CASTRIES, St. Lucia, CMC – Prime Minister Phillip J Pierre says he has not yet decided against changing the annual estimates to be presented to Parliament next week, despite the ongoing war in the Middle East and the resultant global increase in the price of gas and oil.
Pierre told reporters that the last financial year has shown that “this was one of the best years for the economy as a whole.
“So the economy is in very good hands. The figures show it. You measure economies by figures: unemployment, fiscal surplus, debt. Our overall deficit was less than we predicted, and we believe that this year, ending 2027, there are some adjustments we have to make for any possible shocks,” Prime Minister Pierre told reporters.
He said that the price of fuel at the pumps remains at EC$16 (one EC dollar=US$0.37 cents), and when “I configured my estimates, it was based on the price of fuel still at $16.
“The truth is, I have not changed the estimates, which I’m going to read next week on Tuesday. I haven’t changed the estimates because of the situation, but it’s very worrisome.
“But the price seems to be fluctuating a little bit. It seems to be high and low, but we are monitoring it by the Finance Ministry,” Phillip said, adding the authorities are working “on a what-if situation.
“But I can tell you that we have to understand …that we have no control over what’s happening abroad. So we have to make the necessary adjustments, but as we did in terms of the cost of living, we’ll think about it.
“We’ll sit down, and we’ll plan it as we did with the price of fuel now,” he said.
Pierre recalled that there had been a continuous call to reduce the price of fuel, and “it was loud and clear, particularly in the time leading up to December 1 st. It was loud and clear.
“We took the position at that time that it was not the opportune time. I will not tell you we knew there was a war. We didn’t know that. But you saw it wasn’t the opportune time to reduce the price of gas at the gas station because we wanted to create some fiscal space for other things to happen.”
Phillip said that this is why, in the upcoming estimates, ”we’re going to have a primary surplus” and that the performance of the economy for this year, the figures will tell you, for the year, it was one of the best.
“I’m telling you, I’m giving you a preamble as to what it looks like in terms of the fiscal situation of the government. And this year will be much improved. It is beyond what we expected. It is beyond the projections for this year.
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