Speaking as Acting Prime Minister on the New Times radio program, Deputy Prime Minister and Minister of National Security Major St. Clair Leacock delivered a comprehensive overview of the New Democratic Party (NDP) administration’s ongoing initiatives to stabilize the national economy, modernize regional security, and advance disaster recovery efforts.
Reaffirming his recent public statement that the nation’s economy was inherited in a “broken” state, Minister Leacock outlined the severe fiscal pressures facing the government. Citing the 2023 Director of Audit Report, Leacock noted that public debt servicing costs surged by 25.7% ($62 million) between 2022 and 2023 alone, reaching $333.6 million.
He explained that debt obligations are absorbing an unsustainable share of recurrent revenue, stemming from inherited fiscal practices such as converting overdrafts into long-term loans, unbudgeted domestic bond issuances totaling $121.5 million, and unfulfilled obligations to state entities like the National Insurance Services (NIS) and VINLEC.
To address these financial challenges, Prime Minister Dr. Godwin Friday and a Ministry of Finance delegation are currently attending international financial meetings with the International Monetary Fund (IMF) and World Bank in Thailand to secure fiscal backing and line up economic support. Leacock emphasized that the administration’s strategy focuses on prudent management, avoiding further debt traps, and driving national productivity.
Minister Leacock detailed progress across the administration’s four core economic pillars:
- Agriculture: Minister Bruce is securing new international trade contracts for crops such as dasheen, establishing regional marketing units in Georgetown and other districts, and advancing plans for a state-of-the-art abattoir to boost value-added livestock exports.
- Blue Economy & Fisheries: Led by Minister Huggins, the government is expanding marine infrastructure—including the North Leeward fisheries complex and upgraded facilities in Barrouallie and Kingstown—to transition local fishing from subsistence harvesting to commercial operations capable of multi-week sea trips, aiming to expand the sector into a $150 million to $200 million industry.
- Tourism & Urban Renewal: The administration is prioritizing private sector equity and public-private partnerships over debt financing. Initiatives include expanding cruise ship handling facilities, high-end developments along the Leeward coast, urban renewal for Kingstown, and a multi-use commercial and tourism transformation at the Arnos Vale/Sil Bay area.
- Creatives & Green Energy: Spearheaded by Ministers King and Jackson, the creative sector is being developed alongside renewable energy exploration, including experimental wave energy initiatives, duty waivers for private solar installations, and geothermal energy studies.
Additionally, Leacock announced that legislation will be introduced to Parliament this month to establish a National Development Bank aimed at providing small business financing, supported by equity financing from international partners, including Taiwan.
The administration is also preparing a Constituency Development Fund to provide direct funding for local community infrastructure, including footpaths, retaining walls, and court lighting.
