House Of Assembly To Meet Tuesday

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A Sitting of the House of Assembly is scheduled for Tuesday, July 12th, 2022 with Papers to be laid by the Honourable Prime Minister and Minister for Finance, Economic Development and the Youth Economy, the Honourable Minister for Tourism, Investment, Creative Industries, Culture and Information, the Honourable Minister for Health, Wellness and Elderly Affairs, the Honourable Minister for Commerce, Manufacturing, Business Development, Cooperatives and Consumer Affairs and the Honourable Senior Minister and Minister for Infrastructure, Ports, Transport, Physical Development and Urban Renewal.

The Motions for consideration are as follows:

1. BE IT RESOLVED that Parliament authorizes the Minister of Finance to borrow the amount of USD10,000,000.00 from the Export-Import Bank of the Republic of China to finance the implementation of national development projects and initiatives;

BE IT FURTHER RESOLVED that —

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(a) the loan is repayable in thirty consecutive equal or as nearly equal as possible semi-annual instalments, the first of which must be made on the last day of the sixty-sixth month from the date the first advance under the loan is made by the Export-Import Bank of the Republic of China, and thereafter, on the last day of each successive six-month period;

(b) if the full amount of the loan has been drawn down, each principal instalment must be in the amount of USD333,334.00, except that the last principal instalment must be in the amount of USD333,314.00, otherwise the amount of each instalment shall be adjusted by the Export-Import Bank of the Republic of China;

(c) interest is payable at a rate of the six-month Secured Overnight Financing Rate plus zero point two zero per cent plus one point five per cent per annum;

(d) the loan is repayable in twenty years commencing from the date of first disbursement of the loan inclusive of a grace period of five years.

2. BE IT RESOLVED that Parliament authorizes the Minister of Finance to borrow from the European Investment Bank the sum of EUR 13,500,000.00 to finance emergency operating expenses in the health sector related to the COVID-19 Virus Pandemic; BE IT FURTHER RESOLVED that —

(a) the loan is repayable over a period of twenty years from the date of first disbursement of the loan inclusive of a four- year grace period;

(b) the loan payments shall be made in consecutive equal semi-annual instalments;

(c) the loan payments shall commence after the grace period of four years expires;

(d) the interest is payable — (i) at a fixed rate of 1.35% to 1.45% to be determined by the European Investment Bank at the time of disbursement for each Tranche, (ii) at a floating rate of three months Euro Inter-Bank Offered Rate plus one hundred and ten basis points to one hundred and twenty basis points per annum

3. BE IT RESOLVED that Parliament authorizes the Minister of Finance to borrow an amount of USD8,000,000.00 from the International Development Association to finance the Organization of Eastern Caribbean States Data for Decision Making Project; BE IT FURTHER RESOLVED that —

(a) the service charge is the greater of — (i) the sum of three-fourths of one per cent per annum plus the Basis Adjustment to the service charge, and (ii) three-fourths of one per cent per annum on the withdrawn credit balance;

(b) the maximum commitment charge is one-half of one per cent per annum on the unwithdrawn financing balance;

(c) the loan is repayable in forty years commencing from the date of disbursement of the loan inclusive of a grace period of ten years;

(d) the principal amount of the loan is repayable on each 15th day of March and 15th day of September each year commensurate with the following terms — (i) one per cent of the loan amount commencing on the 15th day of September, 2032 to and including the 15th day of March, 2042, (ii) two per cent of the loan amount commencing on the 15th day of September, 2042 to and including the 15th day of March, 2062.

4. BE IT RESOLVED that Parliament authorizes the Minister of Finance to borrow an amount of USD18,000,000.00 from the International Development Association for the implementation of the Unleashing of the Blue Economy of the Caribbean Project; BE IT FURTHER RESOLVED that —

(a) the service charge is the greater of — (i) the sum of three-fourths of one per cent per annum plus the Basis Adjustment to the service charge, and (ii) three-fourths of one per cent per annum on the withdrawn credit balance;

(b) the maximum commitment charge is one-half of one per cent per annum on the unwithdrawn financing balance;

(c) the loan is repayable in forty years commencing from the date of disbursement of the loan inclusive of a grace period of ten years;

(d) the principal amount of the loan is repayable on each 15th day of May and 15th day of November each year commensurate with the following terms — (i) one per cent of the loan amount commencing on the 15th day of May, 2032 to and including the 15th day of November, 2041, (ii) two per cent of the loan amount commencing on the 15th day of May, 2042 to and including the 15th day of November, 2061.

5. BE IT RESOLVED that Parliament authorizes the Minister of Finance to write off the debt in the sum of EC$546,264.00 owed to the Government by the Fond St. Jacques Credit Co-operative Society Ltd. with respect to the Mocha Housing Development Project.

The following Bills are down for consideration:

1. Banking (Amendment) Bill

2. Public Debt Management Bill

3. Income Tax (Amendment) Bill

4. Recording of Court Proceedings Bill

5. International Banks (Amendment) Bill

6. Eastern Caribbean Securities Regulatory Commission Agreement Bill

7. Firearms (Amendment) Bill

8. Youth Economy Agency Bill

9. Special Prosecutor Bill

Tuesday’s Sitting is scheduled to commence at 10:00a.m. The Sitting of the Senate is scheduled for Thursday, July 14th, 2022 at 10:00 a.m.

Source: Office of Parliament

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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.

1 COMMENT

  1. Can someone tell Dr. HILAIRE that Marigot Road is so terrible not even horses can pass on it. Tell Rayno to do it now.

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