The main objective of Saint Lucia's public debt management is meeting Government financing requirements at a minimum cost with a prudent degree of risk. In keeping with this objective, the Ministry of Finance, Economic Development, and Youth Economy are committed to pursuing a debt management strategy to fulfil this objective. The Debt and Investment Unit of the Department of Finance is the primary agent responsible for managing the public debt portfolio.
This issue of the Annual Debt Portfolio Review (DPR) analyses the Government of Saint Lucia's debt stock, flows, and risk over the year (January - December) of 2023, debt management operations in 2023, and trend analysis of portfolio changes comparing the previous five years 2019-2023. The composition and the risks embedded in the debt portfolio form the core of this review. The details of debt holders by residency, creditor categories, instrument types, currency composition, maturity profile, and types of risks are in this report. The risk indicators examined include exchange rate, interest rate, and refinancing risks (the average time to maturity and the average time to re-fixing). This report also reports the maturity profile of the central government debt over the next decade and examines the fiscal and debt sustainability indicators of the Government of Saint Lucia over the previous five years. The scope of the DPR is total public debt comprising central government debt and contingent liability debt.
Following a strong rebound in 2021 from COVID-19 induced economic lows, global GDP growth in 2023
decelerated on account of tighter monetary policy to reduce inflation and spillovers from multiple crises
including the continued war in Ukraine and the Israel-Hamas conflict in the Middle East. After a sharp
slowdown in 2022, global growth is estimated to have slowed from 3.5 percent in 2022 to 3.1 percent in
2023, well below the historical average of 3.8 percent during 2000-2019. The global rebound in services is
almost complete with the recovery in tourism maturing.
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Following a strong rebound in 2021 from COVID-19 induced economic lows, global GDP growth in 2023
decelerated on account of tighter monetary policy to reduce inflation and spillovers from multiple crises
including the continued war in Ukraine and the Israel-Hamas conflict in the Middle East. After a sharp
slowdown in 2022, global growth is estimated to have slowed from 3.5 percent in 2022 to 3.1 percent in
2023, well below the historical average of 3.8 percent during 2000-2019.
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The Government of Saint Lucia (GOSL), with funding from the World Bank, is implementing the OECS Data
for Decision Making Project (ODDM) jointly with Grenada (GRE), and Saint Vincent and the Grenadines
(SVG). The Project Development Objective (PDO) is to improve the capacity of Participating Eastern
Caribbean Countries to: (i) produce and publicly disseminate statistical data for country and regional level
analytics;and (ii) to provide immediate and effective response to an Eligible Emergency.
UNLEASHING THE BLUE ECONOMY OF THE CARIBBEAN PROJECT (P171833)
and its Additional Financing (P181493)
Updated version
Environmental and Social
Commitment Plan (ESCP)
9 April 2024
This public debt statistical bulletin issue provides a statistical overview of the public debt portfolio for the fourth quarter (October - December) of 2023, contrasting the current quarter with the previous four quarters. The scope of the public debt bulletin is central government debt and government-guaranteed debt.