Public Debt Management Act Takes Effect

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...