Government Accentuates A People-Centric, Economy Boosting Approach
Legislators from Saint Lucia’s Lower House convened in parliament recently, engaging in a significant debate following Prime Minister Philip J. Pierre’s delivery of his third Budget Policy address. This year’s Budget, themed “The Year of Infrastructure,” spotlighted the administration’s strides in combating economic challenges and steering Saint Lucia towards a path of sustainable socio-economic development.
The Budget lays out policies aimed at strengthening the country’s fiscal health, spurring investment, economic development, and tangibly improving the lives of Saint Lucians.
“In this year of infrastructure, I am satisfied that we have undertaken sufficient policy initiatives and interventions to realise the objectives of greater efficiency, effectiveness, and responsiveness in our physical, social, and digital infrastructure,” PM Pierre emphasized during his parliamentary address.
“Alongside these infrastructural objectives, we anticipate growth in major economic sectors, increased job opportunities, particularly for the youth, enhanced social protection for the vulnerable, and a boost in governance confidence among potential investors and the international community,” he continued.
“By the end of this fiscal year, Saint Lucia is expected to be in a much better place,” he concluded.
PM Pierre highlighted the economic growth Saint Lucia has witnessed over the past three years, with many sectors experiencing a rise in business confidence and a decline in unemployment.
“The investments and employment opportunities across all major sectors of the economy will bring real hope to our people. We aim to build on our previous successes, which have led to impressive economic growth rates following a significant contraction in 2020,” stated the Finance Minister.
The Year of Infrastructure and Economic Transformation
The Year of Infrastructure signals a phase of revolutionary transformation for Saint Lucia, with physical infrastructure such as roads, bridges, and public buildings slated for multi-million-dollar upgrades.
PM Pierre revealed that the government is initiating negotiations with a Private Sector Developer for an investment of $200m in the National Road Development Programme, marking a significant step towards infrastructural enhancement.
“In December 2023, we introduced an infrastructure option to diversify our funding avenues. This option allows developers to finance approved projects in selected areas and recoup their expenses through the Citizenship by Investment Program (CIP), enabling significant improvements in road networks, community projects, and housing without increasing the nation’s debt,” he elucidated.
Additionally, the prime minister announced substantial investments in the digital realm to augment efficiency in public services and enhance public engagement.
“The 2024/25 Budget is designed to provide direct support to a broad spectrum of the Saint Lucian populace, from preschools to pensioners. A one-off payment of $2,500 will be made to each of the ninety-three privately registered Early Childhood Centres to assist with educational supply expenses,” he detailed.
The Budget, as outlined by the Prime Minister, is crafted to elevate the living standards of ordinary Saint Lucians, offer increased support to vulnerable groups, and propel national development forward, reflecting the government’s commitment to a people-centric and economy-boosting approach.
