Kingstown (One News St.Vincent) – Prime Minister Dr. Ralph Gonsalves says that Vincentians will benefit from over XCD $70 million Stimulus and Recovery Package in wake of the Covid-19 pandemic.
In a live address to the nation on Wednesday, he said the package of fiscal stimulus and tax relief which is estimated to be XCD $74.05 million and in excess of 3 percent of the country’s Gross Domestic Product- GDP is a significant stimulus in all the circumstances.
Dr. Gonsalves says the bulk of the revenue for this package is targeted to come from six main sources, namely the World Bank, the International Monetary Fund -IMF, the Contingency Fund of the Government of St. Vincent and the Grenadines, the United Arab Emirates-UAE, the Bank of St. Vincent and the Grenadines and other financial institutions and Bond Holders. “The monies from these sources are either in hand or at hand”, the Prime Minister says.
He says support will come from the Eastern Caribbean Central Bank-ECCB, the National Insurance Services-NIS, the St. Vincent and the Grenadines Port Authority, the Agricultural Input Warehouse, and the Eastern Caribbean Group of Companies.
The Prime Minister says “a difficult and extremely challenging period lies ahead for the island economies of the Caribbean, including St. Vincent and the Grenadines”. In light of this, he says an appropriate recovery plan is being put in place for St. Vincent and the Grenadines and is being acted upon urgently.
“This plan contains strategic and targeted measures for economic support and recovery. This plan provides help for the helpless, support for the disadvantaged and for those who face urgent, though temporary difficulties” – Dr. Gonsalves says.
The Prime Minister says the Cabinet and other senior public servants have been engaged in consultations with stakeholders in tourism, banking, credit unions, industry, trade, commerce and the trade unions on the core elements of a recovery and stimulus package.
“Our government will shortly be taking this package to parliament in the form of supplementary estimates and supplementary appropriations bill” – Dr. Gonsalves says.
The Prime Minister says he will brief the members of the opposition today on the details of the Economic Recovery and Stimulus Package.