 Prime Minister and Minister for Finance, Hon. Philip J. Pierre, has assumed the chairmanship of the Eastern Caribbean Central Bank Monetary Council at a time when regional economies, citizens and businesses continue to endure significant fiscal challenges brought on by external factors, including the ongoing conflict in Ukraine and record high inflation. Hon. Pierre, however, is confronting the challenges head-on and has devised a strategic policy action plan to stare St. Lucia and ECCU member states towards increased socioeconomic resilience and growth. Cushion has driven consumer prices up throughout the ECCU region. The new chair of the ECCB Monetary Council prescribes alternative consumption options to cushion the impact of higher retail prices on consumers. Within our limited fiscal spaces, governments of the sub-region are trying to cushion the effects of inflation on its people. And as a region, we must urgently and necessary pursue alternative consumption, relying on locally produced foods and less inexpensive imported foods, some of which will remain in short supply if the war in Ukraine continues. Hon. Pierre has also identified key issues which continue to stymie the region's potential for economic growth. At the top of our growth agenda will be the intensive promotion of food and nutrition security through trade practices, access to alternative markets, import substitution and alternative consumption. In this regard, we will accelerate efforts to reduce the ECCU food import bill of 1.6 billion in 2019 by 25 percent over the next three years. We will also strengthen and support small and medium enterprises to recover, survive and thrive while enabling the establishment of new businesses, especially among our youth. And next week in Parliament, we will be launching our youth economy in solution. On the aspect of energy, we will encourage the attainment of renewable energy targets established on the national energy policies to boost energy security and reduce the negative impact of volatility of oil prices on our domestic economies. ECCU member states, according to the new chair, must enact monetary council-approved legislation at the soonest to improve stability and optimal regulation of the ECCU's financial system. As part of the program for action, the bank will intensify its work on the frameworks for stability and optimal regulation of the ECCU's financial system. This work includes consumer protection in the financial system. In this regard, I commit to bring to Parliament the legislation that will enhance financial stability and financial inclusion. These include amendments to the Banking Act and the credit reporting bill and regulations. I take this opportunity to urge all member countries to enact their standard monetary council-approvalization at the earliest opportunity. It is my aim that by the end of my tenure as chairman, most of our people would have had access to credit and other financial services, which should empower them to pursue their dreams, create employment, and help grow our economies. Accelerating the region's transition to modernized payment systems, honorable pay believes will foster greater financial inclusion and promote the development of innovative financial technologies for enhanced consumer protection and improved conveniences. The monetary council will consider a new payment system and services legislation. Some may ask, what is this for the people? My response? Faster? Cheaper? And safer payments? Better constitutional protection and a better climate for promoted innovation and financial inclusion. After all, payments are the lifeblood of every economy. Indeed, this initiative is part of our vision of developing a digital economy for the people of our region, especially our youth. Honorable Pair succeeds Premier of Montserrat, an outgoing chair of the ECCB Monetary Council, Honorable Joseph Easton Farrell, from the office of the Prime Minister, Rihanny Isidore.