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Contact:
Rose Marie Harris
Thursday, April 10, 2003 – During this financial year, government will
set the wheels in motion to achieve recurrent cost containment and direct
resources to stimulate capital investment, maximise revenue collection, contain
inflation and significantly reduce borrowing. Prime Minister and Minister for
Finance, Honourable Dr. Kenny Anthony, says the strategy being used to achieve
its goal is predicated on the absence of major changes to the current regional
and international situations. He also explained that should there be an adverse
change to the prevailing circumstances, then it will be necessary to review the
strategy to make the necessary adjustments.
To accomplish the objectives in cost containment, government will put a number
of measures in place. The Miami Consulate will be closed down by September as
part of a wider process of adjustment in the overseas Missions of the Ministry
of Foreign Affairs. The operations of the Gaming Authority will be suspended and
in its place a desk will be established at the Ministry of Tourism to handle
queries from potential investors.
Government will continue the freeze on hiring of public servants to vacant
positions and also contain expenditure on external training. The Prime Minister
said government will focus primarily on the construction sector. “Our focus will
be on housing and road construction, as these are significant employment
generating sectors. Our goal will be to spread these employment opportunities
islandwide. In addition, we will be continuing to devote our resources to the
agriculture and tourism sector and directing resources to the private sector,”
said Dr. Anthony.
The development strategy requires that government seek authorisation to borrow
funds largely for the capital investment programme. With the exception of funds
to be borrowed from the Agence France de Developpment (AFD) for the Tertiary
Road Development Programme and the Caribbean Development Bank (CDB) for Saint
Lucia’s Economic Recovery Programme. Government is confident that sufficient
funds have been programmed from previous borrowing to continue the investment
thrust for this year.
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