HomeNewsPhilip J Pierre shared his vision with budget for 2024-2025

Philip J Pierre shared his vision with budget for 2024-2025

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Saint Lucia: Philip J Pierre, the serving Prime Minister of Saint Lucia, shared the plans of the government for the estimated revenue and expenditure from the national budget for the financial year of 2024-2025. He shared the details just after the announcement of the budget of Saint Lucia recently and also made a comparison with the 2023-2024 performance.

The Prime Minister mentioned in his statement that the government is looking to lay a strong foundation in the financial year of 2024-2025, which could help in the sustainable development of the national economy.

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Philip J Pierre intended to take measures that could help to bring investments into the nation by establishing multiple opportunities for investing. The plan is to provide growth to the people also with more employment opportunities throughout the different sectors.

PM Pierre said, “We were able to achieve this feat, despite the precarious position of the economy in 2021 and worsened by the COVID-19 pandemic. We will continue to provide tangible expressions of our commitment to Putting People First.”

The Prime Minister mentioned about the planning and the achievement of the government in the last financial year of 2023-2024. He highlighted, how the government was able to achieve the targets, fulfilling the promises made to the people. PM represented it as a reason for the credibility of his government which made good cooperation at national and international levels.

Philip J Pierre mentioned, how efficiently the government led the project in the last budget tenure by bringing good reduction in project operation costs without making any compromises. In the last fiscal year, the government was able to bring a difference of nearly 9% in spending below the allotted budget.

PM Pierre mentioned, “This year there was a primary surplus of $104 million, $42 million more than last year, and $62 million more than the approved estimates. Current account surpluses of $156 million or $47 million over 2023 and Recurrent Account Surplus of $46 million or $39 million over 2023. The Primary Balance is 1.5% of GDP as compared to 1% last year.”

In the end, PM Philip J Pierre shared his vision which is to achieve sufficient Revenue and Grants in Saint Lucia that could help the nation to cover Current and Capital expenditures together while keeping the national economy in an overall surplus.

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The PM mentioned that the aim could be just achieved if the nation will be in responsible hands, running the government and making the right decisions through proper administration. He said that, as Saint Lucia is in the state now, it can be achieved soon.

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