COMMENTARY: Auction time? The disposition of maturing government bonds in St Lucia

Commentary by Melanius Alphonse

A statement from the board of directors of the National Insurance Corporation (NIC) to address the “bridging finance facility” of EC$100 million to the government of Saint Lucia, for the purpose of repaying bonds maturing July 30 and 31, 2018, stated:

“The general public may have been misinformed. We would like to assure all stakeholders, including contributors, pensioners, employees, and other service providers, that we would not take any decision that would either impair the Corporation’s ability to discharge its obligations in the normal course of business, or adversely impact the long-term viability of the Corporation.”

The NIC statement raised more questions than answers, consistent with the norm for the government of Saint Lucia in…

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