 Prime Minister Hon. Philip J. Pierre delivered the 2024-2025 Estimates of Revenue and Expenditure, outlining strategic initiatives and financial priorities for the upcoming fiscal year. It then addressed the House of Assembly on March 26, 2024. The Prime Minister and Minister for Finance provided insights into the government's financial performance, economic outlook, and plans for sustainable growth. Here are some key highlights from the government's performance for fiscal year 2023-2024. The government achieved a primary surplus. What is a primary surplus? A primary surplus means the government does not have to borrow to pay for its interest on debts. If it was a primary deficit, the government would then have to borrow to pay for the interest on its debts, like in previous years. Think of it like this. Imagine taking an additional loan to pay your loan or the interest on your mortgage. This does not augur well for prudent fiscal management. For the fiscal year 2023-2024, the primary surplus was 68% above what was originally estimated. In the fiscal year 2023-2024, the government was able to use the income earned during that period to reduce its debt. These surpluses are not to be interpreted as the government having extra cash. Instead, it is the result of prudent fiscal management of the country's financing, which allowed it to more than meet its recurrent expenditure, leaving excess revenue to cover in part the country's debt obligations in interest payments and principal payments. On top of that, there was a reduction in the overall budget deficit. Despite challenges, the government successfully lowered the overall deficit by 37% for the fiscal year 2023-2024. Now, I know what you're thinking. What does this mean for St. Lucia? It means that the government contracted less loans than what was originally budgeted for. This performance shows progress towards fiscal consolidation and debt reduction goals in keeping with our debt management strategy. This year has been dubbed the Year of Infrastructure by Prime Minister Pierre. In his statement, he emphasized the importance of infrastructure development as a catalyst for economic growth and resilience. Key projects in road enhancements, healthcare facilities, airports, seaports, and public facilities were outlined as priorities for the fiscal year, reflecting the government's commitment to enhancing infrastructure and its consequent economic offshoots, such as creating employment across St. Lucia. The Prime Minister has made clear that the aim and objective of his administration in the new financial year is to transform the economy of St. Lucia through infrastructure development, physical, social, and digital. This financial year, the Philip J. Pierre-led administration aims to transform the economy of St. Lucia through infrastructural developments with approximately 30 and continuing projects for 2024-2025. These include GPH Port Redevelopment, custody suites, halls of justice, the construction of the Northern Divisional Police Headquarters, commencement of the terminal building at Heronora International Airport, and much more. Enhancing the quality of life of the people and creating opportunities for wealth creation will remain the main objective of this government. All indicators point to growth in the economy for the budget year 2024-2025. This means that the total value of goods and services produced in the country will increase. This growth is seen as a positive sign for prosperity. The Prime Minister has decided to put $484.9 million into the government's investment portfolio. Out of that money, $299.3 million is going towards capital expenditures. This means the government is investing in things like infrastructure, buildings, and long-term assets. It's a significant part of their overall investment plan. The foundational theme underlying this government's strategic initiatives has become an article of faith putting people first. The government expects improvements in all fiscal indicators. The upsurge is attributed to the expansion of construction activities in both public and private sectors, along with the positive impacts of sustained tourism growth. Through strategic debt management and its two-scash handling, the Philip JPL-led government has stared through challenging economic times with skill and efficiency, ensuring funds for development while fulfilling its financial obligations. With a clear vision for the future and a steadfast commitment to the well-being of all solutions, we are poised to continue our journey towards sustainable growth and lasting success. But this is just a preamble of what is to come. On April 23rd, the Prime Minister, Hon. Philip J. Pierre, will present his appropriation bill, also known as the Budget, where he will unveil in much detail plans for the transformation of St. Usha's economy and physical landscape. Don't miss it.