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Prime Minister King Says My Government Did Better

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Prime Minister King Says My Government Did Better No. 27 • SATURDAY, NOVEMBER 19, 2011 [email protected] THE OFFICIAL NEWSPAPER OF THE GOVERNMENT OF SAINT LUCIA - FREE - PRIME MINISTER KING SAYS MY GOVERNMENT DID BETTER t. Lucia’s economy is now It is these figures, Prime Minister At a time when most countries poised for more robust King told the nation recently that around the world, including the growth and to provide bear eloquent testimony to the Caribbean, were still struggling to greater opportunities for resilience and effectiveness of his recover from the global economic Sall its people. Government’s stewardship through crisis, there was no better endorse- In the last fiscal year, according environmental disasters in an uncer- ment of his Government’s perfor- to the Eastern Caribbean Central tain global economic environment. mance, the Prime Minister said. Bank, the St Lucia economy grew As the government gets ready “It has not been an easy road for by 4.4% and the inflation rate to seek a new mandate from the the Government and people of Saint was 1.9 percent, by far the best electorate, our nation’s leader says Lucia, but through caring, visionary, performance among islands in the statistics clearly document the competent leadership, the UWP the Eastern Caribbean Currency ability of his United Workers Party Government has improved the coun- Union which registered an over- (UWP) Government to deliver, and try’s economic management perfor- all economic decline of 2.7% and points the way forward to the next mance and thereby strengthened an inflation rate of 2.9%. level of balanced human develop- the country’s position as the leading economy in the OECS”, he said. Prime Minister Stephenson ment that, with the approval of King’s Government has fought off another term for his administration, In the last two years, as a result a range of adverse economic and “awaits a deserving Saint Lucia”. of the effectiveness of the Govern- weather conditions over the past Financial institutions like the ment’s response to the global eco- four years, from the international International Monetary Fund (IMF) nomic crisis, St. Lucia moved from financial and economic crisis in and the Eastern Caribbean Currenry its long-standing second position to late 2008 to natural disasters like a Union (ECCU) have given Prime surpass Antigua and Barbuda as the protracted drought, the Dennery Minister King’s Government high largest economy in the OECS. Floods and Hurricanes Dean and marks for the performance of St The Hon. Prime Minister added: Tomas. Yet, many of the island’s Lucia’s economy. As recently as “When we came into office at the economic indicators are up this August the IMF at the conclusion end of 2006 we met: average eco- year: Tourism revenue – up of another Article IV Consultation nomic growth of 1.6% over the pre- 33.7%; Construction - up 20.5%; on St. Lucia, noted that the island’s vious five years; an unemployment Airline activity at Hewanorra - up economy had “recovered rapidly rate of 16.6% and a national debt of 26.5%; Vehicle registrations - up from the global crisis, supported by EC$1.6 billion (approximately 64% 4.8%; Electricity consumption – timely policy action by the authori- of GDP). up 4.8%; Commercial sector – up ties and a rebound in construction 4.9%; Hotel sector – up 7%. and tourism”. Continued on page 3 Page 2 Saturday November 19, 2011 SAINT LUCIA'S ECONOMY RECIEVES A PASSING GRADE Saint Lucia's Prime Minister Hon. Stephenson King presented information during his Oc- financial matters. These entities included: the International Monetary Fund (IMF); the Eastern tober 24th, 2011 "At Your Service" Address to the Nation, which confirmed the healthy state of Caribbean Currency Union (ECCU); the World Bank, the Government Statistics Department our nation's economy. In painting this picture, Prime Minister King drew on information from and the Eastern Caribbean Development Bank (ECDB). On this page is a display of the statistics reputable local and international organisations/institutions and authiorities on economic and and data presented in Prime Minister's recent address and derived from the sources above: Saturday November 19, 2011 Page 3 Pigeon Island Beach facility or years, various attempts Beach by establishing beach park Construction of a Public Park(s) cilities and directional and instruc- between user groups and accidents have been made to provide facilities at suitable locations along and Beach Access Facility on what tional signs; restroom facilities with in the bathing areas. Fbeach parks and facilities for the site. It will improve availability is identified as Block No. 1257B; proper waste disposal mechanisms; NCA General Manager Denise locals and visitors alike but the ef- and access to needed facilities and Parcel No. 251 on the Pigeon Island relaxation areas and playground Collymore said the project is being fort has not been sustained. services and also establish