Pierre: Saint Lucia must balance its books

Pierre: Saint Lucia must balance its books

Opposition leader, Phillip J. Pierre, has asserted that Prime Minister, Allen Chastanet, has to understand that this country must balance its books.

Pierre, who is leader of the Saint Lucia Labour Party (SLP), made the comments in response to Chastanet’s assertion this week that Saint Lucia is broke.

Nevertheless, the Prime Minister had expressed confidence in the direction that his administration is taking.

Pierre said that from 2011, the SLP has been telling Saint Lucians that this country had a current accounts deficit which had to be reduced.

“When we came into government in 2011 that deficit was at 9.4 percent and when we left in 2016 the deficit was about 3.4 percent,” the SLP leader declared.

He asserted that what Chastanet must tell the people of Saint Lucia is how he intends  to balance the books of the country, increase revenue and reduce expenditure.

“That is the fundamental point,” Pierre declared.

“By making statements that the country is broke – these are very emotional statements that have no basis in economic logic,” the Castries East MP told reporters.

He referred to a study which was done by the Caribbean Development Bank (CDB), which found that Saint Lucia was beginning to show signs of improvement and getting its current account in better shape.

However Pierre said Chastanet, when he was in opposition, disregarded it.

He said the first action of the Chastanet administration  was to increase expenditure by increasing the number of government ministers.

Pierre accused the Chastanet-led government of reducing revenue by an ‘ill conceived’ reduction in the Value Added Tax (VAT).

 

“He knows very well that he has to get that revenue from somewhere – and where does he get that revenue? By selling the patrimony of Saint Lucia,” the SLP leader told reporters.

He said the Prime Minister must be more careful and ensure that his statements are based on economic fact and logic.

In November, 2016,  during an address to the nation,  the PM announced a reduction in the standard rate of VAT from the current 15 to 12.5 percent.

The reduction in VAT will take effect as of February 1, 2017.

 

 

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10 Comments

  1. Anonymous
    January 19, 2017 at 6:08 pm Reply

    shut up pierre

    1. Anonymous
      January 19, 2017 at 10:58 pm Reply

      You need to shut up. The PM has place SLU in a light where investors and banking institutions has no confidence in the country. This PM does not know when to open his mouth.

      1. Anonymous
        January 20, 2017 at 1:02 pm Reply

        You shut up!

  2. The Watcher
    January 20, 2017 at 12:09 am Reply

    Leaders and prospective leaders of countries of the Caribbean must realize that their pronouncements have far reaching effects on the future economic prospects of their countries. Consider this… what if the leader of the foremost country in the world were to say, “My people we are broke.” The result would be a dramatic drop on the stock markets of the world.
    Our PM must learn to engage his brain begore allowing his tongue to wag; but the recent mindless utterances of his Finance Minister regarding “political operatives” is a clear sign that the PM’s loose lips syndrome is contagious.

  3. Anonymous
    January 20, 2017 at 12:54 am Reply

    I remember that KDA made the same pronouncement when he entered office. The only difference is that he did not use the word broke. Hon Pierre is correct in saying that there is need to balance our books something I have heard Hon Chastenet say both in parliament and on the campaign trail. No doubt, the reckless spending done before election will not help the situAtion. Want to save money, get rid of some of the statuTory offices set up just to employ supporters. Some who are not even qualified to hold the positions they hold but are granted gratuity and some all they do is carry tails and give trouble.
    ThAt said. The deficit can only be addressed in a bipartisan way. Get together discuss the issues.

  4. Anonymous
    January 20, 2017 at 8:59 am Reply

    We always sing a different song when the shoe is on the other foot. I always say slp does better in opposition. Keeps the current administration their toes.

  5. Replyer
    January 20, 2017 at 12:19 pm Reply

    While the country is broke, the minister in the ministry of finance is just jerking off to 18yr olds.

  6. St. Lucian
    January 20, 2017 at 3:07 pm Reply

    Cheap talk Pierre. I can assure you if you and SLP had balanced your books today SLP in power and you still deputy PM.
    You did not do what you today tout about. Maggi

  7. Anonymous
    January 21, 2017 at 12:05 pm Reply

    It’s amazing that the people who comment on these articles are the ones who cannot manage their money and create budgets, however they want to comment on the state of the economy, lol

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