 Mr Speaker, this public debt management bill, Mr Speaker, is a creature of the public debt management policy, Mr Speaker, which was approved by the cabinet of ministers of the then cabinet in October 2020, Mr Speaker. And the document is intended to develop a public debt management legislative framework to improve the court of decisions and provide guidelines for the structure of debt issuance and the over operations of the debt management unit, Mr Speaker. But Mr Speaker, whereas the bill was tabled, the policy was tabled in October 2020 and that was at the dictates of the World Bank and IMF, the government of the day, Mr Speaker, as usual did not have the courage to come to this Honourable House to pass the public debt management bill, which will in effect put severe restrictions on borrowing and in short transparency, Mr Speaker, and accountability for borrowed funds, Mr Speaker. So as usual, the bill was did not come into Parliament as usual, Mr Speaker, as usual, left it for me, Mr Speaker. And it was also a condition precedent for public policy loan, a PBL, which again, Mr Speaker, it puts restrictions or puts a certain level of accountability for borrowing, Mr Speaker. So in June 2022, that bill was did for the first time for first reading in Parliament, Mr Speaker, and then give time for us to go through it. But since the legislative year expired, so we have to put it back in the house for first reading on September 12, 2023, Mr Speaker. Mr Speaker, the IMF report of November 2022 says that the public debt management bill would be a positive step and the publication of a debt management strategy would enhance fiscal transparency, Mr Speaker. Mr Speaker, and that is the difference, Mr Speaker, between the government of these two parties. We know that it would require a degree of reporting, Mr Speaker, and a degree of transparency, Mr Speaker. But it's a positive development towards increasing transparency and sending a positive signal to the capital market both domestically and beyond. It will say to the world that this government is accountable, this government is serious, Mr Speaker. Mr Speaker, so the public debt management bill, but PDMB, Mr Speaker, it seeks to have a photo look at the current public debt framework, Mr Speaker, and it provides for the following. The administration of public debt management, immediate term debt management strategy, a public debt sustainability analysis, government borrowings, guarantees and on lending, and to reduce the multiple issuers of debt to ensure sound fiscal policies in relation to managing the public debt, Mr Speaker. Mr Speaker, this legislation aims at consolidating and modernizing the laws relating to the management of public debt in solution, Mr Speaker. Mr Speaker, there are several pieces of legislation governing public debt management. The Public Finance Management Act, the National Savings and Development Month, the Treasury Bills Amendment Act, Mr Speaker, that legislative, these legislations or these laws, Mr Speaker, does not specify an explicit debt management objective, which outlines the costs and risk objectives that the government seeks to achieve when it borrows funds, Mr Speaker. Debt legislation under the various, on these various acts does not require a harmonization of debt management operations across agencies. There is no provision, Mr Speaker, for the establishment of a high-level debt committee that serves as an advisory role and provides oversight to government debt management operations. This piece of legislation, Mr Speaker, will in effect regularize the above mentioned short comments of the current debt management legislation. And again, Mr Speaker, he speaks to the courage that I spoke about. One of the key objectives of a debt management unit, Mr Speaker, that is going to be mandated in this piece of legislation, the debt management unit, Mr Speaker. The debt management unit is to service debt obligations of the government at the lowest possible cost over the medium to long term, in a manner that is consistent with an acceptable and prudent degree of risk. Mr Speaker, this bill makes provision for the annual preparation and publication of the medium-term debt management strategy of the government. The development of the strategy document will take careful consideration of the costs and risks embedded in the public debt portfolio, the macroeconomic framework of the country and the marketing conditions when contracting debt. This is a systematic approach, Mr Speaker, to decision making that can help strengthen the debt management function, enhance the analytical capacity and help reduce operational risks even where capacity is constrained. Mr Speaker, the public debt management bill provides the authority of the Ministry of Finance to act as the sole borrowing agent for the government. That provides for guarantees and other contingent abilities and for on lending to statutory boards, Mr Speaker. So the Ministry of Finance now is going to be the sole borrowing agency