Prime Minister Dr. Ralph Gonsalves. (IWN file photo)

The St. Vincent and the Grenadines government said that it ended the first seven months of this year in a slightly better financial position than the same period last year, but still with a multi-million dollar deficit.

Prime Minister Ralph Gonsalves told Parliament on Monday that the overall balance as at July 31, 2015, was a deficit of EC$21.6 million (One EC dollar =US$0.37 cents) compared to a deficit of EC$33.7 million in 2014.

The current balance was EC$1.4 million, half of the 2014 figure.

Gonsalves responding to a question from Opposition Leader Arnhim Eustace about the fiscal outturn during the first seven months of 2015, said the primary balance was EC$3.4 million, compared to a deficit of EC$8.9 million in 2014.

Gonsalves, who is also the Minister of Finance, told legislators that revenue and grant funds had increased by two per cent, rising from EC$309.9 million to ECS315 million.

He said capital revenue and grants also increased, moving to EC$14.98 million, up from EC$8.76 in the first year of 2014.

Total expenditure, however, decreased to EC$336.62 million as compared to the 2014 figure: EC$343.7 million.

Gonsalves said recurrent expenditure was EC$298.6 million compared to EC$297.39 million, while capital expenditure was EC$46 million, eight million dollars less than in 2014.

“Mr. Speaker, I should point out, … until you get to the end of the year, the numbers are always taken into account, for instance, the account for let’s say in-kind stuff like ten four bridges built by the Ecuadorians. That’s not in there, though it is in the Estimates,” Gonsalves said.

2 replies on “PM Gonsalves paints improved financial picture”

    1. Maybe that is why he says we are better off because he can’t pay certain Public Servants and he can’t pave the main road into Kingstown and he has to buy temporary bridges (instead of building real ones)…that is to save money. Nevertheless a 90 year-old public servant, and other “retired” Public Servants seem to always get their 100k salaries; meanwhile its full speed ahead with the airport so he can pound his chest when he calls the election.

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