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HomeNewsCaribbean NewsSt Lucia parliament to borrow USD7.2M on Tuesday

St Lucia parliament to borrow USD7.2M on Tuesday

By Caribbean News Global

CASTRIES, St Lucia – The Parliament of Saint Lucia will convene on Tuesday, November 21, 2023, and the Senate on November 23, 2023, to table motions, statutory instruments, and bills to authorize the borrowing of USD6M from the African Export-Import Bank and USD1,203,224.00 from the CARICOM Development Fund.

Among motions to borrow an amount of USD6,000,000.00 (the loan) from the African Export-Import Bank to finance the construction of social infrastructure and other facilities damaged or destroyed by Tropical Storm Bret, under an Education Rehabilitation Climate-Linked Facility.

BE IT FURTHER RESOLVED that – (a) the loan is repayable in seven years commencing from the date of disbursement of the loan inclusive of a grace period of two years; (b) the loan is repayable in equal semi-annual instalments on the 30th day of June and the 31st day of December of each year after the grace period; (c) interest is payable at a rate of six percent per annum.

BE IT RESOLVED that parliament authorizes the minister of finance to borrow an amount of USD1,203,224.00 (the loan) from the CARICOM Development Fund (the Fund) to finance the Patience Community Water Supply Project;

BE IT FURTHER RESOLVED that – (a) the loan is repayable in ten years commencing from the first due date after a grace period of two years following the date of the first disbursement;

(b) the loan is repayable in 40 equal or approximately equal and consecutive quarterly instalments;

(c) the loan payments commence on the 30 day of March, the 30th day of June, the 30th day of September and the 30th day of December of each year;

(d) the interest is payable at a rate of three per cent per annum on the amount of the loan disbursed and outstanding.

BE IT RESOLVED that parliament by affirmative resolution approves the draft Value Added Tax (Amendment of Schedule 3) (No. 3) Order which amends Schedule 3 of the Act to:

(a) exempt imports of personal items, food, clothing, toys and other household consumables, contained in barrels for the period commencing from the 1st day of November 2023 and terminating on the 29th day of February 2024;

(b) exempt imports of toys, food supplies and care packages by a member of the House of Assembly for the benefit of children, the vulnerable and needy persons in the constituency of the member of the House of Assembly, for the period commencing from the 1st day of November 2023 and terminating on the 31st day of January 2024.

Bills

Prime minister and minister for finance, economic development and the youth economy, justice and national security:

*Code of Civil Procedure (Amendment) – First Reading

Deputy prime minister and minister for tourism, investment, creative industries, culture and information:

*Invest (St. Lucia) (Amendment) – First Reading

Minister for education, sustainable development, innovation, science, technology, and vocational training:

*Climate Change – First Reading

Minister for external affairs, international trade, civil aviation:

*Civil Aviation – First Reading

Minister for commerce, manufacturing, business development, cooperatives and consumer affairs:

*Regulated Substances.

Papers to be laid are available here.

The order paper and parliamentary papers are available here.

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