Office of the Prime Minister – On September 16, 2024, Prime Minister Hon. Philip J. Pierre tabled the Insolvency Bill in Parliament. The proposed legislation provides a legal framework for individuals facing financial difficulties to renegotiate their debt obligations with creditors through structured proposals. This bill aims to strike a balance between the interests of debtors and creditors while addressing the issue of non-performing loans within financial institutions. One of the most notable features of the bill is the protection it offers to primary residences. It exempts a certain portion of a debtor’s equity in their main home from creditors, ensuring that families can retain their homes while managing their debts. This bill provides significant benefits to consumers, including: Debt Forgiveness: Enabling borrowers to negotiate partial or complete debt forgiveness. Affordable Restructuring: Establishing a low-cost, out-of-court process for debt restructuring, allowing borrowers and creditors to reach mutually beneficial agreements. Creditor...

Prime Minister Philip Pierre Office of the Prime Minister – The Ministry of Finance has commenced the Mid-Year Budget Review for 2024/2025, a key process to assess the implementation and progress of initiatives outlined in the 2024/2025 national budget. Led by the Prime Minister and Minister for Finance, Hon. Philip J. Pierre, the review brings together senior government officials and agency heads from October 15 to October 17, 2024. The sessions will focus on evaluating the budget’s performance thus far, identifying challenges, and considering any necessary adjustments as the fiscal year progresses. Following the review, the government will work to address challenges impacting budget implementation and remove bottlenecks to ensure more efficient execution. Additionally, the government seeks to identify issues —whether legislative or procedural—that may hinder progress. Adjustments to policies, standard operating procedures (SOPs), and other relevant frameworks will be considered to enhance the implementation process. The Mid-Year Review will...