House meets Tuesday to guarantee $202.5M HIA redevelopment loan

The House of Assembly will meet on Tuesday November 10th with one of the key Motions relating to financing for the Hewanorra International Airport Redevelopment Project.

Parliament is seeking to authorise the Minister of Finance to guarantee a loan on behalf of the Saint Lucia Air and Sea Ports Authority in the amount of EC$202,500,000.00 for financing HIA Redevelopment Project.

That money is being borrowed from a syndicate of banks led by the Bank of Saint Lucia Limited. Here are their contributions to the loan:

Another Motion seeks to authorise the Minister of Finance to borrow US$30,000,000 from the Caribbean Development Bank. This consists of a Special Funds Resources portion in the amount of US$10,800,000.00 and an Ordinary Capital Resources portion in the amount of US$19,200,000.00.

The money is to finance the implementation of policy reform initiatives designed to support Saint Lucia’s COVID-19 Crisis Response and achieving fiscal stability;

The House will also seek an affirmation resolution approving the draft Value Added Tax (Rate of Tax) (Tourism Sector Goods and Services) Order to vary the rate of tax for goods and services provided by a hotel and other providers in the tourism sector to set the rate of tax for tourism sector goods and services.

The rate of seven per cent tax applies to the a] tourism accommodation service and (b) the rate of ten per cent tax applies with regard to a supply of:

  1. food and beverages, including, alcoholic beverages, by a restaurant,
  2. water sports,
  3. tours conducted by land, air or sea within Saint Lucia, including a direct supply of transportation services by the tour operator as part of the tour package, but excluding an indirect supply of transportation services by a tour operator,
  4. Admission to heritage sites and other touristic attractions.

The following Bills are also down for consideration: