“I have absolutely no intention of increasing VAT,” assured Prime Minister Philip J. Pierre at Monday’s presser as the government prepares to introduce the largest estimates of revenue and expenditure the country’s economy has ever seen.
The estimates will be laid on March 25, 2025 at 5 o’clock in the evening as is customary. Prime Minister Pierre boasts of his government’s fiscal management over the last financial year and says this large budget is indicative of economic growth.
“I will be presenting to the House of Assembly Saint Lucia’s largest budget ever – a two billion dollar budget. I’m very excited to present it to the people of Saint Lucia and the budget will show the level of fiscal prudence and growth in the economy,” Pierre said.
In last year’s budget, the Prime Minister announced that the country recorded surplus revenues for the first time in two decades. This year will be no different. “It will show that we are running some serious surpluses that are necessary for the continuation of the economic development of Saint Lucia.”
Last year, the Primary surplus was $104 million ($42 million more than 2022/23 and $62 million more than the approved estimates), the Current account surplus was $156 million ($47 million over 2023) and the Recurrent Account Surplus: $46 million ($39 million over 2023).
Prime Minister Pierre added that the government’s Appropriation Bill – the statement of the government’s policy over the next fiscal year – will be presented on the last Tuesday of April.
According to Pierre, this year also sees another addition: “Normally, when the estimates are read by the Minister of Finance on Tuesday, debate starts on Wednesday. Out of the abundance of caution and the very fact that we are so confident of the figures, we have given the opposition a whole day. So the debate will start on Thursday instead of the customary [Wednesday]. So I deliver on Tuesday afternoon at five and the opposition will have a whole day to examine the estimates. That never happened before in Saint Lucia.”
Last year, Opposition Leader Allen Chastanet refused to speak, citing too little time to prepare his presentation.