for the government, Mr Speaker, to put some level to ensure that there is some level of accountability and there is some level of, there is a nexus of the strategic objectives of the government, Mr Speaker, as it relates to statutory boards, Mr Speaker. So the statutory boards will be in line with the government as far as the developmental priorities of the country are concerned where borrowing is necessary, Mr Speaker. Mr Speaker, that will enable us to select proper instruments for borrowing, Mr Speaker. Manage government guarantees, Mr Speaker, the management of government guarantees because what is not widely known, Mr Speaker, is when a statutory board borrows, the government is contingently lab for this borrowing. So even though the borrowing is not in the name of the government, the government is contingently lab. So it's very important, Mr Speaker, that the Ministry of Finance is aware of the borrowing done by statutory boards, particularly when they are coming to government for a guarantee, Mr Speaker. Mr Speaker, the public debt management bill, it creates, as I said, a debt and investment unit, Mr Speaker. It sets out the functions of this unit in the clauses, Mr Speaker. And if you look at, Mr Speaker, if you turn to Part 4, Mr Speaker, of the government on lending, it speaks to how a statutory board can make an application to the minister for government on lending, Mr Speaker. It also shows how the application is going to be evaluated. And also shows that on Section 55, the debt unit will make a recommendation to the Minister of Finance, Mr Speaker, as regards borrowing from a statutory board, Mr Speaker. Mr Speaker, this bill, Mr Speaker, clearly defines the responsibilities of the main players. Responsibilities of the Minister of Finance, responsibilities of the debt management unit, Mr Speaker. Responsibility of statutory boards, Mr Speaker. Mr Speaker, what it does is that it ensures that the government's debt management is proper, is defined, and it is transparent, Mr Speaker. This is basically what this bill does, Mr Speaker. And it's a requirement for a public policy loan which the government of St. Lucia will receive from the whole bank, Mr Speaker, once these conditions, President, are met, Mr Speaker. Mr Speaker, as I said before, this bill is a very serious piece of legislation, Mr Speaker. In that, it makes government lending, government loans accountable to the people of St. Lucia, Mr Speaker. And the Minister of Finance will have to come to Parliament and report on the government's borrowing strategy. So no Minister of Finance will be willing, because his mind told him to do it, to take an airport loan for $175 million, Mr Speaker, US dollars, without tendering, just because his mind told him to do it, and change the entire plan, just because his mind told him to do it. And a water contractor, just because his mind told him to do it, Mr Speaker, without tender, $175 million a Minister of Finance can do, just because his mind told him to do it, and go there and change the entire structure, change the entire situation regarding this airport, and put a country in $175 million of debt when the same airport could be built, Mr Speaker, without, and that's very important, Mr Speaker, because you know, what they tell you is slasper is the one taking the loan, not the government, that's the excuse, excuse that's convenient to use many times by people that I don't want to mention. Slasper is the one taking the loan, Mr Speaker, but if you look at that bill, it will tell you that even though slasper takes the loan, the government is contingently liable for that loan, Mr Speaker. So there is nothing like slasper took the loan, the government of Sel�usha took the loan through slasper or slasper took the loan because of the government of Sel�usha, Mr Speaker. So, Mr Speaker, in the administration of the bill, the Minister of Finance can delegate powers, and also speaks, Mr Speaker, in section 8, the responsibilities of the Minister of Finance, in section 8, Mr Speaker, the Minister of Finance, how he has to report, and that's what he has to do, Mr Speaker, 8-1, the Minister shall furnish parliaments with an annual report on debt management activities, including borrowings, loan guarantees and onlending. That's what the Minister of Finance, whoever he or she may be, will have to do, Mr Speaker. Exactly. The Minister of Finance, requirement for Mr Speaker, he has to lay strategy and borrowing plan. The Minister shall lay before Parliament, no later than the commencement of the financial year, the strategy and borrowing plan for approval by the Parliament, Mr Speaker. By approval by the Parliament, where every member will be able to express himself, Mr Speaker. Within three months after the end of the financial year, the update of the borrowing plan, Mr Speaker. So he needs to come and say to Parliament how he has changed that plan, Mr Speaker. So never again will the Minister of Finance be able to do what this Minister of Finance did as far