EC $1.85 Billion Budget to be Debated Today

Prime Minister of Saint Lucia, Hon. Phillip J. Pierre
Prime Minister of Saint Lucia, Hon. Phillip J. Pierre

Prime Minister Philip J Pierre yesterday presented the Laying of the Estimates of Revenue and Expenditure for the period 2023-2024.

The following Motion was down for consideration:

BE IT RESOLVED that the House of Assembly do adopt the Report of the Standing Finance Committee on the Estimates of Expenditure for the Financial Year 2023/2024 in the sum of One Billion, Eight Hundred and Fifty-Six Million, Seven Hundred and Nineteen Thousand ($1,856,719,000.00) dollars and do agree that the said sum do form a charge against the Consolidated Fund and other funds of the State of Saint Lucia.

On March 22, the House of Assembly was adjourned to March 28, to facilitate the presentation.

Meanwhile, the Debate on the Estimates of Revenue and Expenditure will take place from March 29 to 30. The presentations will be carried live on NTN/GIS and radio; Rhythm FM 95.5.

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The Estimates are a summary of the revenue that the government is expected to raise as well as the maximum amount it intends to spend during the fiscal year 2023-2024, in accordance with the provisions of the Public Finance Management (PFM) Act, No. 14 of 2020.

The Estimates of Revenue and Expenditure consist of the annual spending plans of government agencies, projected revenue collections, and programme performance information.

The Minister for Finance is also expected to provide a summary of the performance of the government’s 2022-2023 budget and highlight the fiscal position of the country including current surplus/deficit, primary balance, overall surplus/deficit, total revenue, and expenditure.

PM Pierre acknowledged the input of all the government departments and collaborating agencies that participated in the annual Budget process.

In addition, he commended the contribution and support from staffers at the Departments of Finance and Economic Development and the Office of the Budget and the Research Unit “for their dedication and hard work in preparing and finalising the Estimates of Revenue and Expenditure.”

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