Budget presentation for 2010/2011 seeks to engineer growth

Friday, April 16, 2010 – In keeping with the requirements of the Saint Lucia Constitution, and after months of preparation, planning and intense discussions involving the Cabinet, the Ministry of Finance, Economic Affairs and National Development, other Government Agencies and other stakeholders, Government is pleased to announce that the Budget for the 2010/2011 Financial Year is ready for presentation to Parliament.

The Budget, which is embodied in the Estimates of Revenue and Expenditure, indicates the allocation to various Government Agencies in respect of their Recurrent Operations and Capital Programmes and how the Budget will be financed.

As usual, the unveiling of the financial plans of the Government for the new financial year, which started on April 1, 2010, will coincide with the opening of a New Session of Parliament which is set for Monday April 19, 2010. The Session starts at 10 am with the presentation to the Joint sitting of the House of the Throne Speech by the Governor General, Dame Pearlette Louisy, in which she is expected to articulate Government’s broad policies in addressing the challenges facing St. Lucia as a developing nation. Later that same day, The Honourable Minister of Finance, Prime Minister Stephenson King will deliver the Budget Address in which he will review the performance of the economy and set out Government’s financial plan for addressing the critical issues facing the country.

The Budget is framed within a context of a world economy emerging from a historically deep and synchronized recession caused by a financial crisis. For Saint Lucia, the effect was greater than initially anticipated. Sharp reductions in tourist arrivals and subdued FDI-financed construction activity resulted in the economy contracting by 5.2 percent in 2009.

Against this background, the Government of Saint Lucia seeks to reposition the economy for recovery which is reflected in the theme for the 2010/2011 Budget - “The Road to Recovery: Engineering Growth, Social Cohesion and Resilience to External Shocks”.

Accordingly, this budget aims to reverse the economic contraction and set the stage for sustained economic growth and job creation; to ensure fiscal and debt sustainability; to preserve financial sector stability; to arrest escalating crime situation and improve the safety of communities; to promote social cohesion and continue to protect the vulnerable; to build local, regional and international partnerships and promote international competitiveness; to build economic and environmental resilience; and to improve public service delivery.

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