St. Vincent and the Grenadines has faced numerous shocks over the past six years, including COVID-19, the eruption of La Soufrière, and Hurricane Beryl. These events are factored into the latest Moody’s Rating, which saw our score drop to Caa1 with a negative outlook.
While natural disasters have disrupted our development, the downgrade in Moody’s Rating is fundamentally a result of the prolonged neglect during the ULP’s time in office.
At the end of last year, when Vincentians went to the polls, it was evident that our country had been left behind by the previous administration. Our nation was dealing with soaring unemployment, the lowest wages in the Caribbean, and record-high homicide rates.
Our economy was left in ruins due to years of reckless overspending and excessive borrowing, which primarily benefited a small elite rather than fostering genuine development for St. Vincent and the Grenadines.
Vincentians decided enough was enough and overwhelmingly voted the NDP into government, delivering a historic victory.
Since taking office, the NDP has taken steps to strengthen the economy and directly put money in the pockets of Vincentians.
However, the Moody’s report underscores the deep-rooted systemic economic failures left behind by the previous administration.
When we stepped into office, we understood that the economy was fragile. What we couldn’t foresee was just how bleak the legacy of neglect from the ULP truly was, until we entered the Financial Complex in Kingstown.
The NDP remains dedicated to restoring fiscal and debt stability while working to develop our nation. There’s a lot of work ahead for Prime Minister Dr. Godwin Friday and his team to address the inherited issues.
Moody’s has illuminated the economic challenges we face, emphasizing that a comprehensive approach is needed.
Decades of underinvestment mean a nationwide development program is essential to turn things around.
Nevertheless, the NDP was elected with a clear mandate to rebuild the economy, create jobs, and offer opportunities for Vincentians to thrive at home rather than be forced to leave in search of work.
We are committed to rebuilding the economy based on Dr. Friday’s four pillars: Agriculture, Tourism, the Blue Economy, and the New Economy.
We’ve already seen the confidence investors have in this plan, exemplified by the signing of an MOU with Global Port Holdings, which promises new opportunities for Vincentians across the country. This is just one example of the potential for growth.
Through disciplined fiscal management and steadfast commitment, the Government of St. Vincent and the Grenadines is determined to turn things around, reversing the neglect of the past and delivering for all Vincentians.
