Fri | Dec 3, 2021

St Lucia to focus on reducing debt

Published:Tuesday | February 18, 2014 | 8:36 AM

(CMC):

Prime Minister Dr Kenny Anthony says his administration will be redoubling its attempts at reducing the island’s debt burden.




He was responding to the recent report by the island’s Department of Statistics which indicated that unemployment now stood at 25 per cent.



St Lucia’s public debt is estimated at 77 per cent of gross domestic product and according to World Bank figures for 2012, the GDP stood at $1.2 billion.



The St Lucian prime minister says while he is of the opinion that the situation could get a little worse before it gets better there is now light at the end of the tunnel.



The private sector in St Lucia has been calling for the government to revisit the introduction of the 15 per cent Value Added Tax, which it said has been crippling its ability to expand and provide more jobs.



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