The Government of Saint Lucia is pleased to announce that the Public Debt Management Act 2023 will come into effect on April 1, 2024.
This landmark legislation represents a significant milestone in the country’s financial governance framework and underscores the government’s commitment to fiscal responsibility and transparency.
The Public Debt Management Act is enacted to consolidate and modernize the laws to strengthen the management of public debt, ensuring prudent borrowing practices and sustainable fiscal policies.
Key provisions of the Act include:
Transparency and Accountability: The Act mandates transparency in the borrowing process, requiring the government to disclose information on debt levels, borrowing plans, and associated risks.
Debt Sustainability: It establishes mechanisms to assess and maintain the sustainability of public debt, thereby safeguarding the country’s long-term financial stability.
Risk Management: The Act introduces measures to identify, monitor, and mitigate risks associated with public debt, minimizing the potential impact on the economy.
Effective Debt Management Practices: It outlines guidelines for the issuance and servicing of debt, promoting efficient debt management and optimal use of financial resources.
Strengthened Institutional Framework: The Act enhances the institutional framework for debt management, clarifying roles and responsibilities among government agencies involved in debt-related activities.
The commencement of the Public Debt Management Act represents a significant step forward in our efforts to ensure sound fiscal management and sustainable economic growth. This legislation reaffirms our commitment to responsible debt management practices and will contribute to the overall resilience of Saint Lucia’s economy.
The Government of Saint Lucia encourages stakeholders and the public to familiarize themselves with the provisions of the Public Debt Management Act as it comes into effect on April 1, 2024.
For more information, please contact the Department of Finance 468-5541 or visit https://www.finance.gov.lc/programmes/view/168.html
SOURCE: Ministry of Finance
I’m sure some version of this already exists somewhere but this is Saint Lucia where we say one thing on paper and the reality is diametrically opposite.
Take for example the requirement that a Parliamentarian declares their assets annually. I’m sure not a single one of them has done so.
Secondly, the oath that they take by swearing on the bible, no less, to not publicly disclose any information received during the execution of their duties as a Parliamentarian but Can I Help does this every Thursday flashing documents that invariably he would have received in his capacity as a Minister.
April fools. Debt will be the end this place.
What I am particularly interested in, in relation to this new act is what are the consequences and penalties for any government minister not abiding by the tenets of the act. Which independent body will ensure an audit is carried out regularly in relation to this act and is a quarterly report be given to the people of the nation so that they can know where the nation is in relation to debt to GDP. Any developing nation must exercise prudence in financial matters if it wants to make progress. Yet that prudence must also be exhibited by every department (Judiciary, Legislative and Executive), and every sector of a sovereign nation ( every other sector that is outside government e.g civil society). A step in the right direction for our nation and I commend Prime Minister Pierre for his commitment to good governance….