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Oct 01 Opposition Question how the Housing Schemes will be Funded

Gibraltar New HousingThe Opposition notes the announcement by the Government of the award of contracts for the construction of nearly 1,000 flats in two housing schemes in excess of £115 million.

The Opposition is calling on the Government to provide details of how it intends to fund these projects. In particular, whether it intends to fund them from the proceeds of savers’ debentures deposited with the Gibraltar Savings Bank (“the GSB”).  It will be recalled that over £307 million of those savings have been transferred from the GSB to Credit Finance Company Limited, which in turn, has been lending money to private entities and also the management company of certain housing estates. More than once we have pointed out that this distorts public finances because the Government does not need to borrow to undertake the same activity itself as it is effectively using savers’ money as a Government piggy bank. It is also exposing Gibraltar plc to huge future repayments that it may not be able to afford in future.  The Government’s legal borrowing limits are set by law in order to prevent the Government from borrowing what it cannot afford.  The use of the proceeds of GSB debentures to fund projects (if that is what will happen) will effectively allow it to circumvent those borrowing limits.

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Sep 30 - New Extension for St. Martin’s School

st martins Education Minister Gilbert Licudi this afternoon handed ove rthe keys to the new St. Martin’s School extension. carried out by GJBS. The project includes a new classroom, storeroom, safe space room, toilet and shower facilities and therapy room. Funding for the addition was provided by the Kusuma Trust, who were thanked by the Minister for continuing to work in conjunction with the Government for the benefit of the community.

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