The target, he said is to reduce Saint Lucia’s budget deficit from 5.7% of GDP to 3.4% or lower
Minister for Legal Affairs, Home Affairs and National Security, Senator the Hon. Victor La Corbinere put forward a proposal aimed at reducing the budget deficit and unemployment, while stimulating economic growth.
Sen. La Corbinere outlined his plan Thursday, during the senate debate on the 2014/2015 Appropriations Bill.
The minister suggested that unemployment be reduced from 23 percent to a maximum of 10 percent, and that the country should try to achieve a minimal growth rate of at least five percent per annum.
“Our debt level is presently 73.6 percent of our annual economic output. We aim to bring this down to 60 percent and lower. The target is also to reduce our deficit from 5.7 percent of GDP to 3.4 percent and lower,” he said.
Already, despite a limited budget and constrained finances, the government of Saint Lucia has, so far, been able to reduce the overall deficit to 5.7 % of the Gross Domestic Product.
However, Hon. La Corbiniere said that while government is prepared to make adjustments for the public good, meeting further targets to improve economic stability requires the co-operation of all Saint Lucians.
“If we are to take this country out of this economic slide we cannot do it alone,” he said. “It will require the help and support of all Saint Lucians.”