Prime Minister Pierre says the figures show that the country’s economy continues to grow. One of the aims outlined by the Prime Minister is the gradual reduction of debt.

“The country is developing the capacity to reduce its level of debt over time.”

The $104 million surplus increased from last year’s and now accounts for 1.5% of GDP. The Prime Minister also disclosed that the government raised $1.68 billion during the 2023/24 financial year and the country’s expenditure is 9.3% below the estimated figure.

These gains, Pierre says, should not be seen as the government having “extra cash”. He says his administration remains committed to meeting its financial obligations for the incoming financial year.

“These surpluses are not to be interpreted as the government having extra cash. Instead, it is the result of prudent fiscal management of the country’s finances, which allowed it to more than meet its recurrent expenditure, leaving excess revenue to cover, in part, the country’s debt obligations, interest payments and principal payments.”

The Prime Minister, blowing his own horn, said the country’s economy is performing better than last year’s, and if kept in the Labour Party’s hands, the deficit gap will be reduced, if not eliminated.

“If this country is kept in the hands of responsible men and women to administer, as is the case now, it may very well get there. The analysis shows the results of this fiscal year were better than last year, illustrating an improvement in the performance of the Saint Lucian economy,” the Prime Minister explained.

Prime Minister Pierre says the administration’s policies will be explained in April during the Appropriation Bill.