Prime Minister Allen Chastanet delivers Budget address
Wednesday, June 24, 2020
by GIS

Prime Minister, Hon. Allen Chastanet, delivered the Budget Address to the House of Assembly yesterday.

In his address, the prime minister outlined steps for the recovery of Saint Lucia amidst the COVID-19 crisis.

“From the outset, the government adopted a multi-sectoral approach as we considered this a matter of national importance,” Prime Minister Chastanet said. “We moved to establish the Economic Recovery Multi-Sectoral Committee. That body was tasked with making recommendations to prepare an Economic Recovery and Resilience Plan.”

The plan consists of three economic recovery strategies and three resilience strategies. The three Recovery Strategies include stimulating the economy; fast tracking shovel-ready capital investment projects and; strengthening social protection systems. The three resilience strategies are building resilience of productive sectors; health resilience and; disaster risk and climate change.

Prime Minister Chastanet then briefly outlined measures laid out in the plan.

With regard to economic stimulation, the measures include the provision of US$3.1 million to provide blended loan/grant assistance to micro and small enterprises with a focus on food security and digital technologies; the provision of low cost financing to meet working capital requirements of SMEs affected by COVID-19; and a 50 percent waiver of Commercial Property Taxes for the period 2019 or 2020 to landlords who extend moratoriums of a minimum 20 percent of monthly rental charges for a period of three months. There will also be a waiver of duties and related charges on importation of personal hygiene supplies for the period July to December 2020.

The Debate on the Appropriation Bill continues today, June 24; Thursday, June 25; and Friday, June 26.

For the full text of the Prime Minister’s Budget Address, download the PDF (att.).

Follow the proceedings, LIVE, via the National Television Network (NTN) Channel 122, and the Government of Saint Lucia Facebook and YouTube pages:

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