Prime Minister Mia Amor Mottley is making it clear that the 600 million dollars Government will be borrowing as part of its second debt for climate swap is being used to pay down debt.
Speaking on the resolution to approve the borrowing of the money from three commercial banks, Prime Minister Mottley said the debt ranges from 4.5 to 8% for series D and E bonds respectively, and 3.75% for series B bonds.
Ms. Mottley explains the debt for climate swap will allow Government to draw 240 million immediately to finance vital projects.
The Prime Minister is also putting the country on notice that Government will be going after a debt for social swap.
