House of Assembly meets today
Tuesday, May 7, 2024
by Office of the Parliament
TOPICS FOR DISCUSSION INCLUDE NEW LOAN AGREEMENTS, THE RE-ISSUE OF BONDS THROUGH THE REGIONAL GOVERNMENT SECURITIES MARKET, AND A VAT AMENDMENT FOR ICC EXEMPT IMPORTS.

A Sitting of the House of Assembly is scheduled for Tuesday, May 7, with Papers to be laid by the Honourable Prime Minister and Minister for Finance, Economic Development, the Youth Economy, Justice and National Security; and the Honourable Deputy Prime Minister and Minister for Tourism, Investment, Creative Industries, Culture and Information.

The Motions for consideration are as follows:

1. BE IT RESOLVED that Parliament by affirmative resolution approves the draft Value Added Tax (Amendment of Schedule 3) (No. 3) Order which amends Schedule 3 of the Act to include, as an exempt import —

(a) for a period commencing from the 1st day of April, 2024 and ending on the 31st day of July, 2024, the import by the Cricket West Indies and the International Cricket Council, its subsidiaries and associates, including the International Business Corporation for Cricket World Cup 2024, of —

  • (i) stationery,
  • (ii) signage,
  • (iii) promotional materials, including flyers and clothing,
  • (iv) supplies for local transportation of cargo,
  • (v) routers and walki-talkies,
  • (vi) printing supplies,
  • (vii) hardware and building supplies,
  • (viii) telecommunication services,
  • (ix) security services;

(b) import by a person in connection with the participation, organization and staging of Cricket World Cup 2024, of —

  • (i) personal effects,
  • (ii) food, food supplements and beverages,
  • (iii) medical supplies, medical instruments and pharmaceuticals,
  • (iv) sporting equipment,
  • (v) gifts, awards, trophies, medals and flags,
  • (vi) uniforms, costumes and other clothing;

(c) import by a visiting police force for the exclusive use of the visiting police force of the following goods —

  • (i) equipment,
  • (ii) provisions,
  • (iii) supplies,
  • (iv) personal effects,
  • (v) other goods

2. BE IT RESOLVED that Parliament authorizes the Minister of Finance to raise bonds by —

(a) the issuance of XCD64.1 million in new bonds at the rate of 7.5%;

(b) the re-issuance of XCD477.3 million in fixed rate notes and bonds, through the Regional Government Securities Market and private placements at a maximum rate of 7.5%;

3. BE IT RESOLVED that Parliament revokes the Public Finance Management Act — Resolution of Parliament to Authorize the Minister for Finance to guarantee borrowing by the National Lotteries Authority from the 1st National Bank Saint Lucia Limited to assist with a youth and sports infrastructure programme, published as Statutory Instrument, No. 41 of 2024;

BE IT FURTHER RESOLVED that Parliament authorizes the Minister of Finance to guarantee a loan in the amount of XCD$80,000,000.00 from the 1st National Bank Saint Lucia Limited, Grenada Co-operative Bank Limited and the National Bank of Dominica (the Banks) to the National Lotteries Authority to assist with a youth and sports infrastructure programme including the preparation for ICC Men’s T20 World Cup;

BE IT FURTHER RESOLVED that it is a condition of the loan agreement between the Banks and the National Lotteries Authority that in the event of default by the National Lotteries Authority the Government guarantees repayment of the loan;

BE IT FURTHER RESOLVED that the terms and conditions of the guarantee are that —

a) the National Lotteries Authority repays the loan in accordance with the loan agreement and in the event of default, and on demand the loan is immediately repayable by the Government; and

(b) the guarantee continues in full force and effect while the loan remains unpaid including during the period of the loan, that is in fifteen years, commencing from the date of the signing of the loan agreement;

BE IT FURTHER RESOLVED the guarantee sets out the provisions applicable to — (a) taxes; (b) representations and warranties; (c) procedures for amendments or modifications of the guarantee; and (d) severability.

4. BE IT RESOLVED that Parliament authorizes the Minister of Finance to borrow an amount of USD10,000,000.00 (the loan) from the International Development Association to replenish the financing gap created by activation of the Contingency Emergency Response Component of Saint Lucia’s Unleashing the Blue Economy of the Caribbean Project;

BE IT FURTHER RESOLVED that —

(a) the service charge is the greater of — (i) the sum of 3/4 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 balances;

(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 loan is repayable in semi-annual instalments on the 15th day of May and 15th day of November of each year after the grace period.

The following Bills are down for consideration:

  1. Bank of Alba
  2. Visiting Police Forces (ICC Cricket World Cup West Indies)
  3. ICC Cricket World Cup West Indies

Tuesday’s Sitting is scheduled to commence at 10 a.m. The Sitting of the Senate is scheduled for Thursday, May 9, 2024 at 10 a.m.