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2019 Budget Address

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2019 Budget Address © 2019 Government of Saint Vincent and the Grenadines The Budget Speech is delivered annually, and precedes the Parliamentary debate on the Appropriations Bill. Budget 2019, and its attendant Estimates of Revenue and Expenditure for the year 2019 and St. Vincent and the Grenadines Economic and Social Review: January to September 2018, are prepared under the guidance of Mr. Edmond Jackson, Director-General of Finance and Planning, Mr. Recardo Frederick, Director of Planning (ag), and the entire staff of the Ministry of Finance, Economic Planning, Sustainable Development and Information Technology. The Budget Speech and the Estimates are published by the Government Printery. Ministry of Finance, Economic Planning, Sustainable Development and Information Technology 2nd Floor Administrative Complex Kingstown Saint Vincent and the Grenadines [email protected] www.gov.vc Cover Photos (from Top): Inaugural Flight of American Airlines from Miami to Argyle International Airport; Cottage village road and river defences; Modern Medical and Diagnostic Centre, Georgetown; The Captain Hugh Mulzac Coast Guard Vessel; Vegetables growing in the Montreal Greenhouse Park. Contents Executive Summary……………………………………………………………………. ii I Introduction…………………………………………………………………… 1 II Promises Made, Promises Kept..……………………………………………….. 2 III. Global, Regional and Local Economic Environment..………………………….. 7 IV. Sectoral Summary.……………………………………………………………… 9 A. Agriculture and Fisheries…………………………………………………… 9 B. Tourism…………………………………………………………………….. 13 C. Climate Change and the Environment……………………………………… 16 D. Job Creation, Poverty Reduction and Social Protection.…..………………… 19 E. Citizen Security ………………………………...………………………….... 22 F. Health and Wellness………………………………………………………… 24 G. Education…………………………………………………………………… 26 H. Infrastructure and Housing………………………………………………….. 28 I. Information Communication Technology…………………………………… 31 J. Foreign Policy……………………………………………………………….. 34 K. Financial Sector……………………………………………………………… 35 L. Partnership with the Private Sector………………………………………….. 37 V. Renewal @40……………………………………………………………………. 39 VI. Sports Against Crime……………………………………………………………. 40 VII. Youth…………………………………………………………………………… 40 VIII. Foreign Direct Investment………………………………………………………. 42 IX. Public Debt……………………………………………………………………… 44 X. Public Finances and Strategic Reforms.………………………………………….. 45 XI. The National Insurance Services………………………………………………… 48 XII. Implementation…………………………………………………………………. 49 XIII. Resource Requirements ……...…………………………………………………. 51 XIV. Fiscal Measures…………………………………………………………………. 52 XV. Conclusion……………………………………………………………………… 56 i Executive Summary Budget 2019 furthers the transformation of the Vincentian economy from one historically based on subsidised mono crop export and low-skill labour to a postcolonial one that is diverse, modern, competitive and fully engaged with international commerce. Amid the challenges and opportunities of an uncertain global environment, Budget 2019 seeks to strengthen, diversify and grow the Vincentian economy, while increasing the Government’s commitment to fiscal, social and environmental responsibility. As a jobs-focussed Budget, additional Government posts and increased opportunities for decent work are manifest in multiple sectors. Budget 2019 seeks to build upon the fulfilled pledges of the previous budget, which included additional direct flights to the Argyle International Airport; acquisition of a Coast Guard Vessel of high quality and range; resolution of the foreign exchange challenges faced by small traders in Trinidad and Tobago; opening of the Modern Medical Complex at Georgetown; committing resources to our Contingencies Fund; finding new investors for the Buccament Bay Resort; and launching a new medicinal cannabis industry. This year, Budget 2019 rests on 10 principles for jobs, growth and transformative sustainable development: Mainstreaming the Sustainable Development Goals; diversifying the bases of economic growth; investing in climate resilient infrastructure; focussing on climate change adaptation, environmental conservation and renewable energy; maintaining fiscal prudence; supporting job creation; reducing social inequality; attacking crime and the causes of crime; nurturing a healthy, vibrant private sector; and improving the delivery of quality health care. These 10 principles are exemplified by 10 significant Government projects and five pivotal private sector initiatives, namely: 1. The Modern Cargo Port in Western Kingstown 2. The 10MW Geothermal in North Windward 3. The State-owned Hotels of Mt. Wynne and Diamond 4. The New Medicinal Cannabis Industry 5. The Pedestrian Access for Village Enhancement (PAVE) Programme 6. The Construction and