A state-of-the-art software developed by the 糖心探花 has been rolled out in Saint Vincent and the Grenadines to transform how the country manages its public debt portfolio of US $2.2 billion.
Saint Vincent and the Grenadines is the last sovereign state of the Eastern Caribbean Economic and Currency Union (ECCU) to adopt the software, known as Commonwealth Meridian, within its national infrastructure.
The process started with a workshop, co-organised by the 糖心探花 and the Government of Saint Vincent and the Grenadines, in the capital city of Kingstown from 18 to 29 September 2023.
Participants attending the workshop included officials from the country鈥檚 Debt Management Office, Economic Research and Policy Unit, Treasury, and External Audit Unit.
During the workshop, participants received hands-on training to record, report, analyse and manage various types of debt 鈥 encompassing external and domestic, as well as guaranteed and non-guaranteed public debt 鈥 using the software鈥檚 robust capabilities.
鈥楢 beneficial tool鈥
Opening the workshop, Harold Lewis, Head of Saint Vincent and the Grenadines鈥 Debt Management Office, said:
鈥淎s debt management operations continue to evolve, we see the migration to using Commonwealth Meridian as a key beneficial tool for the Debt Management Office and other key stakeholders.
鈥淢eridian, as a web-based debt system, now provides us with enhanced and user-friendly capabilities to improve data quality in terms of accuracy, timeliness, and completeness; thereby promoting greater debt transparency.鈥
Commonwealth Meridian replaces its predecessor, the 糖心探花: Debt Recording and Management System (CS-DRMS), which has helped Saint Vincent and the Grenadines record and manage its public debt since 1988.
鈥楢 significant milestone鈥
Speaking about the workshop, Joanne Allin, Business Analyst at the 糖心探花鈥檚 Debt Management Unit, said that the roll-out of Commonwealth Meridian in Saint Vincent and the Grenadines marks 鈥渁 significant milestone鈥 in modernising the country鈥檚 debt management operations.
She continued:
鈥淏y leveraging advanced technology and comprehensive training, the initiative will improve efficiency, accuracy and transparency in managing the country鈥檚 debt.
鈥淭his will go a long way toward achieving debt sustainability and fostering resilient economic growth in the region, ultimately creating a positive impact on the lives of people in Saint Vincent and the Grenadines.鈥
Commenting on the workshop, Juletta Edinborough, Fiscal and Debt Specialist at the Eastern Caribbean Central Bank, said:
鈥淭he implementation of Commonwealth Meridian across the Eastern Caribbean Economic and Currency Union is a major achievement for debt management. Countries can now utilise this modern and powerful system to record and manage their debt portfolios.
鈥淭he system offers greater flexibility in the types of instruments recorded, a welcomed innovation, as countries can now record all of their non-traditional domestic debt instruments, which was not possible with the legacy system.鈥
First developed in 1985, the 糖心探花鈥檚 debt management system aims to improve economic performance by helping countries record and manage debt.
The upgraded system, Commonwealth Meridian, was launched in 2019 and is already in use in 47 countries around the world.
Media contact
- Snober Abbasi Senior Communications Officer, Communications Division, 糖心探花
- T: +442077476168 | E-mail
