Prime Minister and Minister for Finance Philip J. Pierre has disclosed that EC$55 million from Saint Lucia’s Citizenship by Investment Programme (CIP) has been deposited directly into the Consolidated Fund, while confirming that the programme’s latest annual reports and audited financial statements are now complete and will be tabled before Parliament.
Delivering the 2026/2027 Estimates of Revenue and Expenditure on march 24th, Pierre outlined the financial position of the CIP, noting that an additional EC$18 million in non interest bearing funds has been generated, while EC$50 million in international escrow funds is currently being held within local banking institutions. “The Citizenship by Investment Programme has financed several infrastructure, health, and security initiatives,” Pierre told Parliament, adding that a detailed breakdown of those projects will be provided during his upcoming policy address.
The Prime Minister emphasized transparency in the programme’s operations, reiterating that all required financial documentation has been completed. “The annual report and audited financial statements up to March 31, 2025, have been prepared by external auditors,” Pierre stated.
Turning to government financing, Pierre revealed that stronger than expected economic performance allowed the administration to significantly reduce its reliance on loan financing during the 2025/2026 fiscal year.
While EC$257.5 million in loans had initially been approved to fund major development proposals, the government opted not to fully draw on those facilities. As a result, actual loan financing declined by EC$65.6 million to EC$88.8 million for the period ending March 2026.
Pierre said the move reflects deliberate fiscal management and improving economic conditions. He also pointed to increased activity in short-term government borrowing through treasury bills and bonds, describing it as a sign of growing investor confidence in Saint Lucia’s financial instruments on the Regional Government Securities Market. “It is noteworthy that short-term interest rates on these instruments are, in some cases, lower than those on long-term instruments,” he added.
Providing a breakdown of loan-financed projects, Pierre said EC$83.5 million was sourced from the Caribbean Development Bank (CDB), supporting key initiatives including the Millennium Highway and West Coast Road reconstruction, policy-based reforms, and upgrades to Inland Revenue systems.
Additional investments included EC$10 million for revenue administration, EC$2.7 million to strengthen public health system resilience, and EC$5.1 million to enhance the fire service. Funding from the International Development Association (World Bank) totaled EC$30.2 million, supporting projects such as the Unleashing the Blue Economy of the Caribbean initiative, the OECS Data for Decision Making Project, energy sector development, and tourism enhancement.
Further allocations included EC$2.9 million from the Caribbean Development Fund for community tourism initiatives.
Pierre added that bonds, notes, and treasury bills amounted to EC$183.8 million, used primarily for short- to medium-term financing needs.
The Prime Minister said these fiscal measures form part of a broader strategy to maintain stability while advancing national development priorities.
