 Where as is provided in section 63.1 of the public finance management act cap 15.01 the act that the minister of finance me by affirmative resolution of parliament borrowed from a bank or financial institution for the capital current expenditure of government Where as is provided by section 64 of the act that money borrowed by the government must be paid into and from part of the consolidated fund. Where as the minister of finance considered it necessary to borrow an amount of US 42 million 700,000 from the Caribbean Development Bank ordinary capital resources for recovery and resilience building policy based loan. Where as the loan should pay up in 48 equal or approximately equal and consecutive quarterly installments. Where as the loan payments commenced on the first day of January, the first day of April, the first day of July and the first day of October of each year after a great period of two years following the date of the loan or such later date as the bank specifies in writing. Where as the interest is payable the rate of 4.9% per annum on the amount of the principal disboost and outstanding. Where as the commitment fee is payable at the rate of 1% per annum on the amount of the loan disboost. Where as the commitment fee is payable at the rate of 1% per annum on the amount of the principal disboost and outstanding. Where as the commitment fee is payable at the rate of 1% per annum on the amount of the principal disboost and outstanding. Where as the commitment fee is payable in 48 equal or approximately equal equal and consecutive quarterly installments. The loan payments commenced on the first day of January, the first day of April, the first day of July and the first day of October each year after a great period of two years following the date of the loan or such later date as the bank specifies in writing. Where as the commitment fee is payable at the rate of 4.9% per annum on the amount of the principal disboost and outstanding. Where as the commitment fee is payable at the rate of 1% per annum on the amount of the loan to be disboost. Where as the commitment fee is payable at the rate of 4.9% per annum on the amount of the principal disboost. Where as the commitment fee is payable at the rate of 4.9% per annum on the amount of the principal disboost. వావాలాధాయర౅ంయగా exclusion కికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికికిక  implants థkenntటా కుగాసి 100ఘసిução�ాత pendulum ఖటానీయానొనంవి Desktop ప౯చయంఘువి rock పినిఎంనియాగాFihచి సౕొకован సిర్ said ఉటేబకలె Verfügung Protocolücklich�ిసికవిimagసికంర్సిి. మరాల్హ్ల్ల్ ఢప్రా మార్ర్సాఆదిరండిర్ల్హినావితాతారార్ల్దంగాస౟్దా. మేనంతారానినిల్ల్ల్ల్లేల్హా. దివినిదాహిని. but the last government, the last government, even fishermen had to pay that increase in taxation, Mr. Speaker. And that 150 meters, Mr. Speaker, was paid by everybody, all users, minibus drivers, taxi drivers, everyone, Mr. Speaker. But instead, Mr. Speaker, instead, and Mr. Speaker, you know at the time, in the year 20, 19, 20, 20, the fuel was 13 dollars per gallon, 13 dollars, Mr. Speaker. And the government at the time, the revenue, they got from that fuel, Mr. Speaker, the revenue, at that price, the revenue they collected from that was very much enhanced the collections at the time. But it was necessary because government needs money to run its services, it was necessary. But the price of fuel at the time, it has never been lower during COVID because of low demand, 13 dollars per gallon, Mr. Speaker. That's why it was at the time because the price of fuel on the world market was the lowest ever for long time because of low demand in COVID. And talking about fuel, Mr. Speaker, we continue to subsidize LPG cooking gas, 20 pounds and 22 pounds in India. The government continues to subsidize. Every consumer who buys a 20 or 22 pounds in the gas, Mr. Speaker, the government contributes between 18 and 20 dollars for every LPG container, Mr. Speaker. Much more than was ever subsidized before in solution, Mr. Speaker. The second policy action, Mr. Speaker, was to unify and enhance legislation related to public debt management. And the government has approved through its parliament the debt management act and approved the annual publication of the medium debt strategy starting in 2023, consistent with the policy framework of the public debt management act. Mr. Speaker, I want you, I want to read that again, Mr. Speaker, I want to read that again, Mr. Speaker. This government, instead of taking the shortcuts and getting involved in DFCs below the line, so that they can't get the scrutiny of the public of solution, Mr. Speaker. Here is what this government did. Unify and enhance legislation related to public debt management. The government has approved through its parliament the public debt management act and approved the annual publication of the medium term debt strategy starting in 2023, consistent with the policy framework of the public debt management act. Mr. Speaker, that means when we borrow, we'll come to the whole parliament and we'll come to the parliament and tell parliament the strategy of our borrowing. Why and for what purpose, Mr. Speaker? Why and for what purpose, Mr. Speaker? So in that case, Mr. Speaker, if we had ever borrowed $32 million to repair playing fields, we would have been able to show the public of solution how many playing fields were borrowed, how many people were repaired and where the $42 million was spent, Mr. Speaker. Policy action number three, Mr. Speaker. The government through its cabinet has approved the public procurement regulations to promote and