A new Commonwealth documentary released today takes viewers inside Saint Lucia’s Ministry of Finance to show how better data, technology and transparency are changing the way the country manages its public debt.
The film, ‘Managing Debt, Delivering Development’, follows the leaders and officials responsible for managing Saint Lucia’s debt and shows how the country has moved from fragmented records and manual processes to a single, central source of debt information using the Commonwealth Meridian system. The shift is helping officials get a clearer, real-time picture of the country’s debt, and make faster, more informed decisions about what comes next.
In the documentary, Hon Philip J. Pierre, Prime Minister and Minister of Finance of Saint Lucia, makes clear why transparency matters.
He said:
“We always believe as a government that debt ought to be very transparent. There ought to be no secrets between a government and the people. Every quarter, we publish a document that actually is a public document. Everyone can see it and it gives full details of every cent that the country owes.”
The Prime Minister credited the Commonwealth Secretariat with supporting publication of Saint Lucia’s quarterly debt bulletin, which he said gives the public full details of what the country owes. He encouraged other Organisation of Eastern Caribbean States (OECS) countries to consider a similar approach to making debt information publicly available.
Watch Managing Debt, Delivering Development
Commonwealth partnership in action
Reflecting on the partnership, Commonwealth Secretary-General Hon Shirley Botchwey said:
“Saint Lucia’s experience is a powerful example of Commonwealth partnership in action. Over the past few decades, the Commonwealth has been proud to work alongside Saint Lucia as it transforms the way it manages public debt.
“Debt management is about choices. I commend Saint Lucia for making choices with its people in mind, balancing its debt obligations with the need to protect fiscal space for public services and development.”
Over the past few decades, Saint Lucia and the Commonwealth Secretariat have worked together to strengthen the country’s approach to public debt management, combining the Commonwealth Meridian system with policy advice and technical assistance.
Francis Fontenelle, Permanent Secretary for Saint Lucia’s Ministry of Finance, said:
“The Commonwealth Secretariat helped us put a framework in place for our debt management and helped us develop the whole front office, middle office, back office… to see the data as a portfolio to be managed in a particular manner.
“This is important because if you manage the debt efficiently, money that would otherwise have gone towards debt interest payments can go towards society.”
From multiple spreadsheets to one system
Imran Williams, Director of Finance at the Ministry of Finance, said:
“Without data, you cannot make timely, correct, and holistic decisions. Prior to the Meridian system… you are dealing with debt compilation on Excel spreadsheets… so there was no centralised repository where you can… do a comprehensive analysis on all the status of your data.
“If you want how much debt is maturing within a 12-month period, it is a simple run on Meridian right now. You can pull up that information straight away, so at any point in time you have a real-time understanding of what your debt situation is.”
Imran described Meridian as an excellent tool that enables his office to analyse different types of debt and make informed decisions based on up-to-date information. Meridian is a software solution that combines cutting-edge technology with evolving debt management products and practices, giving governments the information and foresight they need to manage their debt obligations. It is currently operational in 45 countries, managing debt portfolios worth a combined US$4 trillion.
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