Prime Minister Ralph Gonsalves is pleased with the fiscal situation of his government during the first five months of 2025, when capital expenditure rose 88% year-on-year.
“And last year was a record year. Last year was about $250 million,” he said, noting that capital expenditure had stood at EC$69 million at the end of May 2024.
“Now, it’s 131 million,” he said, adding that, as was the case last year, all the numbers had not been reflected in the accounts.
“But if you say that, they more or less even out what didn’t come to account last year … this year will also be another bumper year,” the prime minister said, adding that he was giving “rough guides — trends”.
“Amazing, eh? You hear money?” Gonsalves said, adding that total revenue and grants through May 2025 rose 16.9% year on year, from EC$319.5 million to EC$373.4 million
“The current revenue component alone went up by 11.2% from $310.3 million to $345 million,” Gonsalves said, adding, “Not bad eh?”
He said there was a 25.6% increase in total expenditure, rising from EC$384 million in 2024 to EC$482 million year-on-year during the period in review.
“I’m rounding the numbers off. That’s a big, big jump,” Gonsalves said, but noted that there was a deficit of approximately EC$6.5 million, compared to EC$4.3 million last year.
“Well, given what we have done, that deficit on the current account is a small deficit,” the prime minister said.
“If this was an exam report and you take it home to your mammy, your mammy would say, ‘Well done. Well done. You’re definitely getting promoted. You’re going up,” said Gonsalves, whose Unity Labour Party government is expected to face the electorate in general elections by November, ahead of the February 2026 constitutional deadline.
This article relies solely on the Prime Minister’s statements without external verification from economists, opposition figures, or independent data sources. It represents a one-sided view.
While capital expenditure growth is highlighted, there’s no detail on where these funds were allocated be it infrastructure or social programs, It leaves us uninformed about the PM’s priorities.
The PM dismisses the increased deficit, EC$6.5M vs. EC$4.3M, as “small,” but doesn’t mention further implications like, debt sustainability or future tax burdens.
Ralph Gonsalves uses phrases like “all the numbers had not been reflected in the accounts” and “rough guides—trends” lack clarity. Are these estimates or audited figures?
One more thing, the PM is a total stooge of the IMF and World Bank hanging out Vincentians to dry in the hot sun.