enforce the new public procurement act. Mr. Speaker, the public procurement act was there, but it needed regulations and this government have republished the regulations, Mr. Speaker. Policy action number four, the government through its cabinet has approved public financial management regulations to promote and enforce the public finance management act. Mr. Speaker, again, Mr. Speaker, the last government had to implement a public finance management act to get a policy-based loan. So this is not new policy-based loans, but they published it without any regulations, but we have put regulations on the public finance management act, Mr. Speaker. Government approved the national energy policy to promote renewable energy and energy efficient, Mr. Speaker. Something that this government has done, we have approved a national energy policy, Mr. Speaker, and that policy will fund itself in legislation at a later date, Mr. Speaker. To respond to the current and future risks and impacts of climate change, the government has submitted a climate change bill to parliament. We are going to be reading, we are going to be asking parliament to approve this bill today by the Minister for Senate Development. He will be leading in the charge of that, Mr. Speaker. Policy action number seven, to address distressed businesses and the management of non-performing loans, the government has submitted the bankruptcy and insolvency bill to parliament. And Mr. Speaker, we are, this bill has had its first reading, and we are committed to that, Mr. Speaker. But Mr. Speaker, I tell you what, the difference in our government is that we are ensuring that when this insolvency bill passes, because Mr. Speaker, there is a belief in this country that a failed business is a failed human being, Mr. Speaker. That is not true. You can fail in a business, and you can reorganize yourself, and you can come back, as you see in the jargon, will come back and will again, Mr. Speaker. So we need to have insolvency and bankruptcy in a particular framework. There is one provision, Mr. Speaker, that we stand by. We are saying that in a man's home, or woman's home, or family home, where they raise their family, the owner-occupied residents, there must be safe guards that that house cannot be taken really, really by a bank. The insolvency bill, Mr. Speaker, must make provision for the protection of a resident's family, not building half a rent or building half an investment, but your family residence, Mr. Speaker. So when a civil servant, when a civil servant builds a house, Mr. Speaker, we must ensure that if one member of that family falls sick, that member of the family falls sick, or that member of the family has some level of distress, Mr. Speaker, the bank will have some consideration for that person. So the home where they raise their family cannot be just taken by a bank and sold as if it was a car or a piece of furniture, Mr. Speaker. So that is why, so we are talking to the drafters of that bill, so we can ensure that that goes in the insolvency bill, Mr. Speaker. Prior action number eight, to improve medium MS, micro and small businesses, medium businesses, access to finance and expand the types of collateral available for MSME, the government approved the security interest removal properties act aligned with legislative guide on secure transactions. Again, Mr. Speaker, the member, the Minister for Commerce gave you a whole, give you the entire history of MSMEs, Mr. Speaker. This government has made a direct investment into MSMEs, a direct investment, Mr. Speaker, as the minister outlined in the statement, is the same way only last week we will inject over a period of time $20 million in the youth economy to ensure youth enterprises, Mr. Speaker. Mr. Speaker, part of the proceeds from that bill, Mr. Speaker, will be used to reorganize the tax administration of this country. I'll tell you what, Mr. Speaker, this government has given the most generous tax amnesty in the history of St. Nusha. No government has ever said taxes due before 2000 will be written off completely, completely before 2000 will be written off completely, Mr. Speaker. All interest and taxes due, penalties, everything before, will be written off completely, Mr. Speaker. And after that, all interest and penalties, all taxes due before 2000 are written off, everything. After, between. No, but what you laughing at, but what you laughing at, they correct you. What you laughing at? What you laughing at, they correct you. Did what? It makes no sense? Taxes due, all penalties and interest due, after that period, Mr. Speaker, and fines are written off, but the entire tax due before 2000 is written off. Also, Mr. Speaker, that, and I want to make a point about that, Mr. Speaker. Do you know that is money that is collected by business people on behalf of the government to be given back to the government, Mr. Speaker? Every 25th or 70th month and then there's a reconciliation is done and then if you have to, if you owe the government, you give the government, if the government owes you, they pay it back for you, Mr. Speaker. Mr. Speaker, some people have collected that vats and they have not given it back to the government. They have not. So, what we have done, Mr. Speaker, is to have a clean slate because you know, when we come and talk about balance sheets and enhancing balance sheets of government and playing that you can use words people don't understand and using these words can influence, we would make you believe that you know something other people don't know. Very simple, very simple, very