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HomeBusinessEconomySt Lucia – France signs Debt Service Suspension Initiative

St Lucia – France signs Debt Service Suspension Initiative

By Caribbean News Global contributor

CASTRIES, St Lucia – Saint Lucia and the French Republic have signed the final extension of the Debt Service Suspension Initiative (DSSI) initiative agreed to in April 2020 by the International Monetary Fund (IMF), World Bank, and the G20 countries, in response to the COVID-19 pandemic.

Earlier this week, prime minister and minister for finance, Philip J. Pierre and the Charge d’Affaires, Marc Mertillo, from the embassy of the French Republic to Barbados and the OECS signed a Memorandum of Understanding between the government of Saint Lucia and the government of the French Republic for the final extension of the Debt Service Suspension Initiative (DSSI).

The DSSI was initially agreed to in April 2020 by the IMF, World Bank, and the G20 countries, in response to the COVID-19 pandemic.

“This initiative cushion the economic shock and revenue loss experienced by the Member States during the pandemic. The agreement also allowed low-income countries to temporarily suspend their bilateral government-to-government debt service obligation, and to get some relief as it pertained to their cash flow,” added the office of the prime minister. “ The payment deferment was implemented on a bilateral basis by various governments and was readily embraced by Saint Lucia as a beneficiary.”

The government of Saint Lucia is committed to the policy direction of devoting the resources freed up by this initiative to increase spending in critical areas geared at mitigating the health, economic and social impact of the COVID-19 crisis, said prime minister Pierre.

“This also supported the government’s commitment to facilitating an enabling environment for the recovery of the local economy, as the initiative assisted in Saint Lucia’s debt management and liquidity support,” said the prime minister and minister for finance.

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