St Lucia signs Debt Service Suspension Initiative bilateral agreement with French Republic

Castries, St Lucia: The Government of St Lucia signed the bilateral with the government of the French Republic under the debt service suspension initiative (DSSI) on Friday, March 11, 2022. 

March Martillo, a Charge the Affairs- Embassy of France residence in St Lucia, congratulated on the conclusions of this agreement which allows St Lucia to benefit from the implementation of the amendment to the Paris Club MoU of 22 December 2021 by France. 

He further stated that this initiative was decided in October 2020 and has been extended once in June 2021, and today, the countries are signing the final six-month extension for the period from first July to 31st December 2021. 

Prime Minister of St Lucia Philip J Pierre extends his appreciation for the support received to date from the government to the French Republic under the Debt service suspension initiative( DSSI).  

“We are all aware that the DSSI was an initiate agreed in April 2022 by the IMF World Bank and the G20 countries, when the government of St Lucia experienced a substantial loss in revenue due to the COVID-19 pandemic, underscored PM Pierre. 

Outlining the features of the agreement, the prime minister noted that this agreement allowed low-income countries to temporarily suspend the bilateral government debt service as it pertains to St Lucia, it was for 100 of the amounts of principal and interest due from April 2020 to December 2020.

The government of St Lucia has won a loan of 9.6 million euros with the adjacent franchise development af namely the rehabilitation of the territory , which access roads, underlined prime minister.  

He said that In Novemeber 2020, it was agreed by the IMF world Bank and G20 for the DSSI to be extended for six months period up to June 2021 and St Lucia benefited from this. 

“In April 2021 during this G 20 spring meetings, it was further agreed to extend the DSSI for another six months up to December 21, 2021, cited PM Pierre. 

He underlined that to date, the governor of St Lucia has saved a total of euro 79006.07 dollars under this initiative, a calling accordingly in order for the DSSI to be binding. 

“We are here today to sign the memorandum of understanding with your government. The biannual debt service on loan is approximately 398,000 million euros”, PM Pierre added. 

He further extended appreciation and stated that his government and the people of the French Republic for their moving support and collaboration in this and other endeavours; we look forward to strengthening our partnership and collaboration in the future.