Saint Lucia government seeking “financial relief” too: Chastanet

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Saint Lucia government seeking “financial relief” too: Chastanet
Castries, the financial capital of St. Lucia (Source: Tobias Kappel)
Castries, the financial capital of St. Lucia (Source: Tobias Kappel)

(St. Lucia News Online) — While many Saint Lucians are stranded in debt due to the worldwide onslaught of the COVID-19 pandemic, governments around the world are not immune to this unfortunate circumstance.

The Saint Lucia government is at this moment seeking financial relief from its creditors, just the same way citizens and residents are hoping to get relief from its creditors, as well as landlords and utility companies.

Prime Minister Allen Chastanet said the government is working closely with financial institutions such as the Saint Lucia Bankers Association, the Eastern Caribbean Central Bank, the Caribbean Development Bank, the World Bank, the International Monetary Fund and other international development partners “to seek financial relief”.

He made the disclosure during his presentation to the nation last Wednesday on phase one of the government’s Social Stabilization Programme.

Relief sought includes a moratorium on debt payments, grant funding, policy-based loans, and budgetary support, Chastanet said.

“This will go a long way in providing the government with some funding in order to bring relief to those who have been adversely affected by COVID-19 and to help stabilize the economy,” he said.

The prime minister said his government is already working on an economic stimulus package.

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