as the airport is concerned. Never again, Mr Speaker. That is protection for the people of St. Louis, Mr Speaker. Because you can get, not this Minister of Finance, but you can get Minister of Finance who can do exactly what Minister of Finance did. Change $175 million loan when all was in place for private public partnership agreement for construction of this airport, Mr Speaker. All was in place, Mr Speaker, to change from a loan of 2% at that time for the construction of the Grozny Highway. To unilaterally change your mind and give direct awards for less than a mile of road for $15 million and ongoing. That will not happen, that will not be able to happen again, Mr Speaker. Because the Minister of Finance will have to come to account to the Parliament of St. Louis, Mr Speaker. So, Mr Speaker, the people of St. Louis will not be suffering now as they are suffering on the Grozny Highway. Because of a unilateral decision by a Minister and a Prime Minister to unilaterally, without the consent of the then Minister of Infrastructure. And if I am not speaking the truth, I want to stand up and say that's not true. Without the consent of the then Minister of Infrastructure just to cancel a loan, cancel an agreement for an airport, put a country in a situation where there is... And Mr Speaker, the Minister of Infrastructure, I am talking about the loans, Mr Speaker. I am talking about the shock bridge. Mr Speaker, are you aware that the shock bridge, the World Bank had already approved a loan for the construction of the shock bridge that was designed by the Army Corps of Engineers. Thank you. Mr Speaker, that's what this government found. I mean, even when you had these guys speak, Mr Speaker. And I cannot help but telling the Parliament of St. Louis what these guys did to this country. But you know why, Mr Speaker? The bridge had to be tender. It had to be public tender. It had to be public tender. So they cancelled it. A bridge that was designed by the Army Corps of Engineers just like the Bwadawansh Bridge. Remember the accusations, Mr Speaker, and the lies and the misinformation they had on the Bwadawansh Bridge, Mr Speaker. I said to them audit it. They audited it. They got some of their surrogates to look into all kinds of investigations in the Bwadawansh Bridge. I challenged them, Mr Speaker. You know what happened? There were cost savings on the Bwadawansh Bridge. They were actually cost savings. We saved on the Mr Speaker. But no one is speaking about the bypass road that was built for $3 million on the Iraq award if no tender. That's what we have to talk about, Mr Speaker. But, Mr Speaker, learn from the Q&A, it was for the Groza Highway. But the Bwadawansh Bridge was a world bank finance project that went to international tender. International tender, Mr Speaker. The design was supervised by the Army Corps of Engineers. And the Bwadawansh Bridge was built to withstand a one-in-a-thousand-year event, Mr Speaker. Unless not good. The Bwadawansh Bridge has stood up, Mr Speaker. It has stood up, Mr Speaker. It's a special design bridge because we had the foresight. The government at the time had the foresight to know that you could not build a bridge if it was not. It was environmentally suitable and did not take the effect of climate change, Mr Speaker. That's why we built it, Mr Speaker. There were all sorts of misinformation as usual. And up to today, the bridge is still standing. Just as the member of the Castree Central says about the Groza Highway and the loan from the Q&A. But because of the fact that they had to be tendering for the Groza Highway. So, unilaterally, a man took a decision to cancel it. So, Mr Speaker, we already want members to support the spirit of legislation, Mr Speaker. It's a serious spirit of legislation. It's a legislation that will impact on the way government finances are borrowed. And it will put serious restrictions on the Ministers of Ireland. But restrictions that will benefit the people of Selussia. And will improve Selussia's reputation in the international world. The country's reputation, Mr Speaker. Because, Mr Speaker, a member stood in his honourable house and he attacked the Q&A government. I don't know if you recall that. Mr Speaker, I have a good sense of history, Mr Speaker. The Q&A government was attacked in his honourable house. The IFC and arm of the World Bank was attacked in his honourable house. The IFC was attacked, Mr Speaker, by a member of this parliament. Not a member right now in his honourable house. And praise God, the people ensured that this member did not return her. And the people ensured that he never returns. Attack the IFC, Mr Speaker. Attack the World Bank. But right now, Mr Speaker, the relationship between this government and the IFC has improved. The relations between this government and the Q&A government has improved. And very soon, Mr Speaker, the minister of infrastructure will have some very, very good news for you on the roads in the country's highway. I thank you, Mr Speaker.