At a Sitting of the House of Assembly, yesterday (Tuesday) the Prime Minister and Minister for Finance, Economic Development,Youth Economy, Justice and National Security Philip J Pierre sought leave to borrow funds to assist with rehabilitation of sporting facilities across the country, as Saint Lucia prepares to host matches for the upcoming 1CC Men’s World Cup, in June.
The provisions for this loan agreement state that during the period from April 1, to July 31, the import by Cricket West Indies (CWI) and the International Cricket Council (ICC) , its subsidiaries and associates, including the International Business Corporation for Cricket World Cup 2024, will be exempt from the Value Added Tax (VAT) to allow for the purchase of — (a) (i) stationery, (ii) signage, (iii) promotional materials, including flyers and clothing, (iv) supplies for local transportation of cargo, (v) routers and walkie-talkies, (vi) printing supplies, (vii) hardware and building supplies, (viii) telecommunication services, (ix) security services;
(b) import by a person in connection with the participation, organization and staging of Cricket World Cup 2024, of — (i) personal effects, (ii) food, food supplements and beverages, (iii)medical supplies, medical instruments and pharmaceuticals, (iv) sporting equipment, (v) gifts, awards, trophies, medals and flags, (vi) uniforms, costumes and other clothing;
(c) import by a visiting police force for the exclusive use of the visiting police force of the following goods — (i) equipment, (ii) provisions, (iii) supplies, (iv) personal effects, (v) other goods.
In addition, after presentations from legislators present at the house sitting, Parliament authorizes the Minister of Finance to raise bonds by — (a) the issuance of XCD64.1 million in new bonds at the rate of 7.5%; (b) the re-issuance of XCD477.3 million in fixed rate notes and bonds, through the Regional Government Securities Market and private placements at a maximum rate of 7.5%.
Furthermore, Parliament revoked the Public Finance Management Act – Resolution of Parliament to Authorize the Minister for Finance to guarantee borrowing by the National Lotteries Authority from the 1st National Bank of Saint Lucia Limited to assist with a youth and sports infrastructure programme.
It was further resolved that a condition of the loan agreement between the Banks and the National Lotteries Authority stipulates that in the event of default by the National Lotteries Authority the Government guarantees repayment of the loan,
It was further resolved that the terms and conditions of the guarantee are that – (a) the National Lotteries Authority repays the loan in accordance with the loan agreement and in the event of default, and on demand the loan is immediately repayable by the Government; and (b) the guarantee continues in full force and effect while the loan remains unpaid including during the period of the loan, that is in fifteen years, commencing from the date of the signing of the loan agreement.
The guarantee sets out the provisions applicable to – (a) taxes; (b) representations and warranties; (c) procedures for amendments or modifications of the guarantee; and (d) severability
In addition, the parliament consented to the finance minister accessing a loan in the amount of XCD$80,000,000.00 from the 1st National Bank Saint Lucia Limited, Grenada Co-operative Bank Limited and the National Bank of Dominica (the Banks) to the National Lotteries Authority (NLA) to assist with a youth and sports infrastructure programme, including the preparation for ICC Men’s T20 World Cup.
Another motion requested Parliament to authorize the Minister of Finance to borrow an amount of USD10,000,000.00 (the loan) from the International Development Association to replenish the financing gap created by activation of the Contingency Emergency Response Component of Saint Lucia’s Unleashing the Blue Economy of the Caribbean Project.
The Bills down for consideration, included; Bank of Alba, Visiting Police Forces (ICC Cricket World Cup West Indies), and ICC Cricket World Cup West Indies.