A CENTRALIZED INTERNAL AUDIT FUNCTION WILL BE ESTABLISHED WITH A VIEW TO PROTECTING ASSETS, REDUCING FRAUD.

The Government of Saint Lucia is paying close attention to public financial management with a number of initiatives, including legislative reform.

These initiatives come on the heels of the Caribbean Development Bank’s 2018 Country Economic Review, which indicated that public sector debt in Saint Lucia was estimated to be 67.8 percent of GDP at the end of 2018, down from 68.5 per cent a year earlier. The reduction in debt was consistent with improvements in fiscal outturns.

Governor General, HE Sir Emmanuel Neville Cenac, in delivering the Throne Speech on April 9, underscored the government’s commitment to economic governance.

Consequently, the existing Financial (Administration) Act Cap 15.01 will be repealed, and a new Public Financial Management Act introduced; a centralized internal audit function will be established, specifically with a view to protecting assets, reducing the possibility of fraud, increasing financial reliability and integrity, and ensuring compliance with applicable laws; and a Debt Management Strategy which aims to raise stable and consistent levels of financing at minimum cost, introduced.