Contention has once again been sparked between Leader of the Opposition Hon. Allen Chastanet and Prime Minister Hon Phillip J Pierre, this time over parliament’s decision, to guarantee an 80 million dollar loan from 1st National Bank to the National Lotteries Authority (NLA).
The loan was secured for the implementation of a Youth and Sports infrastructure rehabilitation programme. In a letter dated March 26th, 2024, Chastanet expressed concern with several aspects of the agreement, most notably that the NLA was not equipped for project implementation and the fact, that the loan repayment amount mirrors the authority’s monthly earnings. Chastanet requested that Pierre provide further clarification on the NLA’s ability to not only service the loan, but to adequately implement the programme for which the loan guarantee was obtained.
Meanwhile Prime Minister Pierre has taken umbrage with the fact that the Letter was addressed not only to him, but copied to the World Bank and the International Monetary Fund (IMF). According to Pierre, the letter was designed not to express Chastanet’s concerns, but to foster dissent between St Lucia and these international financial institutions. Pierre has accused Chastanet of intentionally trying to harm the island’s cooperative relationship with both the World Bank and the IMF.
For his part, the Leader of the Opposition has denied any such intentions. He asserts that the letter was self explanatory and was designed simply to call attention to the disparities embedded in the agreement.
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