 Is a speaker, I beg to move the following motion, standing in my name, whereas no Mr. Speaker, whereas he is provided on the section 3 of the National Sabit and Development Bonds Act Cap 15.25, the act that by the authority of a resolution of parliament the minister responsible finance may raise by the issue of savings bonds inside and outside St. Lucia monies up to the amount of 2 billion 400 million for financing such capital expenditure and for such debt refinancing as he or she determines and whereas it is further provided along the section 4 of the act that the bonds shall be issued in such form and such terms and conditions as minister responsible for finance directs. and whereas the minister of finance considers it is necessary to raise on the regional government securities market of a private placement at a maximum interest of 7% per annum the amount of 32 million 100,000 for financing the 2023-2024 budget, the amount of 433 million 500,000 for refinancing existing debt. and whereas the minister of finance considers it is necessary to raise on the regional government securities market of a private placement at a maximum interest of 7% per annum the amount of 2 million 100,000 for financing the 2023-2024 budget and the amount of 433 million 500,000 for refinancing existing debt. Mr. Speaker, the resolution before us today is to seek approval for the government of St. Lucia to borrow by way of bond financing as follows 32.1 million for refinancing the 2023 budget for the issuance of bonds on the regional government securities market for private placement at a maximum rate of 7%. Mr. Speaker, I want to make it clear that the only extra borrowing is the 32.1 million dollars on the bonds market. You may recall Mr. Speaker that we took a position that we would finance in our budget through longer term instruments instead of short term instruments with Mr. Speaker. And that policy decision is even more important now either a strategic decision that we took that was necessary because you know now Mr. Speaker how interest rates are fluctuating and allow them to fluctuate in an upward direction. So the decision to anchor government financing government projects through longer term instruments Mr. Speaker, the wisdom of that decision is clear Mr. Speaker. The resolution also seeks Mr. Speaker to raise 433.5 million for refinancing existing debt for the issuance of bonds on the regional government securities market for private placement at a maximum rate of 7%. Mr. Speaker, again the interest rate is important Mr. Speaker, 7% maximum rate and again we have to hope that because of circumstances will be on our control Mr. Speaker these interest rates may change and it's something that we have to consider and it's something that we as a government have to look at closely Mr. Speaker. Already in our analysis of our expenses we've had to increase I think 131 million Mr. Speaker our expenses on interest which may change Mr. Speaker and that is because of circumstances that we have no control over and now with what's happening in the United States according to the debt ceiling that we have issues in the US Mr. Speaker we never know what might happen to interest rates because of that Mr. Speaker. Mr. Speaker, accessing funds from the regional, the LGSM has shown a reduction in the cost of bonds in the government of St. Louis. This is significantly beneficial in light as I said for the recent interest rates on the national capital market Mr. Speaker. Government is optimistic of successfully undertaking the 2023 budget borrowing requirement of a 2.1 million from the capital market to finance this year's fiscal budget Mr. Speaker. Investor confidence in the government of St. Louis papers remains high and we are optimistic and we expect this to continue in this budget here Mr. Speaker. This is the lowest amount which we have to raise on the capital market for 10 years. The recent GDP growth rate of 18.1% coupled by the projected increased economic growth have positioned St. Lucia for positive increases in revenue and grand funding thereby reducing our reliance on debt Mr. Speaker. Mr. Speaker, I want to repeat, because of the economic growth that we are experiencing in the country, because of the growth in revenue Mr. Speaker, because of the overall management of the economy, there is a high demand for St. Lucia's paper. There is very high demand for our paper Mr. Speaker. The investors have shown confidence in our paper that was happening last year and this year because of our projections Mr. Speaker. And we believe that that confidence will remain high and we will be able to successfully borrow the 32 million dollars on the market Mr. Speaker, on the RSN based on our experience and based on what is happening in our economy Mr. Speaker. So Mr. Speaker, in terms of borrowing on the short term on the RSN, we think we have no issues as far as that is concerned Mr. Speaker. And that's not what we are seeing, that's what the market is seeing because as soon as our bonds reach the market they sell very quickly Mr. Speaker. Mr. Speaker, the other, as you know, we projected that you would borrow 288.7 million to finance the overall budget. So out of that 256.6 million will come from long term instruments. 