The $3,504,801.00 received in loans from Petro Caribe in 2018 was not included as a debt in SmartStream and on the Public Debt Statement, which resulted in an understatement of the Public Debt by $3,504,801.00. This was brought to light by the Auditor General’s report for 2021.
The report pointed out that there is no proof of loan servicing.
Accountant General’s Comments:
“$3,504,801.00 was received from Petro Caribe; no documentation was received concerning the loan, and the loan was not brought to account.”
The report further noted that the loan receipts of $4,075,350.00 were credited to Domestic Loan Receipts Account No. 20 33141 3304 in financial year 2020; however, the corresponding loan was not accounted for in SmartStream, nor was it included on the Statement of Public Debt.
This resulted in the understatement of public debt by $4,075,350.00.
Accountant General’s Comments:
“The difference of $4,075,350.00 recorded as receipts from St. Vincent Electricity Services represents a bridging loan to the Geothermal Company. The receipts came in via credit advice dated 8th January 2020 and were paid out to the Geothermal Company on the same day. The loan was omitted in 2020 and was brought to account in 2023″.
Capital receipts of $35,103,065.51 were credited to the CDB account; however, additional loans of $42,780,254.00 were journalised under CDB Loan Account No. 20 63242 6653, a difference of $7,677,188.49. The difference which pertains to loan receipts disbursed in 2021 was not accounted for in SmartStream. This resulted in the understatement of capital revenue by $7,677,188.49.
Accountant General’s Comments:
“Disbursement of 2,999,981.48 USD received in the TVET Project US account on the 30th of December 2021 accounts for the difference between disbursement and receipt. This US account is not in SmartStream.”
Further, the statement has shown a balance of $11,100,618.00 on a loan owed to the government of Trinidad and Tobago. However, it was noted that this loan is not being serviced by the government.
On the issue of external loan receipts, the statement has shown a balance of $11,100,618.00 on a loan owed to the Government of Trinidad and Tobago. The report noted that this loan is not being serviced by the government.