The opposition United Workers Party has raised concerns over the government’s intention to seek parliamentary approval to borrow more than EC$600 million, a proposal expected to be brought before Parliament.
In a press release issued ahead of the parliamentary sitting, the party stated that the scale of the proposed borrowing would be among the largest ever considered in a single sitting of Parliament in Saint Lucia.
The party noted that when the administration of Prime Minister Philip J. Pierre assumed office in July 2021, the country’s national debt stood at approximately EC$3.93 billion. According to the opposition, if the proposed borrowing is approved, the national debt could rise to an estimated EC$5.7 billion.
The United Workers Party argued that the level of borrowing could increase the country’s debt burden significantly and emphasized the importance of careful fiscal management. The party also stated that, based on its estimates, the national debt could exceed EC$31,000 per citizen if the proposed borrowing proceeds.
While acknowledging that borrowing can play a role in national development, the opposition said such decisions should be guided by prudence and transparency, noting that taxpayers ultimately bear responsibility for repaying public debt.
The party indicated that it will review the details of the borrowing once the relevant documents are formally tabled in Parliament