simple, Mr. Speaker. When a balance sheet is prepared, there is something called, there are two issues on the balance sheet. There is a provision for tax and there is a tax liability. The tax liability is on the income statement and the provision of tax is on the balance sheet. What happens, Mr. Speaker, that the tax for the year, less payments is shown on the balance sheet and the actual tax for the coming year, for the year in question is shown on income statement. So, what happens on the balance sheet is that if there are fines and taxes, these are shown on the balance sheet as a credit in the liability section of the balance sheet. So, your balance sheet will show that you have liabilities or penalties, fines and interest plus the tax that you owe on the balance sheet. And the tax for the year in question is shown on income statement. What that means is when if you have an audit, your auditor will say to you, you have a tax liability. If you don't have an audit, it will not, it will just be there, it will cause provision for income tax. Sometimes it's so big that in certain enterprises it's called a prior tax liability. So, it can be shown as a significant factor on your balance sheet because when a creditor or when a bank or when a finance institution wants to lend you money, they look at how much money you owe the government in terms of taxes because the government has a first charge if anything goes wrong with the speaker. So, we've said to strengthen these balance sheets with the speaker. We've written off all the fines, all the penalties and all the interest on these taxes. So, we're saying to the firm, to the business, pay me only what you owe me. And the fines and the penalties will waive it from you. So, that means in your balance sheet you can debit your provision for income tax which will reduce your liabilities and increase your net assets. That's what we did, Mr. Speaker. That is how we try to strengthen the balance sheets of business with the speaker. That is not talk, action, Mr. Speaker, not talk. Let's get them and say things that sound good and think that will never happen but you say it will happen. But just because you say it will happen and it sounds good it will happen. Real tangible things that will affect the balance sheets of business with the speaker. That's what we did. So, this government record on tax, no government. And I said that any fear of favor, no government can beat our record on tax amnesties for the people of Senusha. No government has had businesses more as far as tax concerns. No government, none at all. None at all, Mr. Speaker. I'm going to put it on the record for the young people in Senusha. Do you know there was a time when you could not leave Senusha with other tax clearance? When you and them talking and you know, Mr. Speaker, the more you catch them not speaking the truth, the more they double back on not speaking the truth. And the more they try to convince themselves that they speaking the truth, Mr. Speaker. We were the ones who removed that provision from the practical workings in Senusha. That's Kenny Anthony. Oh, you remember that? You remember that? But you won't tell them. That's why when they say you build a bridge, you should say it's not me. You must not encourage wrongdoing. You are a good man. But you insist in encouraging wrongdoing. Don't do that, man. That's not you. I know you well. Don't do that. So, don't let anybody use your comrade. You're a good boy. So, you need a tax clearance. You need a tax clearance, Mr. Speaker. A tax clearance to leave this country. You have to pay five dollars for it. And then many people, Mr. Speaker, including people you so have to run away from Senusha. They could leave only airport. You could have no tax clearance. So, they only going to take a boat and going to Martin to get away. Because they don't have no tax clearance, Mr. Speaker. That wasn't the laws of Senusha. That wasn't the laws of Senusha. But Mr. Speaker, they come and they pretend this government wants to stop you from travelling. This government wants to seize your property all in the laws of Senusha. What we are doing, we are killing another. So, what we did? And again, Mr. Speaker, it shows you the level of transparency in our government, Mr. Speaker. We did not. The Inland Revenue put out that legislation and the Minister of Finance did not know because we are done to hide. I didn't call the Inland Revenue and Chastise them or call the Prime Minister and Chastise them because we have nothing to hide. That was... What? The Minister. No, that was discussion. But let me tell you further, Mr. Speaker. That was discussion, Mr. Speaker. No, Mr. Speaker. Even when the last government did something good, they saw in a hurry. And Mr. Speaker, listen to me carefully. Listen to me carefully. Even when the last government did something good, they saw in a hurry to criticize us. They are not even remembering what they did was good. They are not even remembering what they did was good. They are not even remembering what they did was good. I mean, it was amusing. And the sad thing is that some young people and some other surrogates just rushing that, rushing it. You know, Mr. Speaker, who started the tax administration and procedures bill? The last government. And the intention was good. The intention was there are certain laws related to tax insolution. So you put all of them in one concise... One piece of concise legislation and you remove all the provisions that are not necessary. They started it. You know, it's amusing, Mr. Speaker. So instead of... It's not saying