News

Policy intervention #24 under the Economic Recovery and Resilience Plan deals with supporting the business environment by fast-tracking legislation for increased access to finance by the private sector. These reforms will benefit the financial sector and the average citizen by stimulating positive economic activity. It will encourage lending institutions to be less risk-averse and bureaucratic in issuing loans and will also better address the issue of non-performing loans.

The National Emergency Management Organisation (NEMO) has received communications Equipment, supplies and training from the World Bank via the Disaster Vulnerability Resilience Programme.  This is all part of NEMO better positioning itself to communicate effectively during or post a disaster. 

As Saint Lucia experiences its third and biggest wave, thus far, of coronavirus infections and with the government announcing more stringent measures, the Department of Finance has, in turn, stepped up its compliance and communications efforts as it related to the established Covid-19 protocols.

In this regard a video explaining the Department’s Covid-19 Preparedness and Response Plan has been created and widely circulated to staff and the general public who access the Finance Administrative Centre.

The Eastern Caribbean Central Bank (ECCB) was the first bank in the Caribbean Region to put out a full suite of polymer notes with embedded features for the blind and visually impaired. The bank has now made history once again with the introduction of a digital currency, the digital EC Dollar.

The National Competitiveness and Productivity Council is seeking public comment and feedback on two pieces of draft legislation expected to have a direct, positive impact on the private and productive sectors of the economy. The two draft pieces of legislation in question are the Bankruptcy and Insolvency Bill and the Security Interests in Moveable Property Bill, both of which are currently available on the Government of Saint Lucia website (govt.lc) and the Department of Finance’s website (finance.gov.lc).

Achieving economic diversification, competitiveness, as well as meeting sustainable development goals (SDGs) becomes even more relevant for small island developing states (SIDS) in this COVID-19 reality. Strengthening national Science, Technology, and Innovation (STI) capabilities would significantly contribute to Saint Lucia’s economic and societal development objectives as well as provide the boost needed to enhance Saint Lucia’s overall competitiveness and build resilience.  

It is precisely for this reason the government has embarked on the development of an STI Policy for Saint Lucia. 

Saint Lucia will soon lead the Eastern Caribbean Region with the modernization of government’s Electronic Public Procurement Application (e-GP).  The procurement software will make public procurement procedures faster and transparent while improving the competitiveness of public procurement by private sector companies.

In an article from the World Economic Forum, working from home was a luxury for the affluent before the coronavirus, not anymore as social distancing protocols due to COVID-19 have caused more employees to work from home than ever before.

Permanent Secretary in the Department of the Public Service, Peggy-Ann Soudatt, believes that the Public Service needs to be more open and receptive to the new modalities for doing business. COVID-19 she said provides opportunities for a blended approach to work.

For the past two months, Government Officials have been working assiduously on the Economic Recovery and Resilience Plan for Saint Lucia, with a focus on stimulating all aspects of the economy. The Government employed a three-phased approach to addressing the COVID-19 situation, with the first phase focusing on managing the healthcare component. This involved an increase in the number of healthcare personnel and personal protective equipment, the establishment of isolation and quarantine centres, and increasing local testing capacity for COVID-19.

Though the health and economic impact of COVID-19 has dominated discussions on mainstream and social media, the Government of St. Lucia has been planning for the upcoming hurricane season which officially commences on June 1st.  The government, under its disaster risk financing policy, has increased St. Lucia’s coverage with the Caribbean Catastrophic Risk Insurance Facility (CCRIF).