Budget presentation will outline a string of practical socio-economic initiatives says Prime Minister

Wednesday, March 31, 2010 – Prime Minister and Minister for Finance Honourable Stephenson King says the 2010/2011 estimates of expenditure which he will present in April, is designed to stimulate economic activity in the country and re-energise and excite the populace.

The prime minister spoke in an exclusive interview with the GIS on his budget preparations.

Mr King says this year's budget is critical for Saint Lucia which stands at the cross roads of its economic and social development having emerged out of the economic recession of last year.

“We are looking at some measures which we will introduce to help protect our vulnerable citizens, the indigent, poor and less fortunate to give them more opportunities and support. We are hoping to look at the public assistance programme to see how we can better assist the beneficiaries and improve their livelihood. We are also hoping to give support to certain sectors of the economy other than tourism and agriculture—some of which are emerging sectors. I speak of sectors like the garment and creative industries which I believe have tremendous opportunities for our people if given the necessary support by government.

Prime Minister King says during the 2010/2011 budget he will also announce several new developmental projects like the constructions of a multi million dollar terminal and the Hewanorra International Airport.

The prime minister also explains that although no new taxes will be added, government will seek to strengthen the tax system during the financial year.

“This year is not a year for increasing taxes. However, it is an opportunity for us look at the weaknesses in our tax system and see how we can strengthen those areas to be able to capture the true value and potential of our tax system. However, the ordinary man will not be affected.”

Mr. King says preparations for the budget are well advanced as several meetings have been ongoing from as early as October last year.

The prime minister says he intends to present the 2010/2011 estimates of expenditure on Monday, April 19.

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