00:00And in the Caribbean, St. Lucia's Prime Minister Philip Pierre has presented a $2.18 billion budget aimed at sustaining
00:08the country's economy.
00:09Our correspondent Chrysia Hoyt will provide us with more details.
00:15St. Lucia's Prime Minister Philip Pierre has presented a $2.18 billion national budget for the 2026-2027 fiscal year,
00:25aimed at sustaining economic growth while strengthening resilience against global shocks and rising oil prices.
00:32The budget represents an increase from the previous year's $2.06 billion with revenue and grants projected at $1.83
00:40billion,
00:41leaving a deficit of $212 million or 2.8% of GDP, while aiming for a primary surplus of $38
00:49.6 million.
00:50Prime Minister Pierre expressed optimism about St. Lucia's economic prospects,
00:54highlighting expected growth from a vibrant tourism sector, increased construction activity, and expansion in the orange and youth economies.
01:02Mr. Speaker, we put people first.
01:07Mr. Speaker, this year's budget, 2026-2027, will continue to build on the progress already made
01:14by consolidating the gains we have made by deepening our investments in critical infrastructure,
01:21like the Huonora International Airport, modernizing our education system,
01:26removing barriers to business growth, and expanding the economy while ensuring fiscal responsibility.
01:33The majority of spending will cover recurrent costs, totaling $1.75 billion,
01:39including wages, social services, health, citizen security, and education.
01:44Capital expenditure is projected at $298.6 million to support infrastructure projects
01:50such as roads, water systems, and renewable energy initiatives.
01:54However, Prime Minister Pierre cautioned that external factors remain a significant concern
02:00for small island economies.
02:02For the privilege to represent them in Parliament.
02:07Mr. Speaker, because of the geopolitical tensions between and among the bigger countries of the world,
02:16the rising costs of crude oil remains a constant threat,
02:21which can derail the developmental path for small countries like ours.
02:37The Prime Minister confirmed the health and security levy will remain at 2.5%,
02:42while debt service payments are set at $391 million, reflecting the end of moratoriums on previous loans.
02:50An external borrowing of $202.9 million is expected from regional and international partners,
02:56including the Republic of China, Taiwan, and the Caribbean Development Bank.
03:01Bristle Hoyt, Talasur, Bristown, Barbados.
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