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Revised Laws of Saint Lucia (2023)

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56. Notice of approval of an application for Government on-lending

(1) The Minister shall, after receiving a recommendation for the approval of an application for on-lending, give written notice of the approval to the statutory body.

(2) A notice under subsection (1) must —
1. (a) specify the terms and conditions for the Government on-lending;
1. (b) be signed by the Minister.

56. Notice of approval of an application for Government on-lending

2. Interpretation

3. Act binds the Crown

4. Powers of the Minister

5. Validity of document signed by agent

6. Contents of agency agreement

7. Delegation of powers

8. Reporting to Parliament

9. Requirement for Minister to lay Strategy and Borrowing Plan before Parliament

10. Supervision of the Unit

11. Functions of the Unit

12. Debt Management Objectives

13. Medium-Term Debt Management Strategy

14. Borrowing Plan

15. Public Debt Sustainability Analysis

16. Audit of the Unit

17. Appointment of the Public Debt Management Advisory Committee

18. Constitution of the Committee

19. Functions of the Committee

20. Meetings of the Committee

22. Committee to regulate its procedures

23. Government borrowing to meet fiscal requirements

24. Terms and conditions for Government borrowing

25. Issue of certificate

26. Duplicate certificate

27. Proceeds of funds borrowed by Government

28. Effecting payment

30. Tax on interest from income from Government securities and deduction at source

31. Register of Government Securities

32. Government borrowing by treasury bonds and treasury notes

33. Conditions for issue of treasury bonds and treasury notes

34. Interest on treasury bonds and treasury notes

35. Effect of treasury bonds and treasury notes on the death of holder

36. Government borrowing by treasury bills

37. Conditions for the issue of treasury bills

38. Amount and currency of treasury bills

39. Interpretation of this Part

40. Application for Government guarantee

41. Evaluation of an application for Government guarantee

42. Recommendation of the Unit

43. Notice of approval of an application for Government guarantee

44. Grant of Government guarantee

45. Notice of refusal of an application for Government guarantee

46. Execution of Government guarantee

47. Payment of fees and other expenses relating to Government guarantee

48. Default by borrower on Government guarantee

49. Recovery of money paid by the Government on behalf of the borrower

50. Register of Government Guarantees

51. Reporting on debt

52. Ceiling amount for Government on-lending

53. Application for Government on-lending

54. Evaluation of an application for Government on-lending

55. Recommendation of the Unit

57. Grant of Government on-lending

58. Notice of refusal of an application for Government on-lending

59. On-lending agreement

60. Payment of interest

61. Fees for Government on-lending

62. Recovery of money paid by the Government on behalf of the borrower

63. Unauthorized debt management activity

64. Confidentiality of information

65. Exemption from stamp duty

66. Regulations

69. Transitional