256 million for long term instruments and 32 million from short term insurance Mr. Speaker. Mr. Speaker, some of these loan funds already allocated the projects and I've started this bussments and I expected to continue Mr. Speaker. Mr. Speaker, again with these long term loans they are for a longer period and we hope that they are not unduly affected by what is happening in the interest rates in the market Mr. Speaker which we have no control over. So we are confident that we will raise the 288.7 million to fund our projects Mr. Speaker. What's important is implementation. We have to get these projects off the ground Mr. Speaker. The finance is available but we have to get the projects off the ground Mr. Speaker. And I urge every minister to look at the projects in their respective ministries and work with the poor men's secretaries to get these projects off the ground. Our rate of implementation Mr. Speaker is still not what we are desiring Mr. Speaker. And I come to a bug bear which is the Millennium Highway project. The Millennium Highway Mr. Speaker is more than a year overdue. A project that funding is available. Funding is available. Funding was available Mr. Speaker. But we risk, we risk the worst happening if we cannot get this project going Mr. Speaker. I know the minister of infrastructure is on the ball. I have told him that we need to get some solution to this problem Mr. Speaker. The time for excuses is over. We have to make or break Mr. Speaker. Because a project of that importance cannot be one year overdue Mr. Speaker. With no sign of completion. The bridge that was part of that project. The bridge is completed. Waiting for the highway to connect to the bridge Mr. Speaker. So Mr. Speaker, talk about implementation. That project comes to mind. Another project that we have to deal with implementation on Mr. Speaker is the Yubek project Mr. Speaker. Again we have to ensure Mr. Speaker that in the Yubek program on leashing the blue economy the money that we have available for that project. The ministry of agriculture will have to ensure that we use that money for the purposes that the money was determined for. We have the financing, the financing available, we have implementation Mr. Speaker. I held a meeting with the world bank this week and they will maintain the rate of implementation Mr. Speaker. So much so they have decided that they will help us in procurement. So we can get our procurement, do our procurement in a fashion that they can approve. So we can get these projects going Mr. Speaker. Talk about projects Mr. Speaker. The DVRP which is the disaster vulnerability reduction project. That project is coming to an end at the end of next month. That was the largest grant funding, the largest loan grant funding that we've had for a long time. That project is coming to an end Mr. Speaker. So we hope that the world bank will after the post project review look favourable upon us to see if we can extend that project. Because there is still quite a bit of infrastructural work to do in the country Mr. Speaker. So Mr. Speaker, the world is implementation. That's the world implementation and we hope that this budget rate of implementation can improve Mr. Speaker. Mr. Speaker, the 423.5 million represents instrument maturing which need parliamentary approval. Out of the abundance of clarity it is not new loans. It is not new money. It's a bonds that are in the system that need to be refinanced. It will not increase our debt to GDP ratio. Let me make it be clear Mr. Speaker. Let me make it be clear. The 423.5 million represents instrument maturing which will need parliamentary approval for them to be reissued. It is not new money. The government's borrowing requirements Mr. Speaker. At 288.7 million, there is 2.1 million in short term paper and 256.6 million in long term loans Mr. Speaker. Mr. Speaker, the government of St. Lucia is confident of successfully undertaking the 2020 borrowing requirement from the capital market to finance the budget. We believe Mr. Speaker that because of the buoyancy of our economy we can maintain interest rates of not more than 7% to continue financing the budget Mr. Speaker. So Mr. Speaker, on this note I would ask members to support us Mr. Speaker in looking for for 2.1 million dollars of new money and 435.5 million for refinancing existing debts for the issuance of bonds on the regional securities market Mr. Speaker. I thank you.