Prime Minister Hon. Philip J. Pierre led a Saint Lucia delegation to the 107th Meeting of the Eastern Caribbean Central Bank (ECCB) Monetary Council on February 16, 2024.
The Meeting took place at the ECCB Campus in St. Christopher (St. Kitts) and Nevis under the Chairmanship of Hon. Camillo Gonsalves, Min. of Finance of St. Vincent and The Grenadines.
At the Meeting, Prime Minister Pierre and other ECCB Council Members received the Governor’s Report on the monetary, credit and financial conditions in the Eastern Caribbean Currency Union (ECCU) from ECCB Governor, Timothy N. J. Antoine.
The Governor’s Report entitled, The Big Push: Implementation for Impact in an Era of Elevated Uncertainty, included an analysis of the monetary conditions, financial stability and macroeconomic developments in the ECCU.
The Governor’s Report indicated that the ECCU is on course for positive GDP growth in 2024 following an improved fiscal performance in 2023.
Monetary, credit and financial conditions in the ECCU remain stable. The Governor’s Report confirms the ECCU banking system remains resilient and stable.
Furthermore, on the recommendation of the Governor, the Monetary Council agreed to:
- Maintain the Minimum Saving Rate at 2%; and
- Maintain the Discount Rate at 3% for short term credit and 4.5% for long term credit
The Council subsequently agreed to convene the 108th Meeting of the ECCB Monetary Council on July 26, 2024, in Anguilla.
SOURCE: Office of the Prime Minister/SLT
As I thought even before I started reading this report. Our PM is a DECKY. There is nothing specific about St Lucia’s economy. It’s all about the Eastern Caribbean as a body. What is so encouraging about St Lucia? I would like to see how the individual islands are doing.
Hope you are not borrowing money and taxing citizens to boast about encouraging economic report and for 2026 election campaign. Meanwhile persons are catching their royals. Because all that borrowing and there is absolutely nothing to shout about period. Where is all de money going? We want to know. With each government, you fool us once, we cannot be fooled twice.
The ones who are feeling the pinch sre the ones who will take action at the polls. Go ahead.