‘U.S $1 Billion missed in the last decade’
Despite inheriting severe financial constraints, the new administration of St. Vincent and the Grenadines has taken immediate steps to provide relief to citizens, most notably nearly doubling public assistance payouts from $280 to $500.
Prime Minister Dr. Godwin Friday defended the lack of fanfare surrounding the increase, noting that his focus remains strictly on making people’s lives better during a time of extreme financial hardship. He asserted that when citizens are in serious financial need, prioritising their well-being takes precedence over the government’s strained finances.
To further combat the rising cost of living, particularly fuel prices exacerbated by global conflicts, the government has formed a task force comprising government officials, private sector representatives, and labor groups.
This task force is scheduled to meet around the 24th of this month to develop collaborative solutions for mitigating fuel costs. While some countries have adopted shorter work weeks to handle fuel surges, Friday cautioned that such measures could negatively impact productivity, opting instead to wait for the task force’s consultative recommendations.
Looking toward long-term economic growth without relying on heavy taxation or borrowing, the Prime Minister confirmed that the country is moving forward with a Citizenship by Investment (CBI) program.
Friday criticized the previous administration for demonizing the initiative, estimating that their refusal to implement a CBI program cost St. Vincent and the Grenadines at least $1 billion USD over the last decade.
He emphasized that this “debt-free, tax-free” revenue stream could have easily financed vital infrastructure, such as hospitals and airports, without resorting to high-interest loans.
Friday expressed strong confidence in his cabinet, noting that his ministers have “hit the ground running” without needing to be micromanaged.
Rating his government’s early performance an “eight to nine” out of ten, he assured the public that they are laying the groundwork to successfully turn the country’s economic fortunes around.