BASSETERRE, St. Kitts, December 16, 2024 (SKNIS) – On Monday, December 16, 2024, Prime Minister and Minister of Finance, the Honourable Dr. Terrance Drew, announced a suite of economic relief measures as part of his government’s comprehensive strategy to cushion the financial impact caused by the “hurricane of global inflation”. Among the measures announced during the Budget Address in the National Assembly was the “Budget Boost Wallet” initiative.
This innovative initiative will provide direct financial relief to eligible individuals earning EC $5,000 or less per month, by offering EC $250 per month for the first six months of 2025.
“Everyone is feeling the squeeze, Madam Speaker. We want to extend this help for a period to give people an ease and to make it broad-based because we do not have unlimited resources,” said Prime Minister Drew.
The extra funds can be used for essential expenses, including r groceries, household items, and the paying of utility bills.
This programme will inject over $33 million into the hands of the people over the six-month period to help them to meet daily needs and reduce financial stress.
“As a caring government, we believe it is only right to give back to you, the people, to help ease the burden of rising living costs and put more in your pockets,” Prime Minister Drew added.
The prime minister also used the occasion to urge citizens to adopt prudent financial practices wherever possible. “This includes budgeting wisely, saving diligently, investing strategically when opportunities arise, and making informed choices – from the supermarket shelves to online retail stores,” he said.
In addition to the Budget Boost Wallet” initiative, Prime Minister Drew also announced a VAT Relief Holiday that will see the Value Added Tax (VAT) reduced from 17 percent to 13 percent for the first six months of 2025.
Prime Minister Drew said these measures reflect his government’s firm commitment to prioritising the well-being of the citizens and ensuring that no one is left behind.
