Never To Ole to Learn

 

I’ve just found a new and exciting way to edit my blog without having to sign-in to blogger. And it’s real kool too!

I’m using it for the first time to tell you that St Lucia’s Prime Minister Stephenson King has presented a $1.23 billion budget to parliament, amid the global economic crisis and a major strike by civil servants which is set to enter into its third day on Monday April 27th.

The budget presented on Friday was boycotted by the parliamentary opposition.

We have two media reports on the 2009-2010 estimates of revenue and expenditure.

In a moment, and  AP report, but first, Here’s what was reported on the nation’s station - Radio St Lucia.

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Fuel Price Reduction in Gov't's $1.23B Budget

Parliament is set to vote Tuesday on the government's 1.23 billion dollar budget, which Prime Minister Stephenson King said would help the nation weather the effects of the current economic slump.

In delivering the annual estimates of revenue and expenditure Friday, Mr. King warned St Lucians to brace for a difficult year ahead, saying it can no longer be business as usual.

It was his first budget presentation since the onset of the global economic crisis.

"This budget has a specific focus on a number of key areas relevant to our economic recovery, improving our effectiveness in world markets and creating a more conducive climate for ensuring the well-being of our people," he said.

The Prime Minister announced a number of measures to stimulate the economy, including tax concessions, public sector projects and an increase in the current tax level from $1600 to $1700.

He said this measure would allow taxpayers to have more disposal income.

And in an effort to ease the strain of the current economic crisis, the Prime Minister announced adjustments in the cost of fuel.

Government, he said, has decided to implement the price pass-through-mechanism for gasoline and diesel, which will see local fuel prices change in accordance with international trends.

"Gasoline will be reduced from its existing price of 11.50 to $10.95; diesel will be reduced from $12.00 to $10.95," Mr. King added.

The 100 pound cylinder of LPG gas will be reduced from 199 - 195 while, the 20 pound cylinder will be reduced from 28 to 26 dollars

The price adjustment will take effect from the first week of May and the pass through mechanism will come into force three months later

Parliamentary debate on the appropriations bill has been set for Monday and Tuesday.

ENDS=============

 

The evening prior to the budget presentation, the Opposition took  to the Castries market steps accusing the government of gross incompetence and calling on them to call fresh general elections.

Opposition Leader, Dr. Kenny Anthony said he was ready to “lead the country again,” adding that the Labour Party had already started putting its team of candidates together.

 

 

 

 

ENDS=========

Now here’s an AP report on the budget taken from Forbes Online

St. Lucia $449M budget to rely on loans, new taxes

Associated Press, 04.25.09, 12:14 PM EDT

St. Lucia's prime minister is calling for new taxes and cuts in ministers' salaries to accommodate its $449 million budget.

Stephenson King says revenue also will come from $44 million in loans and $42 million in grants, mostly from Taiwan and the European Union.

He says a 2 percent tax would apply to cigarettes and a 50-cent tax to each liter (gallon) of alcohol. Ministers would take a voluntary 10 percent pay cut.

King also promises to lower gas prices and remove hundreds of minimum-wage workers from tax rolls.

He recently increased state worker salaries by 7.5 percent but said another 15 percent increase they are demanding is unlikely because of the economic crisis.

King presented the budget late Friday.