02/11/2023

Prime Minister Pierre cuts stock of domestic payables in half

By OPM

Prime Minister Hon. Philip J. Pierre is working to reduce outstanding payables owed to government contractors and service providers in the private sector.

In March 2021, the Government of Saint Lucia owed $174 million to government contractors and service providers.

Prime Minister Pierre came to the Office in July 2021 and immediately introduced sound fiscal policy measures to address the spiralling stock of domestic arrears owed to the private sector.

Today, the Prime Minister's fiscal policies are beginning to bear fruit. By September 2023, domestic payables have declined by more than 50% from $174 million in 2021 to $88 million.

Releasing more than $80 million worth of domestic payables into the economy promotes business continuity and stimulates growth in the private sector