PM urges fiscal responsibility & restraint in Budget Address

by: - July 27, 2018
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Prime Minister Roosevelt Skerrit

(Press Release) Prime Minister Roosevelt Skerrit used his budget address today to caution Dominicans against taking the country’s recovery lightly and not exercising financial prudence as a result.

“We have achieved much in the last year and… if we resist the urge to give away what we do not have, by exercising fiscal prudence, we are creating the building blocks for the more prosperous Dominica which we, our children and grandchildren will enjoy,” he said.

Cautioning against an over-reliance on the government at a time when it has already done all that it could feasibly do given the widespread damage caused by Hurricane Maria, he stressed the need for prudent financial management, extending from Government to corporate entities and to citizens.

“Let us accept that every individual has a responsibility for the management of one’s own wealth and finances.”

Echoing the cautions of economist Alan Greenspan, the former chairman of the United States Federal Reserve in his book, The Age of Turbulence, the prime minister warned: “a Government can take a country so far, so fast, that very soon the citizens forget how far they have come, in how short a time and start demanding more than the Government can reasonably or possibly deliver.”

Prime Minister Skerrit emphasised and repeated the statement “we have survived,” as he painted a picture of hope after Hurricane Maria ravaged the country.

“Given our circumstances of ten months ago [in the aftermath of Hurricane Maria], no-one would have expected that a budgetary presentation would have been possible, he said, adding that “this Government is known to be one that has made prudent and strong financial management, a priority. As we seek to build resilience, this will continue to underpin the overall resilience strategy.”