safety Causeway is for local people to use for children and concession stands. undertaken at a cost of $1.7 million Now the National Conservation and regulatory mechanisms. Ad- the resource for environmental ap- There will also be facilities for with funds provided by the Euro- Authority (NCA), a division of the ditionally, there will be systems to preciation, recreational, historical, parking, and office and informa- pean Union and subsidized by the Ministry of Social Transformation, take care of waste management and aesthetic, ecological, and cultural tion centre for Beach Wardens St. Lucia Government. is undertaking a pilot project at pollution and to mitigate against activities. and lifeguard towers with a func- Construction on this project the Pigeon Island Causeway that erosion of the coast. According to the NCA, the origi- tioning life guard service. Clearly which started in October, 2011 is could be replicated at other beaches The project is designed to create nal submission was made for three demarcated bathing areas and expected to last six months. Once around the island, if successful. safe leisure and bathing environments such projects around the island. watercraft exclusion zones will completed and evaluated, the The project hopes to enhance the for local people and visitors by insti- When completed, the Pigeon Island be provided to ensure protection Government intends to support the experience of locals and visitors tuting safety measures and to provide causeway project will include sig- from watercraft operations and replication of this project model in using the popular Pigeon Island employment opportunities as well. nage indicating access areas and fa- to prevent or minimize conflict other parts of the island . Saint Lucia’s Economy Recieves Passing Grade Prime Minister King Says My Government Did Better Continued from page 1 times (50%) in the six years of the for any clumsy STEP and no need of the superiority of UWP economic In May, the Caribbean Infor- “These numbers from the decade when the (world) economy for any blind LEAP either. All we management talent and ability over mation and Credit Rating Ser- Government’s Statistics Depart- was doing well.” relied on was the basic common that of the SLP”. vices Ltd. retained St. Lucia’s ment and the Eastern Caribbean While much was made of unem- sense that jobs are created by the St. Lucia’s official debt at the rank of “positive creditworthi- Central Bank are extremely im- ployment numbers, official Gov- increased consumption of goods end of December last, stood at ap- ness” based on exchange rate portant in setting the record ernment Statistics confirm that the and services and sound investment proximately EC$ 2 billion and the stability, a relatively diversi- straight about economic activity 2006 unemployment figure of 16.6% in an economy on the move.” debt to GDP ratio of 64.8% was fied economic base, moder- in Saint Lucia since 1997”. was the best achieved in two con- According to Prime Minister the second lowest in the Eastern ate balance of payments per- formance and relatively low He noted though that in the secutive terms during the St. Lucia Stephenson King, in 2006, the last Caribbean Currency Union, Prime external debt and adequate six years of the decade ending Labour Party’s term in Government SLP Administration left behind Minister King said, explaining import cover. 2010 when the world economy during which the average annual a national debt of EC$1.6 billion that it was actually smaller than was buoyant and when the St unemployment rate was 19.2%. (approximately 64% of GDP). In those of St Kitts, Grenada, Antigua There can be no doubt of the Lucia Labour Party held the The current UWP Government on the five years prior, the debt stock and Barbuda, and Dominica. It positive economic management reins of Government, it was the other hand, drove the average grew by EC$677 million under the was also substantially lower than record and stewardship of the only able to achieve an average annual unemployment rate down SLP and in the last five years under the debt ratios of Barbados and current Government. This was economic growth rate of 1.6% to 17.1% since it assumed office the current UWP it has increased by Jamaica. bolstered by the recent vote per year. In three of those six in 2006. a further EC$532.1 million. Said the Prime Minister: “We ap- of confidence in the island by years, while the global economy The Prime Minister added: He added: “There can be no ques- proach the end of this five year term the World Bank and the Inter- blossomed and the Dow Jones “While we acknowledge a reduc- tion that debt financing was a more with the encouraging news that in national Finance Corporation indicator of wealth creation was tion in employment opportunities critical need to keep the economy the worst of times around the world that ranked St Lucia first in the cruising above 15,000, the last as a casualty of these challenging afloat in the last five years of natu- your UWP Government was able to Caribbean for doing business.
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