CASTRIES, St. Lucia, CMC—A new session of the St. Lucia Parliament began here on Tuesday, with the Governor General, Sir Cyril Errol Charles, announcing that the 2025-26 national budget follows favorable economic performance periods.
He told legislators that the average annual economic growth rate has been over three percent for the last three years, there is a primary current account surplus, and unemployment is, for the first time, below 10 percent.
Prime Minister Phillip J Pierre is expected to deliver the EC$2.057 billion (One EC dollar=US$0.037 cents) fiscal package on Monday evening.
Charles, delivering the traditional throne speech, said that with those favorable indicators, there are reasons for optimism in 2025-2026 and beyond, “though we need to be mindful of the possible negative impact of the imposition of international trade tariffs.”
He said that the tariffs, as announced by United States President Donald Trump to include St. Lucia, have already created an increasingly uncertain global economic environment, “which we will have to navigate skillfully to mitigate the impact of higher inflation on our people.”
He said that in its budget presentation, the government intends to introduce initiatives aimed at increasing the level of disposal income for workers following last year’s increase in private sector investment.
He said the government will continue to improve the country’s infrastructure and that several infrastructural projects have been earmarked for the 2025-2026 fiscal year.
He said ongoing and proposed major infrastructural expansion will include roads and bridges, school plant and equipment, expanding the Owen King European Union (OKEU) hospital, Universal Health Care program, the cruise port, and Hewanorra International Airport, among other projects.
Charles said that the Citizen by Investment (CBI) program, which has been playing a significant role in the country’s socio-economic development, will be strengthened to secure its sustainability.
Under the CBI, the government provides citizenship to foreign investors in return for their significant contribution to the socio-economic development of St. Lucia.
Charles said that Castries would join with Antigua and Barbuda, St. Kitts-Nevis, Dominica, and Grenada to establish an Interim Regulatory Committee with a mandate to create a Regulatory Commission and enabling legislation to regulate, set, and enforce common standards for the operation of CBI in the five jurisdictions.
“The establishment of a Regulatory Commission will provide greater transparency and accountability in the program’s operation and help protect the integrity of the citizenships of member countries.
“My government remains committed to the CBI program and is prepared to work with the United Kingdom, European Union, and United States authorities, as well as participating OECS CIP countries, to ensure international standards are being satisfied and best practices observed.
Charles said the Interim Regulatory Commission (IRC) has completed its consultation process with key stakeholders in the five jurisdictions.
“The next stage of the process is for the IRC to have the relevant draft legislation available for review and comment in May this year before its enactment in the respective jurisdictions by the end of December 2025.
“The enactment of the relevant legislation for regulating the CBI program in participating countries is expected to strengthen the reputation and quality of the program, in addition to preserving the integrity of the citizenships of member countries,” he told legislators.
The Governor General said that the legislative agenda for the fiscal year 2025-2026 will include the enactment of legislation to regulate cannabis and industrial hemp.
He said under this legislation, provision will be made for the appointment of a Cannabis Advisory Council to give advice, make recommendations, and collaborate with the Regulated Substances Authority, established under the Regulated Substances Authority Act, no. 26 of 2023.
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