Pierre’s New Budget Promises To Build Resilience

The Estimates of Revenue and Expenditure for the financial year 2024-2025, presented by Prime Minister and Minister for Finance Hon Philip J. Pierre on March 26, 2024, confirm that Saint Lucia convincingly surmounted global economic instability, sharp rises in interest rates, record high inflation, stubborn supply chain bottlenecks and the challenges posed by conflicts in Gaza and Ukraine. Prime Minister Pierre leads a skilled and competent cadre of men and women serving in the Cabinet of Ministers, ably supported by trained and experienced technocrats in the public service. Their collective effort has extended Saint Lucia’s economic gains over the previous financial year and stabilised the government’s fiscal position. “…this government, as the economic data will show, has done well in managing the economy. Our financial ratios illustrate fiscal prudence and responsibility.” Said Prime Minister Pierre. At a Glance: FY 2023/24 Revenue In the 2023/24 financial year, $1.68 billion in revenue was raised to finance government operations and capital projects. Expenditure The 2023/24 Budget ceiling stood at $1.856 billion. Preliminary data up to February 2024 points to the government spending approximately $1.68 billion or an estimated 9.3% below the approved estimates of $1.856 billion. Surpluses  Primary surplus: $104 million ($42 million...