Rehabilitation of 48km of Secondary Roads 7. The Acute Referral Hospital at Arnos Vale 8. The Reconstruction of the Lewis Punnett Home 9. The Sports Against Crime Initiative 10. The Renewal @40 Programme 11. The Clear Harbor Call Centre in Kingstown 12. The Refurbishment and Reopening of the Buccament Bay Resort 13. The Black Sands Resort in Peter’s Hope ii 14. The Rainforest Seafoods Plant at Calliaqua 15. The Saint Vincent Cocoa Company The unprecedented investments in infrastructure reflect the Government’s focus on re-engineering economic growth. The US$100 million geothermal plant construction in North Windward; the US$50 million hotel construction at Mt. Wynne; the US$10 million hotel project at Diamond; the US$145 million cargo and ferry port construction project in Kingstown; the US$34 million in secondary and feeder road construction; and the US$5 million in village footpaths will cumulatively exceed the value of the construction work involved in the Argyle International Airport. Budget 2019 makes provision for salary increases for Government workers that will increase pay in 2019 and 2020. With a backdated 1% increase and a 1.5% enhancement as of the start of 2019, plus an additional 2% allocated for January 1, 2020, Government workers have received commitments amounting to a 4.5% increase over their 2018 pay. The acute need for pension reform requires decisive action in the near term. Various structures were put in place in 2018 to facilitate dialogue and decision-making on this matter in 2019. A number of additional, significant policy and legislative reforms are underway to make the Vincentian economy more efficient and competitive. Recognising these reforms, the World Bank has agreed to advance a policy-based loan of US$30 million, to be used as budget support. This support will be received in 2019. Preliminary numbers indicate that the economy of Saint Vincent and the Grenadines grew by approximately 2.5% in 2018. Similar growth is projected for 2019. To ensure accelerated growth and sustainable development, the Government is determined to improve its capacity to implement capital projects in a timely and efficient manner. Budget 2019 commits additional resources and administrative enhancements toward achieving this important goal. While global uncertainties, the ever-present threat of climate change-related disasters, and the inherent limitations and vulnerabilities of Small Island Developing States all pose challenges, Budget 2019 is an optimistic and forward-looking developmental roadmap. It anticipates, and strengthens the foundations for, a stronger economy, more jobs, and increased fiscal, social and environmental responsibility. The journey of economic transformation continues to progress, in the interest of the Vincentian people. iii I. INTRODUCTION [Formal thanks and greetings] The occasion of the traditional Budget Speech is not a ceremonial showcase of scripted rhetorical excess. Nor is it an excuse to shorten both memory and sight to peddle in an exhaustive wishlist of disjointed feel-good promises with dubious prospects of becoming reality. Instead, the occasion of this Budget Speech must been seen as both a yardstick and a roadmap; measuring our progress against past pledges and proclamations, while charting a detailed, implementable and sustainable path forward, in keeping with the times, the guiding lights of principle, and our longstanding developmental narrative. Throughout today’s Speech, and the debate that follows, we recognise that every principle, policy and plan embodied in these pages is centred on the wellbeing, growth and development of the Vincentian people. It is the citizens of Saint Vincent and the Grenadines, whose status as the constitutional cornerstone of nationhood is defined by birth, blood or a sustained commitment to our country and people, who must remain immutably and immovably at the heart of our budgetary process. The people of Saint Vincent and the Grenadines have demonstrated, time and again, the God-given attributes of resistance, resilience and a sense of small island exceptionalism that have animated the greatest individual and collective triumphs of our Caribbean civilisation. We have stood tall in the face of colonisation, slavery and genocide. We have faced down volcanoes, hurricanes and natural disasters of epic scope and scale. We have confronted with clarity the sobering implications of climate change on our lives and livelihoods. And we have withstood the convulsions of a neoliberal order and financial architecture unconcerned with and unsuited to the needs and aspirations of small island states. Our collective achievements are a standing rebuke to those who question the viability of our state, the capacity of our people, or the certainty that our greatest triumphs are yet ahead of us.
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