2024-2025 Budget – Year of Infrastructure
By Caribbean News Global contributor
CASTRIES, St Lucia – Prime Minister and Minister for Finance Philip J. Pierre, will release the 2024-2025 budget [Estimates of Revenue and Expenditure] in parliament on Tuesday, March 26, 2024, and the policy statement on April 23, 2024.
“The Prime Minister has billed the 2024-2025 budget as the Year of Infrastructure, “heralds a wide range of government-backed investments in strategic capital projects and development programmes. These investments will modernize and revitalize public infrastructure and build capacity in the country’s human capital,” said the Office of the Prime Minister (OPM), in a press release Monday.
The OPM said Prime Minister and Minister for Finance Pierre’s presentation “will include a detailed review of the government’s balance sheet for financial year 2023-2024.”
The Citizen’s Guide to the 2023 – 2024 Budget – The-Citizen’s-Guide-to-the-2023-2024-Budget
“The 2024-2025 budget is fashioned from the needs and priorities of Saint Lucian citizens. It serves as the blueprint to construct a new economic pillar that supports the continuing development of our people and country,” the OPM added. “Prime Minister Pierre’s budget is fortified with targeted policies designed to advance the government’s development agenda and effectively navigate the economic headwinds on the international market.”
The debate on the estimates of revenue and expenditure will ensue on March 27, 2024, and conclude on March 28, 2024.
“The 2024-2025 budget – Year of Infrastructure – promises continuing progress and comprehensive solutions to national, regional and international challenges,” the OPM emphasized.
Estimates 2024-2025 – (Subject to embargo obligations)
It’s a noteworthy commendation that “It’s the first time that estimates have been given to the opposition, eight days before the debate,” said a confidential source. “The budget summary for 2024/2025 looks parallel in numerical terms to previous, albeit moderate increases and a new detailed layout.”
Prime Minister Pierre’s fiscal year 2024/2025 budget requests a moderate increase from the 2023/2024 budget is discretionary, based on taxpayers’ resource criteria and measures that do not undermine the country’s domestic and regional economic strength.
The discretionary increase allows for unprecedented improvements in service delivery, investments and funding by taxpayers, grants and diplomatic friends, and to help reduce the deficit for economic prosperity.
Wages and salaries continue to absorb above 47 percent of government tax revenue – the public service will have to improve efficiency and productivity – and deliver the expected results.
Pundits, the LOO, parliamentarians and financiers are expected to observe if there are factors of good and bad ratios that signal a failing or thriving economy:
Inclusive of unemployment, debt, or inflation – societal breakdown – shocks to aggregate supply or aggregate demand, market trends and structural policy, economic (in) equality, the impact of debt on the economy, ideal debt to GDP ratio, and the pros and cons of doing business in Saint Lucia, potential growth estimates and economic stability, within a regional and global perspective.
Investors that have indicated expressions of interest to explore business endeavours in Saint Lucia will get a further opportunity to examine linkages between economic and social development, and security. Reportedly, the government intends to embark on a strategic mission to attract foreign direct investment from multinational dimensions.
Attention will also be paid to revenue, grants, expenditure, the current account, capital expenditures, debt-to-GDP ratio, and government net financing requirements – External borrowing and T-Bills and bonds.
Saint Lucia needs sustained investment flows to grow the economy, support underserved and low-income communities. This is key to increasing and maintaining sustained momentum for economic growth.
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