MP calls on government to press banks on debt relief
Opposition MP Rushton Paray - SUREASH CHOLAI
MP for Mayaro Rushton Paray has said Minister of Finance Colm Imbert should be more aggressive in pressing the banking sector to grant debt relief in light of the negative financial impact of the covid19 pandemic.
In a release, Paray said it is unacceptable for the government-owned First Citizens Bank to be the only large financial institution to commit to loan moratoriums.
“Mr Imbert and Central Bank Governor Dr Alvin Hilaire must publicly speak out on the recalcitrant banks and must privately bring pressure upon them to offer the facility of restructured loans,” he said. “At the same time, they must thank and congratulate the supportive smaller financial institutions, including credit unions.”
ENDING months of speculation, Minister of Finance Colm Imbert announced yesterday that Central Bank Governor Dr Alvin Hilaire has been reappointed to a second term of office, this time for three years.
Imbert said Cabinet agreed to reappoint Hilaire for the three-year term on his (Imbertâs) recommendation at its meeting on Thursday.
Hilaire started his first term of five years as Governor on December 23, 2015, after the appointment of his predecessor, Jwala Rambarran, was revoked by the President on the advice of the Cabinet.
Hilaireâs first term ends next Tuesday, December 22, and his second term ends in December 2023. Imbert said he was told that Hilaire is 63 years old.