Pierre Says Saint Lucia’s Finances ‘In A Mess’

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Prime Minister Philip J. Pierre told reporters Tuesday on the sidelines of a sitting of the House of Assembly that this country’s finances ‘are in a mess’ and said that he will soon be addressing the nation on what his incoming Saint Lucia Labour Party (SLP) administration has found.

“We do not want to enter into the business of coming to government and creating any panic, but I can tell you, the country is near four billion dollars of debt and we’ve got some – what is called, below the line debt of over 120 million dollars,” Pierre, who is also Minister for Finance and Economic Development, explained.

In this regard, he disclosed that his administration has to look into the nation’s finances and tread very cautiously.

Pierre spoke in the context of his party’s expressed concerns over the financing of the Hewanorra International Airport Redevelopment project.

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This week, cabinet announced the appointment of a seven-member committee to review the scope and financing arrangements of the project and to report its findings within ninety days.

“The Hewanorra airport is $US 186 million worth of debt. What we want to do – we want to find ways of whether we can reengineer that debt, whether we can restructure that debt to remove the burden from the people of Saint Lucia and cause us to get some more fiscal space,” the Prime Minister stated.

“We have made it clear that we are not stopping the project – that is clear. We are not stopping the project, but we want to reengineer it so that we can get some fiscal space to allow us to do some other projects, ” he said.

 

 

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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.

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