that that's a good thing. Let's join and clean it up for the whole country to benefit from it. They attack it. They criticize it because it is a chance now to attack Philip J.P.A. Attack him. This, that, blah, blah, blah, blah, blah, blah. Something just started, you know. Remember the shows there. Remember that, of course. You remember the Cabinet memo. October something. When you instructed the Ministry of Finance to put all these certain laws together. But they were never prepared. Elections came, you are lost. So the draft came right after. But nobody... But we didn't approve the draft. The draft was not approved. Means the draft was not approved. It was for Mr. Speaker. Mr. Speaker. Mr. Speaker. Mr. Speaker. Mr. Speaker. Mr. Speaker. Mr. Speaker. Mr. Speaker. Mr. Speaker. Mr. Speaker. You know, the difference between the difference between them and us Mr. Speaker is... the difference is we trust our citizens. I want to tell you here in this honourable house that no tax administration draft ever came to the cabinet of ఇరంలNão నియంటతైమి మరుఫెరంత్ంweed సౕచతంచెథటరిస గ౒ impairmentలూరికూకోటి పరిటకటకధడలంనికోయంది AMP ఆౙపిఎచి.  Rate                                                                                                                                                                                                                              There is something that we must do as a country. We must own up one to our debt and we must own up to when we make a mistake, Mr. Speaker. And we must try to do better next time. Government, I was part of and governments before, they have acquired people's land and have not paid them. Mr. Speaker. The Land Administration Act, Mr. Speaker. Six to clear. Six. Member for Mikusov and Member for Kastri Central. Member for Mikusov and Member for Kastri Central. Now have allowed your members, Member for Kastri Central. Member for Kastri Central. Speaker, stop with you. Prime Minister, Member for Kastri Central and Member for Mikusov. Have allowed your members, they set the latitude to do the cross talk. However, we are dealing with the business of the house. Please allow the Prime Minister to continue with his presentation. Very Prime Minister. Mr. Speaker, that's what he encourages. Not his fault. He encourages. That's what he encourages, Mr. Speaker. So, Mr. Speaker, what we're doing is that we're trying, if we can, if we can, Mr. Speaker, if we can cause some order, cause some order, Mr. Speaker, in the administration of land services in terms of if we can put some order in the land acquisition in this country, Mr. Speaker. So we've taken the bold step to borrow money, Mr. Speaker, because we know that people need compensation. So it's something that will be part of an entire program that will be done by the Ministry of Physical Development so we see if we can limit that liability that the government owes to the people of solution, Mr. Speaker. So, Mr. Speaker, we believe, Mr. Speaker, that these two pieces of legislation, Mr. Speaker, will help in two significant areas. One in the tax administration, Mr. Speaker, helping to make the records easier, helping to get a tax department because, Mr. Speaker. Another thing, Mr. Speaker, we approved tax refunds, repayment for the people of solution, Mr. Speaker. Again, Mr. Speaker, the government took a conscious effort which was followed by other Caribbean islands to pay tax refunds, Mr. Speaker. But because of the way the system in this tax department is, an archaic system, a system that the information is not readily available, Mr. Speaker, that was part of the reason why the Inner Revenue was not able to pay the total amount of tax refunds in the money that was made available to them, Mr. Speaker. Because of the archaic nature, all the paper, all, etc., in the Inner Revenue department. So that money, Mr. Speaker, will be used to improve the information technology capabilities to improve the information processes so the taxpayer can be better still, Mr. Speaker. Mr. Speaker, we have, Mr. Speaker, also, that loan, Mr. Speaker, the policy-based loan is called a PBL interest rate on the consideration. You see, that's why it's called the Learn Administration Act. We see what you have to do with the total package, probably discuss it with people, get them back the land, you know, it's a total package. It's not only the interest rate. Something that can be considered, yeah. That's a good idea. We can consider it because it's statutory interest, right? Something that can be considered, yeah. That can be considered, yeah. Well, I told him already. I just told you that the member for shows is a good man. You're a good man, just bad company. I just told you that. Leave him alone. You're a good man, just bad company. Mr. Speaker. Mr. Speaker, the rate of interest on that loan is 4.9%, Mr. Speaker. And, Mr. Speaker, and as the point that the minister made, the member for shows has made, Mr. Speaker, as compared to 6% that he paid on acquisition. So, it's 4.9% so we have to deal with that, Mr. Speaker. So, Mr. Speaker, I think this is an important piece of legislation, Mr. Speaker. First of all, it will help serve the people of St. Lucia better. Serve them better in terms of tax and also serve them better in terms of the land that has been acquired, a land that has been acquired for years, Mr. Speaker. And we see if we can put some order in that, Mr. Speaker. So, Mr. Speaker, I urge members to pass this resolution, Mr. Speaker, to help solve many problems that have existed in this country for a very long time, Mr. Speaker. I thank you, Mr. Speaker.