 Thank you, Mr. Speaker. Mr. Speaker, I rise in support of the resolution on the floor of this honourable house today. But before I speak on this resolution, Mr. Speaker, I beg your permission to express my condolences to the people in my constituency who have passed but more so to the people, to the families and friends of Mr. Donnie MacKennan who was murdered in Souffre on Saturday. Mr. Speaker, it is always so difficult to lose a loved one and a friend. But I believe it is critical as a parliamentary rep that I express the feeling of the people of Souffre and my own personal feelings. I also want to take this moment, Mr. Speaker, to wish Mr. Peter Jackson a speedy recovery. Mr. Speaker, today as well, with your permission, I want to recognise the women in this parliament and the women of St. Rusia as we continue within our 16 days of activism against violence. Mr. Speaker, I also want to take this moment to thank the Honourable Prime Minister for his support in recognising gender balance. And in having and electing our first female leader of the Senate, President of the Senate, Mr. Speaker, this is a leader that is telling us that he understands gender balance. Mr. Speaker, on the issue before us, which is the resolution, by the Minister of Finance to borrow U.S. 102,128,298 U.S. dollars or approximately E.C. 276 million dollars from the Export-Import Bank of the Republic of China to provide budgetary support for fiscal year 2022-2023. Mr. Speaker, I listened attentively to the Minister of Finance and Prime Minister as he laid this resolution on the floor of this House. He cited the authority for doing so as Section 63.1A of the Public Finance Act Number 14 of 2020. Secondly, the Honourable Member outlined in detail the purpose of the said loan and some of the reasons he gave funding, as I said, the 2022-2023 budget, part payment for DFCs, which is the design finance construct projects, part payment for land acquisition, payment of local payables, and that is to local suppliers, persons who provide goods and services to the Government of St. Lucia, and to deal with some capital and current expenditure in the estimates. And the Honourable Member as well wrapped this all up in terms of ensuring that this loan would have the effect of economic recovery and growth. But Mr. Speaker, what I really want to speak on today is the last reason, which is the issue of debt reprofiling. Mr. Speaker, the issue of borrowing is of concern to all St. Lucia and consequently it is a national of national importance. So our discussion had today we have to be detailed and deliberate as to why we are coming to this Honourable House to borrow. Because John Public, that's what you're going to see. Why has the Government come in to take another debt? Because we know we are burdened. We inherited a huge portfolio of debt, Mr. Speaker. But so why are we doing this today? So, Mr. Speaker, first I want to make reference to the Prime Minister's budget address of April 26, 2022. And on page 58 of that budget address, Mr. Speaker, page 58 and 59. And if your permission I'll read a paragraph and I'm quoting from page 58, Mr. Speaker, on the debt management. Mr. Speaker, debt is an inescapable reality if we are to finance the capital investment necessary to expand the economy. While COVID-19 provided access to concessionary loans, the current disruption in the global economic environment brought about by the Russia-Ukraine War will result in higher interest rates making borrowing more expensive. Mr. Speaker, we will be frank and honest with the people of Saint Lucia about our debt position. The current level of public debt now stands at 90.6% of GDP or $4.13 billion. The debt stock includes central government debt, government-guaranteed debt, and public sector debt. But a paragraph that is more important, Mr. Speaker, and I'll read it now. It says the preferred route to bringing public debt under control is to generate surpluses on the primary account. In the current circumstances, this is not likely. And therefore, my government's immediate debt policy strategy is to reduce its dependence on short-term high-interest borrowing through the use of treasury bills and to pursue long-term financing with lower interest rates from multilateral agencies, financial institutions, and friendly governments. End of quote, Mr. Speaker. These are the words of the Prime Minister and Minister of Finance. So today what we are doing is just that, Mr. Speaker. This loan, and when I look at the estimate of revenue and expenditure for 2022-2023, and I go over to pages 650 to 653, which outlines in great detail the domestic debt, and that is the local debt, Mr. Speaker. And there, the balance, as of December 31, 2021, stood at $1.5 billion, Mr. Speaker. The end of importance is the interest payments of $107,666,856, Mr. Speaker. That is the interest on our debt annually. So the minister and as a government, the minister of finance had to look at ways to manage this. This is what we are doing today. This is part of our consolidation and reprofiling. And, Mr. Speaker, when I go through pages 60 to 65, in the estimate, the interest rates for our local debts and the honorable member presented this in some reform when he presented, the interest rates, 7.5, 7.5, 6%, 6.8%. And in some cases, these bonds and treasury bills are short term, Mr. Speaker. So today, the minister, we are doing what the minister of finance said he was going to do. And the proposal before us is to take a long-term loan, 20 years, including five years grace period. So, Mr. Speaker, the minister also outlined in some detail what he's going to do with the funds. And he indicated that in addition to meeting the capital expenditure from the estimate, he's going to pay land acquisition, part payment, local purchases, and part payment of DFCs, Mr. Speaker. So what I have done is to try to get a listing of our local payables, Mr. Speaker. And as at November 30th, 2022, we have the debt of approximately 132 million in local payables. That is saying that we are owing for rent. And that is persons who are renting to government throughout the country, suppliers of goods and services, persons who have provided services to our government and goods, that's our small businesses, our large businesses, lease payments to the NIC, NIC contributions, a total of 132 million. But what is important, Mr. Speaker, is that almost 64 million of this debt are very old debts, Mr. Speaker. And it is critical. It is critical in repositioning that our government pays some of these payables. It is critical. Secondly, when I got the listing for land acquisition, Mr. Speaker, and I've got three schedules here, there's a schedule where the cabinet has approved, and there are about 31 persons of and they are large landowners, totaling some $27 million, Mr. Speaker. 31. We have for small land owners another 45, Mr. Speaker. And then we have another schedule with another 36. And these acquisitions were for maybe infrastructural works like facing water tanks and things like that. Mr. Speaker, when I look at those persons, they are from all around. This schedule I have there, and I'll not call the names of the people. They are from Zephyesikwe, Millet, Ansleray, Vana, Lahou, Ansleray, Boyden, Souffre, Vierlit, Viewfort, Belfort, Souffre, Montparnasse, Tomazou, Boyden. It is telling us that persons throughout the country are waiting with better breath for some soulagement, for debt that previous governments encountered, but we as a government must continue and we must pay it, Mr. Speaker. The same goes for part payments of DFCs, Mr. Speaker. And if you have permission, when I look at the schedule that I received for DFCs, Mr. Speaker, I'm looking at a schedule as of last year. The total DFCs are $177 million, Mr. Speaker. Some $84 million was paid. The balance at the moment is some $114 million, Mr. Speaker. And that is design, finance, construct. These are commitments by the previous administration, but as a government, our prime minister continued to tell us we do not have to pay attention as to which administration incurred the debt, but it is a debt of the government of Central Asia. And we, as a government, should pay it. So, Mr. Speaker, the critical thing for us and to me, the critical message for the public today is that with this debt re-profiling, this government stands as an economy to save some $40 million in interest payments. To me, as a finance person, this is the most important message from what we are doing today, apart from ensuring that some of these managers get back into the economy and the persons paid can invest and we can see growth in the economy. For central government, we are saving some $40 million in debt expenditure, simply by having a long-term view on this debt, a debt that has given us a longer period to pay and at a lower interest rate. So, Mr. Speaker, I stand here and I say to the people of Senkusha, you have a government that is focused on efficiency, that is focused on good governance, and I support this resolution, wholeheartedly, Mr. Speaker. Thank you.