Kingstown, St. Vincent April 29, 2026 – Prime Minister Dr. Godwin Friday has pledged fiscal reforms and a homegrown economic stabilisation programme following the completion of the International Monetary Fund’s 2026 Article IV Mission to St. Vincent and the Grenadines.
Responding after the IMF mission’s findings were presented at a press conference, Friday said the country could no longer continue along its existing economic path while expecting longstanding challenges to resolve on their own.
“One thing remains clear: our economy cannot continue on its current path,” the Prime Minister said, adding that government was committed to putting the necessary systems in place to address accumulated debt and restore confidence in the country’s public finances.
Friday noted that St. Vincent and the Grenadines has faced a high risk of debt distress since 2016 and said the current situation has been compounded by elevated oil prices and the lingering impact of recent natural disasters.
He announced plans to move toward a rules-based fiscal framework with statutory backing, aimed at improving transparency, accountability and long-term budget discipline.
The Prime Minister also said government would develop what he described as a homegrown economic stabilisation programme designed to strengthen the economy while creating opportunities for Vincentians.
Among the targets outlined is achieving a primary surplus of three per cent by 2029, a goal Friday acknowledged would be challenging given the scale of the fiscal adjustment required.
“It has been done elsewhere,” he said, adding that success would depend on governance choices rather than a lack of economic possibility.
Friday said his administration remains committed to reversing current trends, improving economic stability and creating sustainable opportunities across the country.