Saint Lucia is grappling with an economic burden that has left many of its citizens struggling to make ends meet. The 2.5% Health and Security Levy, introduced by the Pierre government to raise $33 million EC annually, has added to the financial strain on households and businesses. This levy, applied to essential goods and services such as groceries, back-to-school items, utility bills, and more, has contributed to the rising cost of living. However, recent revelations about the unaccounted US$1.4 billion in Citizenship by Investment Program (CIP) funds have sparked a crucial question: Could these missing funds eliminate the need for the levy and ease the economic pressure on Saint Lucians?
The staggering amount of US$1.4 billion, if recovered and properly allocated, would have a transformative impact on the nation’s finances. To put it into perspective, the annual target of the 2.5% levy is $33 million EC, which translates to approximately US$12.2 million. Over a year, this levy burdens Saint Lucians, increasing the cost of living and stifling economic activity. The missing CIP funds represent a sum that could cover this annual target many times over.
If the unaccounted US$1.4 billion were retrieved and used to fill the fiscal gap currently addressed by the Health and Security Levy, it would significantly alleviate the economic pressure on citizens. The removal of the levy would lead to immediate reductions in the cost of essential goods and services. Groceries, school supplies, utility bills, and other daily necessities would become more affordable, directly benefiting the most vulnerable populations who are disproportionately affected by rising prices.
The removal of the 2.5% Levy would increase disposable incomes, boost consumer spending, and stimulate economic growth. Businesses would benefit from reduced operating costs, enabling them to invest and expand, creating more job opportunities for Saint Lucians. The overall economic environment would become more attractive to both local and foreign investors, fostering a cycle of prosperity and development.
The recovery of the unaccounted US$1.4 billion in CIP funds presents a unique opportunity to alleviate the financial burdens imposed by the 2.5% Health and Security Levy. By addressing the issue of missing funds and ensuring their proper allocation, the government can ease the pressure on Saint Lucians, reduce the cost of living, and invest in the nation’s future. It is imperative that steps are taken to resolve this issue promptly and transparently, for the benefit of all Saint Lucians. #WTF#CIPScandal#PierrePasBon#SaveOurSaintLucia
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by SuperAdmin