Tuesday, 16th July 2024

Saint Lucia: PM Pierre Cuts Outstanding Payables, Ignites Private Sector Growth

Friday, 3rd November 2023

Prime Minister Philip J. Pierre
Saint Lucia: The office of the Prime Minister of Saint Lucia recently released a report concerning the outstanding payable owed to government contractors and service providers in the private sector.

As per the report, as of March 2021, the government of Saint Lucia owed around $174 million to government contractors and service providers.

Prime Minister Philip J. Pierre joined the office back in July 2021. Pierre, as soon as he joined the office, started working on the fiscal policies to address the issue.

Pierre introduced strategic and well-planned measures to tackle the spiral of rising debts on the government towards the private sector.

The government, through the established implementation of the strategies, has successfully started harvesting the results of the Prime Minister’s policies.

According to the released report, the domestic payables have declined by more than 50%, as compared with the initial figures.

Firm and strategically developed economic policies, when implemented with honesty, always bear fruit.

By the year 2022, the government had successfully brought down the payables to less than 150 million dollars.

By September 2023, the payables had already hit a staggering low of 88 million dollars compared to the initial 174 million dollars.

The release of such massive amounts back into the economy starts a positive chain reaction for the well-being of the socio-economic infrastructure of Saint Lucia.

This promotes job creation and gives a boost to the economic structure of the country. This also has a direct impact on the growth of the private sector of the country.

The private sector forms a significant part of Saint Lucia’s GDP and employees a large portion of the local population.

Prime Minister Pierre is setting an example by tackling the issues in such a structured, effective and efficient manner. This echoes the upward trajectory of development of the country in the near future.