Castries, Saint Lucia: Prime Minister of Saint Lucia- Philip J Pierre expressed pleasure in presenting Estimates of Revenue and Expenditure in the parliament on Tuesday, March 28, 2023. He said that the government has performed well in the economy while remaining in the budget ceiling.
The government of Saint Lucia is also expecting significant improvement for the 2023/24 fiscal operations and a narrowing of the fiscal deficit is anticipated from a target of $394.6 million or 5.2 percent of GDP in the approved estimates to an estimated $150.2 million or 2.7 percent of GDP by year-end 2023.
Along with that, the primary surplus of $29.6 million is anticipated in contrast to a primary deficit of $220.1 million. He also proposed several following measures for the 2023/24 Budget and these projections are realistic based on the environment under which we will be called on to operate.
- They propose to spend $1.856 billion.
- Out of this amount, $1.442 billion is proposed to be spent on Recurrent Expenditure
- $302.14 million on Capital Expenditure.
- $218.93 million on Interest Payments.
- $112.25 million on Principal Payments or Amortizations.
PM Pilip J Pierre added that their statisticians are predicting a further increase in our GDP for the calendar year as GDP is projected at approximately $6 billion as compared to $ 5.5 billion in the current financial year. In 2021-2022 GDP was $ 4.91 billion.
“In this upcoming Budget year, we intend to continue to reduce our liabilities/payables and obligations to third parties. Icannot overemphasise my government’s commitment to fiscal prudence as we intend to continue to maintain prudent macroeconomic indicators. Therefore, in the upcoming Budget, we are projecting a primary surplus of approximately 0.7 percent of GDP or $42.54 million. As compared to $29.5 million, an increase of 44% over this year, ”said the prime minister.
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