Budget Boost Wallet Initiative: Economic Relief Measures Announced by Prime Minister

Government’s Comprehensive Strategy to Cushion the Financial Impact of Global Inflation

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.

Budget Boost Wallet: A New Initiative for Financial Relief

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 groceries, household items, and the paying of utility bills.

Conclusion

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.

FAQs

Q: What is the Budget Boost Wallet initiative?

A: The Budget Boost Wallet initiative is a new programme that provides 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.

Q: How much will eligible individuals receive under the Budget Boost Wallet initiative?

A: Eligible individuals will receive EC $250 per month for the first six months of 2025.

Q: What can the extra funds be used for?

A: The extra funds can be used for essential expenses, including groceries, household items, and the paying of utility bills.

Q: How much will the Budget Boost Wallet initiative inject into the economy over the six-month period?

A: The 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.

-30-