A state-of-the-art software program developed by the Commonwealth Secretariat has been rolled out in Saint Vincent and the Grenadines to remodel how the nation manages its public debt portfolio of US $2.2 billion.
Saint Vincent and the Grenadines is the final sovereign state of the Japanese Caribbean Financial and Foreign money Union (ECCU) to undertake the software program, often known as Commonwealth Meridian, inside its nationwide infrastructure.
The method began with a workshop, co-organised by the Commonwealth Secretariat and the Authorities of Saint Vincent and the Grenadines, within the capital metropolis of Kingstown from September 18 to 29.
Individuals attending the workshop included officers from the nation’s Debt Administration Workplace, Financial Analysis and Coverage Unit, Treasury, and Exterior Audit Unit.
Throughout the workshop, individuals obtained hands-on coaching to report, report, analyse and handle numerous varieties of debt – encompassing exterior and home, in addition to assured and non-guaranteed public debt – utilizing the software program’s strong capabilities.
‘A helpful device’
Opening the workshop, Harold Lewis, Head of Saint Vincent and the Grenadines’ Debt Administration Workplace, stated:
“As debt administration operations proceed to evolve, we see the migration to utilizing Commonwealth Meridian as a key helpful device for the Debt Administration Workplace and different key stakeholders.
“Meridian, as a web-based debt system, now supplies us with enhanced and user-friendly capabilities to enhance information high quality when it comes to accuracy, timeliness, and completeness; thereby selling larger debt transparency.”
Commonwealth Meridian replaces its predecessor, the Commonwealth Secretariat: Debt Recording and Administration System (CS-DRMS), which has helped Saint Vincent and the Grenadines report and handle its public debt since 1988.
‘A major milestone’
Talking in regards to the workshop, Joanne Allin, Enterprise Analyst on the Commonwealth Secretariat’s Debt Administration Unit, stated that the roll-out of Commonwealth Meridian in Saint Vincent and the Grenadines marks “a big milestone” in modernising the nation’s debt administration operations.
She continued: “By leveraging superior know-how and complete coaching, the initiative will enhance effectivity, accuracy and transparency in managing the nation’s debt.
“This can go a good distance towards attaining debt sustainability and fostering resilient financial progress within the area, finally making a optimistic impression on the lives of individuals in Saint Vincent and the Grenadines.”
Commenting on the workshop, Juletta Edinborough, Fiscal and Debt Specialist on the Japanese Caribbean Central Financial institution, stated:
“The implementation of Commonwealth Meridian throughout the Japanese Caribbean Financial and Foreign money Union is a significant achievement for debt administration. Nations can now utilise this contemporary and highly effective system to report and handle their debt portfolios.
“The system provides larger flexibility within the varieties of devices recorded, a welcomed innovation, as nations can now report all of their non-traditional home debt devices, which was not attainable with the legacy system.”
First developed in 1985, the Commonwealth Secretariat’s debt administration system goals to enhance financial efficiency by serving to nations report and handle debt.
The upgraded system, Commonwealth Meridian, was launched in 2019 and is already in use in 47 nations all over the world.
