(1) The Minister responsible for finance may guarantee with the approval of the House of Assembly, in such manner and on such conditions as he or she thinks fit, the payments of the principal and interest in respect of any authorized borrowing of Invest Saint Lucia or in respect of any borrowing guaranteed or secured by Invest Saint Lucia.
(2) Where the Minister responsible for finance is satisfied that there has been a default in the repayment of any principal amount or interest guaranteed under the provisions of this section, he or she shall direct the repayment out of the Consolidated Fund and resources of the State of the amount in respect of which there has been such default.
(3) Invest Saint Lucia shall make to the Accountant General, at such times and in such manner as the Minister responsible for finance directs, payments of such amounts as directed in or towards repayment of any sums issued in _ulfilment of any guarantee given under this section, and payments of interest on what is outstanding in respect of any sums so issued at such rate as the Minister responsible for finance directs, and different rates of interest may be directed as regards different sums and as regards interest for different periods.