Castries, Saint Lucia: Philip J. Pierre, Prime Minister of Saint Lucia, declared that for the fiscal year 2022–2023, the Government remained within its budget ceiling and that the economy performed significantly better than expected.
The fiscal health of the Government is anticipated to improve. By the year’s end of 2023, it is estimated that the fiscal deficit will have shrunk from a goal of $394.6 million, or 5.2% of GDP, in the approved projections to an estimated $150.2 million, or 2.7% of GDP.
In addition, a $29.6 million primary balance is predicted compared to a $220.1 million primary deficit.
These budget projections aim to continue cleaning up the previous Government’s numerous economic problems and reestablish the social and economic foundations required for economic growth and the production of wealth and prosperity for everybody.
He has the following ideas for the 2023–2024 budget. These forecasts seem reasonable based on the conditions we will have to work in.
- The Saint Lucian administration suggested spending $1.856 billion.
- Out of this amount, $1.442 billion will be spent on recurring expenses.
- $302.14 million to be spent on capital expenses.
- $218.93 million on interest payments
- Principal Payments or Amortizations of $112.25 million.
“Our statisticians expect an additional rise in our GDP for the calendar year, as GDP is projected at approximately $6 billion as opposed to $5.5 billion in the current financial year,” continued PM Philip J. Pierre. The GDP in 2021–2022 was $4.91 billion”.
The government has stated its intention to continue lowering its liabilities, payables, and commitments to third parties in the upcoming budget year, according to PM Philip J. Pierre.
It is impossible to overstate their government’s dedication to budgetary restraint, especially given that they plan to maintain responsible macroeconomic metrics.
As a result, they anticipate a primary surplus in the 2019 Budget of about $42.54 million, or 0.7 percent of GDP—comparatively, $29.5 million, a 44% rise from this year.