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MINISTER of Planning, Economic Affairs and Development and Minister in the Ministry of Finance Kennedy Swaratsingh said when the government entered office on May 5, 2025, the overdraft was $8,257.4 million or 76.1 per cent of the maximum advances allowed under the Central Bank Act.

He made the statement while answering a question from opposition senator Vishnu Dhanpaul in the Senate on June 27.

Swaratsingh said the basis for the calculation of the overdraft utilisation is derived from the requirements of the Central Bank Act. He said advances to the government are made by the Central Bank subject to Section 46 of the Central Bank Act. He said under 46 (2) of the act, the maximum advances allowed cannot exceed 20 per cent of the estimates of annual revenue as per the Parliamentary approved budget.