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Gov’t will continue to meet debt commitments as they become due and payable

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Prime Minister Gaston Browne has given his government’s commitment to make every effort to meet its debt commitments as they become due and payable.

Speaking in the House of Representatives on Thursday, Prime Minister Browne said that despite the downturn in the economy occasioned by the COVID-19 Pandemic, resulting in a cash-flow difficulties, the Government has not defaulted on any of its debt service obligations on the Regional Government Securities Market.

PM Browne informed the House that it is estimated that the total public sector debt to GDP, at December 2020, amounted to 89 per cent.

“It will be recalled, that it was our Government’s policy to lower the debt to GDP ratio, and at the end of 2019, we had done so successfully, reducing the ratio to 67 per cent. At the end of 2020, the Government’s total public debt portfolio was $3.34 billion, of which central government debt was $2.85 billion and $490 million was government guaranteed debt. Of that amount, external debt was $1.68 billion and domestic debt amounted to $1.7 billion,” he said.

He noted that because of the skewed criterion of ‘high per capita income’, the country could not access concessional funding or grants from the international financial institutions as did a number of other countries in the region. He said his nation was punished for its good economic performance by being denied assistance, when consideration was most needed.

“Therefore, we borrowed from willing lenders, among whom were the Eastern Caribbean Central Bank and the Regional Government Securities Market. Others gave us cash flow relief for which we are grateful. They include: the Caribbean Development Bank, the Abu Dhabi Fund, and domestic Banks,” he pointed out.

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PM Browne said that despite the challenges, his government has not laid off one public servant, and has maintained spending on the health, education, and the well-being of the nation.

“That, Mr. Speaker, is not only good governance; it is indicative of good performance!,” he said.

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REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]