The Government of St. Lucia (GOSL) has secured financing under the Disaster Vulnerability Reduction
Project (DVRP) from the International Development Association and the Climate Investment Fund to
reinstate the road and to incorporate climate change adaptation measures wherever possible, with a
view towards upgrading and providing a more resilient roadway infrastructure to service the
communities. The Disaster Vulnerability Reduction Project aims to measurably reduce the Country’s
vulnerability to natural hazards and climate change impacts, and includes various activities related to
institutional strengthening and training as well as the execution of various civil works to improve the
resilience, preparedness, and response capacity of Saint Lucia to natural hazards. The proposed road
project falls under Component 1; Risk Reduction and Adaption Measures of the DVRP which includes
financing for the reconstruction and retrofitting of public infrastructure including roads. The Government
of Saint Lucia (GOSL) through the Department of Infrastructure, Ports, and Energy (DIPE) will undertake
this rehabilitation and reconstruction project spanning a 12 month construction period.
The Debt and Investment Unit (DIU) in the Ministry of Finance, Economic Growth, Job Creation, External Affairs and Public Service is the Government of Saint Lucia’s primary agent responsible for managing the country’s public debt. This issue of the Public Debt Bulletin covers the second quarter (April -June) of 2020 with comparisons to the previous quarter and the corresponding quarter of the previous year. For the purposes of the debt bulletin, debt is classified according to the residency of the creditors represented in the debt portfolio not the currency profile. Thus, domestic debt can include foreign currency debt.
The main objective of Saint Lucia’s public debt management is to meet Government financing requirements at a minimum cost with a prudent degree of risk. In keeping with this objective, the Government through the Ministry of Finance, Economic Growth, Job Creation, External Affairs and Public Service is committed to pursuing a debt management strategy aimed at fulfilling this objective. The Debt and Investment Unit (DIU) is the Government of Saint Lucia’s primary agent responsible for managing the country’s public debt.
The Public Debt Management Policy is an effort to manage and guide Saint Lucia’s debt management practices and to correct the shortcomings of the current public debt framework. The PDMP establishes a robust legal framework which sets out the authority to borrow, specifies the purpose of borrowing, establishes clear debt management objectives, requires the preparation of a debt management strategy, and requires mandatory reporting on debt management performance.
The Government of Saint Lucia has designated the City of Castries as a Tourism Product with
tremendous potential to increase visitor spending. As such the improvement of the Castries
City Product has been deemed a priority for Saint Lucia with investments targeted towards
improving sites and attractions, as well as undertaking activities aimed at making downtown
Castries more pleasant and attractive to Saint Lucian residents and tourists.