CASTRIES, St Lucia, CMC – Prime Minister Philip J. Pierre has announced the creation of a Sovereign wealth Fund to generate money and ensure the country’s long-term development and sustainability.
During a recent press conference, Pierre said the country performed exceptionally well last year despite facing “downside risks” related to climate change, inflation, and the cost of living.
The forthcoming Budget Presentation and Expenditure Estimates are scheduled for March, followed by the Policy Statement in April.
He stressed the importance of proactively saving for the future and leaving a strong legacy of wealth creation to ensure economic sustainability for the following generation.
“It’s crucial for the country…” Pierre maintained that the cabinet will approve the nation’s Sovereign Wealth Fund within this legislative year or by early next year.
The Sovereign Wealth Fund signifies that the country will harness its resources to save for future generations, establishing a foundation for reserves that can be utilized for investment in the future,” the prime minister stated.
“This demonstrates our commitment to building a legacy of savings. Our government is determined to create a legacy of wealth creation in this country. This legacy will reflect not only material accomplishments but also the ability of our small nation with limited resources to set aside savings for the future.
The Prime Minister emphasized the importance of the upcoming legislation, urging individuals to embrace the country’s priority of prioritizing savings and wealth generation through the Sovereign Wealth Fund.
“We are unwavering in our commitment to creating a legacy of wealth generation and investment in this nation. The country needs to take the lead in securing a prosperous future.”
“We must empower our youth to ensure our generation surpasses the last in prosperity. The path forward lies in wealth creation and savings. As a nation, we are instilling a culture of saving and investment through the Sovereign Wealth Fund.”
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