Saint Lucia: Ernest Hilaire – Deputy Prime Minister of the Caribbean country Saint Lucia is all set to participate in the debates on the Estimates of Revenue and Expenditure 2023-2024 on Friday, 31st March 2023, starting from 10 am.
As per the recent updates, the information regarding the participation of Deputy Prime Minister Ernest Hilaire was shared through his official social media handle. He extended his heartiest greetings while inviting the citizens and residents of the country to join in the debate to get the latest updates on Revenue and Expenditure Estimates for 2023-2024.
Additionally, while mentioning the details of the ongoing debates in the Caribbean country, press secretary to the Prime Minister of Saint Lucia, Philip J Pierre, also invited the people of Saint Lucia to the discussions and stated, “Tune in to the Government of Saint Lucia, NTN and Rhythm FM 95.5 as the Leader of Government Business Hon. Dr Ernest Hilaire is all set to take part in the ongoing debate event.”
On her part, she also noted that during the discussion conference, Philip J Pierre, the Prime Minister and Minister for Finance, will present his rebuttal and close the debate on the Estimates of Revenue and Expenditure. “Be sure to tune in,” she added.
The reports have also stated that the Prime Minister of Saint Lucia, Philip J Pierre has, taken part in the debate yesterday and presented his take on the estimates of the revenue and expenditure for 2023-2024. In his remarks, he cited that the nation has been moving forward on the right pathway as the budget ceiling and economy have been performing much better than anticipated.
Furthermore, while mentioning the current situation of the revenue and expenditure estimates, he was pleased to report that the Government of Saint Lucia has been successful in maintaining the decided budgets.
During his speech, PM Pierre conveyed that the fiscal operations of the government are further expected to improve and grow along with the narrowing down of fiscal deficit from $394.6 million or 5.2 per cent of the GDP in the approved estimates to an estimated $150.2 million or 2.7 per cent of GDP by the end of 2022.
Additionally, he added that the government would keep correcting the mess created by the previous administration in terms of economic factors, and there is a large scope in this direction. Moreover, he proposed the budget for 2023-2024, which reads below:
“These projections are realistic based on the environment under which we will be called on to operate,” said PM Pierre.
● We 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.
“I cannot 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,” he stated.