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Parliament Called on to Authorise Borrowing of USD8.9 Million

Saint Lucia’s House of Assembly sat yesterday with Prime Minister for Finance, Economic Development, Youth Economy and Minister for Justice and National Security; the Deputy Prime Minister and Minister for Tourism, Investment, Creative Industries, Culture and Information; the Minister in the Office of the Prime Minister with responsibility for Housing and Local Government and Minister for Commerce, Manufacturing, Business Development, Cooperatives and Consumer Affairs all laying papers for discussion.

Parliament was called on to authorise the Minister for Finance to borrow USD5,217,000.00 from the Special Funds Resources of the Bank to finance safety nets for vulnerable populations affected by COVID-19.

The loan is repayable in eighty equal or approximately equal and quarterly installments and payments were to commence on the 1st January, followed by 1st April, 1st July and the 1st day of October of each year after a grace period of three years following the date of the loan, or such later date as the Bank specifies in writing.

Interest is payable at a rate of 4.39% per annum on the mount of the principal disbursed and outstanding and the borrower may request an Interest Rate Conversion from the Bank.

Parliament yesterday authorized the Minister for Finance to borrow an amount of USD3,704,000.00 from the Bank’s Special Development Fund 10th Cycle Loan Facility to support the Micro, Small and Medium Enterprises Sector post COVID-19.

The loan is repayable in 88 equal or approximately equal and consecutive quarterly installments. The loan payments will commence on the 1st January, followed by the 1st April, the 1st July and the 1st day of October of each year after a grace period of three years following the date of the loan or such later date as the Bank specifies in writing.

Interest is payable at a rate of 0.75% per annum on the amount of the principal disbursed and outstanding. The following Bills were down for consideration: Constitution of Saint Lucia (Amendment) (No. 2)  St. Jude Hospital (Amendment).

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