Gov’t reaffirms commitment to fiscal consolidation and growth

THE GOVERNMENT of St.Vincent and the Grenadines (SVG) said it has noted the recent release of information by Moody’s Ratings, which downgraded the sovereign’s long-term issuer ratings to Caa1 with a negative outlook. In the face of the Moody downgrade of St Vincent and the Grenadines the Government has issued a release in which it outlined measures its response.

“The Government takes seriously the concerns raised regarding the country’s elevated debt burden and financing needs, which reflect the cumulative and extraordinary impact of consecutive exogenous shocks over the past six years- including the COVID-19 pandemic, the 2021 La Soufrière volcanic eruption, and Hurricane Beryl in 2024, which alone caused damage equivalent to approximately 22% of GDP, the release issued by the Office of the Prime Minister states.

“The Government wishes to assure citizens, residents, investors and development partners that it is taking decisive and coordinated action on three fronts: fiscal consolidation, prudent debt management, and growth-enhancing reform.

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