Prime Minister Gaston Browne announced that a significant portion of the funds from the sale of the super yacht, Alfa Nero, will be used to pay off the country’s external national debt.
Up to two-thirds of the remaining funds will be allocated towards debt repayment.
The outstanding amounts owed by the vessel are around US$7 million, with the remainder of over $100 million going towards reducing the national debt.
PM Browne reaffirmed the government’s commitment to settling outstanding amounts owed to local and other creditors who supported the vessel during its operation.
This includes Falmouth Harbour Marina, the West Indies Oil Company, and other creditors.
The sale of Alfa Nero took place through a televised public auction, ensuring transparency and involving representatives from the clergy, private sector, and judiciary.
The process was overseen by the Director of Audit and the Accountant General.