CASTRIES, St Lucia – The Parliament of Saint Lucia is set to convene on Tuesday, September 10, at 10:00 am, followed by a Senate meeting on September 11, at 10:00 am. These sessions will take place at the temporary Finance Administrative Centre location, where the government will discuss a proposal to guarantee XCD20 million, borrow USD 1.5 million, and advance legislation by unanimous decision.
Due to renovations of the parliamentary chamber, members of the public are not able to attend these sessions, as stated in a recent press release.
During this meeting, two motions and six bills will be presented for parliamentary consideration.
Motions for Consideration:
1. Authorization for Minister of Finance: Parliament will consider a motion to authorize the Minister of Finance to guarantee an amount of XCD20,000,000.00 (the loan) from the National Insurance Corporation on behalf of the Saint Lucia Development Bank, designated for the Housing and Productive sectors in Saint Lucia.
2. Budget Expenditure and Revenue Estimates: The upcoming financial year’s budget has been themed “Year of Infrastructure,” aiming to significantly enhance Saint Lucia’s economy through physical, social, and digital development. Notable projects will include housing development in areas such as Roseau, Cas-en-Bas, and Choc.
As articulated, “This budget offers something for everyone. With improved infrastructure, citizens can anticipate better roads, safer schools, and enhanced housing opportunities, along with increased support for vulnerable groups.”
3. Housing Infrastructure Initiatives: The government plans to leverage the Citizenship by Investment Programme (CIP) to deliver direct benefits to citizens. Initial projects involve housing developments in Rock Hall and Cas en Bas, along with approval for constructing multi-family complexes by the National Housing Corporation.
The government has secured financing of USD 20 million from a reputable banking institution to provide loans to Saint Lucians for building new homes or purchasing residential lots. A new line of credit at the Saint Lucia Development Bank will facilitate this initiative.
4. Emergency Funding for Infrastructure Projects: Parliament will discuss authorizing the Minister of Finance to borrow USD 1,500,000.00 from the Caribbean Development Bank to address emergency clean-up and the restoration of critical public infrastructure.
Budget Address Highlights: The budget address mentions a new infrastructure option introduced in December 2023, requiring developers to secure funding for approved projects. This initiative aims to enhance roads, community projects, and housing while mitigating the country’s debt burden. The government plans to commence work on vital roadways and improve project oversight through a newly established planning and design unit.
Bills for Consideration Include:
- Insolvency;
- Co-operatives Societies;
- Real Estate (Brokers and Agents);
- Eastern Caribbean Asset Management Corporation (Amendment);
- Money Laundering (Amendment);
- Companies (Amendment).
Statements from Leadership: Prime Minister Philip J. Pierre announced the completion of the Annual Report on Saint Lucia’s Citizenship by Investment program, covering the period from April 1, 2022, to March 31, 2023. The report is set to be presented to the cabinet and subsequently tabled in parliament.
The public is invited to view the live coverage of these proceedings through various channels.
