 I heard all these speeches about funds and wealth. I want to ask all the presenters, what's the fund for politicians? Because we are called peps. If we put $5 in the bank, we have to see where it comes from. Excellency, Governor General, members of the Board of Bank of St. Lucia, Bank of St. Lucia, Investment Fund, Poor Men's Secretaries, Staff of the Bank of St. Lucia, ladies and gentlemen, good evening. There's nothing much more I can say after getting this education, but I wish to thank the Executive of Bank of St. Lucia Mutual Fund Management Company for inviting me to deliver some remarks this evening. Secondly, I wish to please on record my congratulations on the launch of Bank of St. Lucia's Global Investment Fund. This is the true milestone which highlights the bank's commitment to financial innovation and demonstrates Bank of St. Lucia's responsiveness to the urgent need for diversified and profitable investment options for our citizenry. This new investment fund is a manifestation of the long-term policy vision of a previous government. Indeed, in 2001, we have engineered the formation of Bank of St. Lucia through the merger of the National Commercial Bank, NCB, and the St. Lucia Development Bank, SLDB. Though this merger was controversial at the time, it was expected that Bank of St. Lucia would grow to become a catalyst and innovator within the domestic and regional financial services sector. Today, we celebrate the realization of this vision and the Bank of St. Lucia is one of the largest financial institutions in the region. The timing of the launch of this mutual fund is ideal and adds value to our local financial economy. To my mind, the fundamental elements of the solutionary economy are robust. Over the last three years, St. Lucia's economy, according to data from the World Bank and other independent sources, experienced double-digit growth rates. And for 2023, it's expected that growth will be between 3% and 5%. Our fiscal situation continues to improve. Last year, 2022, we moved from persistent deficits to a primary surplus, which demonstrates the robustness of our economy. Our debt-to-GDP ratio increased due to heavy borrowing due to the COVID pandemic. But if prudent borrowing now, we have halted the rapid plunge that would have led us to unsurmountable or unsustainable debt levels. Our financial paper continues to do well on the regional securities market, albeit at competitive rates. Revenue collection is performing steadily. The health and security levy, implemented fully in October 2023, has raised approximately $10.5 million at customs and the inner revenue department. Government has made large investments in security. The police are receiving unprecedented levels of resources at all levels, from vehicles, drones, to improvement in the physical plant, modern crime-fighting technologies, and increases in manpower. Yet, we are gravely concerned at the number of murders set by the police to be, in most cases, targeted killings by rival gang members. Government continues to urge the police to take proactive and firm legal measures to stem the dangerous trend. Meanwhile, there have been a number of crime prevention and intervention programs funded by the state. We believe that there is need for a whole-of-society approach to violence of all forms. We urge civil society to work with state and non-state actors with a view to reducing violence and improving citizen security. There are no benefits to be derived from sensationalizing violence, and government will continue to provide the necessary resources available within our fiscal limits for law enforcement to combat violence of all types. Improving the social and educational framework, and in particular, the training and obscuring of the workforce will continue. It is our hope that better social conditions will limit the propensity to lawlessness, particularly among some of our young people. In 2023, strong growth was achieved in the key economic sectors of tourism, agriculture, and manufacturing. We expect tourism to continue to perform well in 2024. However, about 700 rooms will be unavailable in 2024 due to renovation or construction as the industry seeks to modernize and reposition itself. At an advanced stage of construction, are 200 more rooms expected to be functional by the late 2024 or early 2025. New hotel construction is planned for 2024, and it is expected that over 1,000 new rooms will be available by 2026. In tune with BOSL's Indigenous Product of St. Lucia Mutual Fund Launch, is the increase in the availability of air and bee rooms owned by locals and residents. I am told by tourism officials that over 5,000 of such accommodation is now available in St. Lucia. Government continues to advocate balance tourism growth and development. We believe that our country will, in the near future, continue to be a tourism dependent economy. And as such, the benefits must accrue to as many people and sectors as possible. It is a feeling of optimism that you welcome the launch of this Bank of St. Lucia Global Investment Fund. The metrics of our economic performance clearly indicate that the government's macroeconomic policies of stabilization, growth stimulation and citizen empowerment have put St. Lucia on a path of growth with significant opportunities for enhanced private sector investments. This fiscal year, we can expect the continuation of economic policies geared towards growth and development. The 2024 budget can be expected to have strategic priority placed on capital expenditure in roads and public infrastructure, housing, and the development of our nation's air and seaports. Undoubtedly, this ambitious and expansive public infrastructure agenda will have a significant multiply effect and result in increased liquidity within our domestic economy. Indeed, as the government continues to work to improve the quality of life for all our citizens, we require and ask for strong private sector collaboration underpinned by a robust financial system. However, it is important to note that the IMF's world economic outlook called Navigating Global Divergency States, and I quote, in the wake of the shocks of COVID-19 pandemic and Russia's invasion of Ukraine, inflation around the world reached multi-decade highs in 2022, well above central bank's targets, particularly in advanced economies. In St. Lucia, we have not been spared from that inflation as evidenced by the increase in food prices, a situation worsened by supply chain disruptions. Economic observers around the world differ at the timing of the reduction of inflation rates. However, all agree that inflation and the increase in global interest rates are an important downside risk that needs to be closely monitored. In the local financial environment, it is acknowledged that our financial institutions continue to be very liquid. Over the last year, total deposits recorded to have grown by 4.5% while credit to the private sector remained timid. This data clearly demonstrates that significant opportunities remain for deepened levels of financial and investment management. It is the hope that the Bank of St. Lucia's mutual fund will play a meaningful role in filling this gap. In St. Lucia, the opportunities for investment are limited. Within the context of a relatively low savings interest rate environment in the commercial banking sector, we have seen increased demand for other investment vehicles. It is evident that mutual funds can fill that void and provide options for many astute investors. However, we must ensure that the opportunities that mutual funds offer are not seen to be within the reach of only the very wealthy in our society. We must market and promote the fund as being widely available and accessible to the general populace. Our aim should be to build capacity and grow wealth across a broad socio-demographic area. The benefits of Bank of St. Lucia's Global Investment Fund should accrue to as many people as possible. I applaud the diversity in the availability of options for all sectors of society. Our government's support for the Bank of St. Lucia's Global Investment Fund is also based on a robust regulatory framework that underpins the operation of the fund. The Eastern Caribbean Security Regulatory Commission continues to provide strong oversight. However, we hold steadfast to the view that while best practice must prevail, the regulatory environments must reflect our unique circumstances and be tailored to the realities of our Caribbean civilization and our financial landscape. Regulation must not be a disincentive, but instead a tool for sustainable growth. The Government of St. Lucia is exceedingly pleased with the entry of the Bank of St. Lucia into the mutual fund space. As a government, we seek to create the enabling environment for a financial sector that is globally competitive, well-regulated, diversified, market-driven and responsive to our local realities. I have no doubt that the Bank of St. Lucia's Fund Management Company aligns very well with this vision. The launch of the mutual fund is expected to drive efficiency, spur innovation, lower transactions costs, and provide increased investment options. Your institution is known for excellence, and we are certain that these standards will be maintained. I wish you success and assure you of the Government's continued support. I thank you.