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Saint Lucia announced Public Debt Management Act

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Saint Lucia: The officials of the government of Saint Lucia recently announced the implementation of the Public Debt Management Act, which will come into effect from the next month on Monday, 1 April. The intention of the legislation is to bring optimistic change into the financial governance framework of the island nation.

The Saint Lucia government is bringing the Public Debt Management Act in the process of modernising the laws and structure of the management system of public debt. The government expressed its commitment to bringing transparency in the process by ensuring the smooth practices of borrowing while creating sustainable fiscal policies.

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The government officials mentioned about the details and the criteria to be taken care of under the Public Debt Management Act, in which, they highlighted the focus points such as risk management, debt sustainability, effective debt management practices, and strengthened institutional framework with transparency and accountability.

One of the primary points to be noticed in the new act is to be aware of and management of the risk related to the process, which the authorities are taking care of. It is said that the act will introduce some measures.

The act will take care of the identification, mitigation of risks, and monitoring of the process which will expectedly lead to minimising the mismanagement and risks involved that have the potential to bring impact on the economy.

The government also mentioned about the mechanisms that authorities are going to establish with the Public Debt Management Act that could bring a level of sustainability in the maintenance and assessment of the public debt.

With this, the act could also bring long-term financial stability to Saint Lucia. It comes with well-structured guidelines that could help in bringing better changes to the servicing of debt, which will expectedly promote the efficient use of financial resources with debt management.

The Public Debt Management Act of Saint Lucia is also going to clarify the responsibilities of the government bodies and officers in the related agencies to smooth the process while maintaining the records in a better way with an effective framework.

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