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St. Lucia, Budget Address for the Financial Year 2010/2011, April 2010

St. Lucia, Budget Address for the Financial Year 2010/2011, April 2010

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Published by: Detlef Loy on Dec 12, 2012
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03/23/2014

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GOVERNMENT OF SAINT LUCIABUDGET ADDRESSFor the Financial Year 2010/2011
The Road to Recovery: Engineering Growth, Engendering Social Cohesion and Building Resilience to External Shocks” Delivered by Honourable Stephenson KinPrime Minister & Minister for Finance On Monday 19 
t
April, 2010 
 
 Page 2 of 62
Table of Contents
INTRODUCTION
...................................................................................................................4
 
INTERNATIONAL AND REGIONAL PERFORMANCE & OUTLOOK FOR 2010
....6
 
REGIONAL ECONOMIC DEVELOPMENTS
.....................................................................7
 
SAINT LUCIA’S ECONOMIC PERFORMANCE AND OUTLOOK FOR 2010
...........8
 
T
OURISM
.................................................................................................................................9
 
C
ONSTRUCTION
.......................................................................................................................9
 
 A 
GRICULTURE
........................................................................................................................10
 
M
 ANUFACTURING
...................................................................................................................11
 
C
ENTRAL
G
OVERNMENT
F
ISCAL
O
PERATIONS
.........................................................................11
 
NOTABLE ACHIEVEMENTS FOR 2009/2010
.............................................................12
 
STRATEGIC PRIORITIES
.................................................................................................17
 
SECTORAL INITIATIVES
.................................................................................................19
 
T
OURISM
...............................................................................................................................19
 
F
INANCIAL
S
ECTOR 
................................................................................................................22
 
International Financial Services 
.................................................................................23
 
C
ONSTRUCTION
.....................................................................................................................24
 
Public Infrastructure 
....................................................................................................24
 
Reconstruction and Rehabilitation 
.............................................................................24
 
Other Public Sector Projects 
.......................................................................................25
 
Private Sector Projects 
................................................................................................28 
 
Public Utilities 
................................................................................................................29
 
 A 
GRICULTURE
........................................................................................................................30
 
SFA Programme 
............................................................................................................31
 
 Agro-enterprise Development 
....................................................................................31
 
Technology Adaptation 
................................................................................................31
 
Banana Sector 
...............................................................................................................32
 
Non Traditional Crops 
..................................................................................................32
 
Banana Commercialization and Agricultural Diversification Programme 
..............32
 
Establishment of National Marketing Infrastructure (Clearinghouse Cul-de-Sac) 
........................................................................................................................................32
 
Productivity Enhancement for Beausejour Agriculture Station 
..............................32
 
 Agricultural Diagnostic Facility 
...................................................................................33
 
Meat Processing Facility 
..............................................................................................33
 
Establishment of an Agro-processing Plant 
..............................................................33
 
 Agriculture and Youth 
..................................................................................................33
 
M
 ANUFACTURING
 
C
OMMERCE
.............................................................................................34
 
SOCIAL RE-ENGINEERING
.............................................................................................36
 
T
HE
S
OCIAL
EFORM
C
OUNCIL
..............................................................................................36
 
H
OLISTIC
O
PPORTUNITIES FOR 
P
ERSONAL
E
MPOWERMENT
(HOPE)
.......................................36
 
 Y 
OUTH
D
EVELOPMENT
P
ROGRAM
...........................................................................................37
 
J
UVENILE
EHABILITATION
C
ENTRE
.......................................................................................37
 
S
PORTS DEVELOPMENT
..........................................................................................................37
 
H
EALTH
C
 ARE
........................................................................................................................38
 
E
DUCATION
...........................................................................................................................40
 
AREAS OF SPECIAL FOCUS
.............................................................................................42
 
C
RIME AND
N
 ATIONAL
S
ECURITY 
...........................................................................................42
 
E
IGHT
-P
OINT
S
TABILIZATION AND
G
ROWTH
P
ROGRAMME
......................................................45
 
N
 ATIONAL
I
NVESTMENT
O
FFICE
(NIO)
..................................................................................46
 
C
ONSTITUENCY 
D
EVELOPMENT
P
ROGRAMME
(CDP)
...............................................................47
 
 
 Page 3 of 62
OECS
 
E
CONOMIC
U
NION
......................................................................................................48
 
N
 ATIONAL
E
NDOWMENT FOR THE
C
REATIVE
I
NDUSTRIES
........................................................49
 
H
OUSING
E
XPANSION AND
D
EVELOPMENT
..............................................................................50
 
N
 ATIONAL
E
MPLOYMENT
B
UREAU
(NEB)
...............................................................................51
 
BUDGET
.................................................................................................................................52
 
F
ISCAL
S
TRATEGY 
..................................................................................................................52
 
F
ISCAL
O
PERATIONS
..............................................................................................................52
 
 A 
LLOCATION OF
E
XPENDITURE
...............................................................................................54
 
N
EW
EVENUE
M
EASURES
.....................................................................................................56
 
Withholding Tax on Interest Paid to Non Residents 
...............................................56 
 
Stamp Duty on Share Transfers 
.................................................................................56 
 
Market Valuation System of Property Tax 
................................................................57 
 
Increase in Cellular Tax 
...............................................................................................57 
 
E
XPENDITURE
P
OLICIES
.........................................................................................................58
 
I
NCREASE IN
P
UBLIC
 A 
SSISTANCE
..........................................................................................59
 
I
NCENTIVES AND
O
PPORTUNITIES
 A 
 VAILABLE FOR 
B
USINESSES AND
I
NVESTORS
......................59
 
CONCLUSION
......................................................................................................................61
 

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