Tuesday, 16th July 2024

Saint Lucia assembly set to discuss USD 3.7M CDB loan today

Saint Lucian House of Assembly will gather today to host discussions on a loan from the Caribbean Development Bank (CDB) to enable student credit in the country via the Saint Lucia Development Bank.

Tuesday, 12th December 2023

Saint Lucia Parliament House
Saint Lucian House of Assembly will gather today to host discussions on a loan from the Caribbean Development Bank (CDB) to enable student credit in the country via the Saint Lucia Development Bank. If the motion is resolved in the Parliament, PM Philip J Pierre, acting as the Minister of Finance, will sign the papers for a loan of USD 3.7 Million from the CDB. The repayment of the loan will start after 4 years when it will be repaid by the government in a span of seventeen years.

The sitting is scheduled to commence at 10:00 AM and will be broadcast live for the citizens to watch.

The loan will be paid back to the Caribbean Development Bank in a total of 68 quarterly instalments by the Government of Saint Lucia. An interest of 0.7% per annum will be levied upon the outstanding loan amount until the repayment is done.

The effort comes forward under the Saint Lucia Government’s long-term plan to empower the youth of the country.

Prime Minister Philip J Pierre has launched many similar initiatives in the recent past to make it easier for the youth of Saint Lucia to gain quality education and raise the country’s economic and social standards to novel heights.

Apart from the loan, the parliament will also engage in discussions on considering three more Bills: Insolvency, Climate Change and Consumer Protection.

The Insolvency Bill is aimed at refining the existing Insolvency and Bankruptcy Code that the country has in practice. Meanwhile, the Consumer Protection Bill will aim to regulate and improve the existing Consumer Protection Laws for the benefit of harmony between the businesses and the citizens of Saint Lucia.

Furthermore, following the recent visit of the Prime Minister to COP28 in Dubai, the decisions of the Parliament regarding Climate Change will be something to look forward to.