Prime Minister, Roosevelt Skerrit, has once again stressed the impact of global economic challenges on Dominica ahead of Budget Day on Friday.
He told a gathering of musicians on Wednesday evening that Dominica will continue to feel the impact for another five to seven years.
“And of course you are putting a budget together in the context of the present global situation,” he noted. “The financial crisis which hit the world in 2008 is still with us and going to be with us in the next five, six seven years, in my own personal view.”
He noted that challenges confronting the European Union, the United States and the rest of the Caribbean are not going to disappear.
He pointed out that many Caribbean countries have adjustment programs in place in light of the challenges.
“Most countries in the Caribbean have some kind of structural adjustment program, from Jamaica down to Suriname,” the Prime Minister said. “Those who do not have with the IMF have their own internal homegrown structural adjustment program, slashing expenditure dramatically because revenue has dropped, they are unable to implement capital projects because they do not have access to the money.”
He said in many countries the revenue generated is not enough to take care of the services which the state has to provide and he pointed to Spain where he said unemployment among young people is 50 percent.
“And that is a developed country in the European Union,” he remarked.
Skerrit also noted that in an economy like Dominica’s with limited fiscal space, there are many needs and challenges and questioned how scarce resources are shared in responding to different groups with different interests in society.
“Farmers have interests, fishermen, tourism people, the social groups, the NGO, civil society and not to mention the various government departments which made requests to the minister of finance to include things in the budget …,” he stated.
The budget for the new financial year will be presented in parliament on Friday morning