Roseau, Commonwealth of Dominica: Prime Minister Dr Roosevelt Skerrit remarked over the 2023-24 national budget, which according to him, would be holistically looking over the sustainable development of the nation and ensure that the citizens remain least affected by the global crisis.
The comments came from PM Roosevelt Skerrit during his press conference held on Wednesday, May 10, 2023. As PM noted that countries like Dominica would certainly be affected by global events like the Russia-Ukraine conflict while the battle to recover from the aftermath of the Covid-19 pandemic continues simultaneously.
Therefore, the formulation of the national budget will certainly be completed, keeping these events in mind.
In addition to this, PM Skerrit mentioned the banking crisis that has impacted big economies like the United States. Elaborating on it, he stated the disruption in the global supply chain, which arose from the Russia-Ukraine War, has driven the prices of food and essential commodities far from the reach of many. With the action of the dynamic market forces, the prices of fuel have also skyrocketed.
Further, the Prime Minister expressed concern over the vulnerability of the small islands, which can be attributed to their small size and population. However, focusing on the brighter side, he added that the National budget 2023-24 would provide for sustained growth, which the government is trying to ensure with its investments in tourism and agriculture and strategizing public sector expenses to maximum potent gains.
At the same time, the sectors such as Construction, Manufacturing industries and the digital economy need to be consolidated to further build on the gains that the country has made since the pandemic.
The PM also reiterated the fact that the budget would be characterized by its transparency and inclusivity, such that it brings out the best returns from the advances the government has made in the development of renewable energy, construction of the country’s first International Airport, hospitality industry and agriculture.
“We’ll bring out a fiscal package which is responsive to the needs of our people and reflects on our responsible approach that we have always followed in the management of this country’s affairs”, stated PM Skerrit.
Concluding the address, PM Skerrit informed that the Finance Minister would consult with various stakeholders as customary in the budget preparations.