Philip J Pierre the Prime Minister of Saint Lucia has presented the revenue and expenditure estimates for 2024-25. He expressed hopes for an economic boost by implementing innovative government policies in the next two years.
According to Prime Minister Pierre the 2024-25 estimates will lay the foundation for sustainable growth in the country’s economic sector. Moreover t will provide real hope to people about investment and employment opportunities across all major sectors of the economy.
The PM also underlined that “We were able to achieve this feat despite the economic setback caused by the COVID-19 pandemic. We will continue to provide tangible expressions of our commitment to putting people first”.
While speaking specifically about the functioning of the Government the PM stated “We are an accountable government. This government is credible and delivers on its promises. This government has earned trust, increased investors’ confidence and respect, and ensured fruitful cooperation with friendly governments and regional and international institutions”.
The initial data up to February 2024 showed that the Government would spend approximately $1.68 billion for the fiscal year 2023/2024, an estimated 9.3 per cent below the approved estimates of $1.856 billion. At the same time, in 2023/24, Expenditure on Government Operations fell by 9.0 per cent from $1.44 billion to $1.31 billion due to a reduction in project operation costs.
According to the estimates this year’s primary surplus was $104 million, $42 million more than last year and $62 million more than the approved estimates.
It is important that the primary balance is 1.5% of GDP compared to 1% last year. The analysis also shows that the results of this fiscal year were better than last year showing an improvement in the performance of the Saint Lucian economy.
PM Pierre added that the prudent fiscal management of the country’s finances has paid dividends. “I am looking forward to the day when our Revenue and Grants will be sufficient to cover Current and Capital expenditures, leaving us with an overall surplus. If this country is kept in the hands of responsible men and women to administer it will happen soon” added the PM.
