt which virtually threatened the operational viability of the company as a going concern. On assuming office this administration was forced to take the correct step to end that madness and to further seek to put financial arrangements in to ensure that BNOC would be able to liquidate this massive debt thereby stabilizing the company and regaining its viability. In pursuance of this, the company with government’s support was able to arrange a Bond facility with Republic Bank to clear off its debts as aforementioned. That facility which was for 5 years has now come to an end. It was serviced by the imposition of a small CESS on all fuel products sold by the company. That CESS, I am advised, raised in excess of 35 million dollars annually. With that requirement at an end, and with oil prices easing to some appreciable extent, it is government’s intention to permit the company to continue, under the appropriate legal arrangements, to attach that said CESS on fuels for at least one more year. We are further proposing that a significant part of these resources be provided to government, again under the appropriate legal arrangements, to be used exclusively in assisting the QEH in its quest to pay down and eventually liquidate any prior year liabilities on its books for goods and services provided and any statutory obligations owing. Mr. Speaker, let me hasten to add here that the provision of resources is not intended to be an additional transfer or increased allocation for the hospital vote, but entirely to deal with expenditure that has already been incurred and booked in the system as prior year liabilities. As such, it is not expected to affect our deficit projections in any way. Education No person left behind: –
the selling price to distributors. This caused the company to rack up more than 160 million dollars in debt which virtually threatened the operational viability of the company as a going concern. On assuming office this administration was forced to take the correct step to end that madness and to further seek to put financial arrangements in to ensure that BNOC would be able to liquidate this massive debt thereby stabilizing the company and regaining its viability. In pursuance of this, the company with government’s support was able to arrange a Bond facility with Republic Bank to clear off its debts as aforementioned. That facility which was for 5 years has now come to an end. It was serviced by the imposition of a small CESS on all fuel products sold by the company. That CESS, I am advised, raised in excess of 35 million dollars annually. With that requirement at an end, and with oil prices easing to some appreciable extent, it is government’s intention to permit the company to continue, under the appropriate legal arrangements, to attach that said CESS on fuels for at least one more year. We are further proposing that a significant part of these resources be provided to government, again under the appropriate legal arrangements, to be used exclusively in assisting the QEH in its quest to pay down and eventually liquidate any prior year liabilities on its books for goods and services provided and any statutory obligations owing. Mr. Speaker, let me hasten to add here that the provision of resources is not intended to be an additional transfer or increased allocation for the hospital vote, but entirely to deal with expenditure that has already been incurred and booked in the system as prior year liabilities. As such, it is not expected to affect our deficit projections in any way. Education – No person left behind:
Budget-2015.docx