KINGSTOWN, St. Vincent, Oct 27, CMC – St. Vincent and the Grenadines is celebrating its 39^th anniversary of political independence from Britain on Saturday with Prime Minister Dr. Ralph Gonsalves indicating that the country has made “modest’ economic growth over the past year.

Addressing the Military Parade here, Gonsalves said that th3e island’s diversified economy is growing and being placed on a sound footing.

“Indeed this year, our country is experiencing economic growth albeit it modest following upon marginal to modest economic growth in each of the last seven years.

“At the same time the government’s fiscal condition has improved despite the loss of substantial resources under the PetroCaribe agreement occasioned by the unwise banking and financial sanctions against Venezuela,” Gonsalves said.

PetroCaribe is an oil alliance of many Caribbean states with Venezuela to purchase oil on conditions of preferential payment. The alliance was launched on the 29th of June 2005 in Puerto La Cruz, Venezuela. In 2013, PetroCaribe agreed for links with the Bolivarian Alliance for the Americas (ALBA), to go beyond oil and promote economic cooperation.

Gonsalves told the nation that amidst all the challenges facing the country “we have not gone to the International Monetary Fund (IMF) nor have we sold our citizenship and passport” he said in reference to the move by some Caribbean Community (CARICOM) countries to lure foreign investors through the Citizenship by Investment Programme (CIP) that allows them to get citizenship in return for making a significant contribution to the socio-economic development of their countries.

“Our passports and citizenship are not commodities for sale. We oppose such sale in principle and in practice. I so re-affirm today,” Gonsalves said.

He said that the various sectors of the economy, including the banking, and credit unions “continue to play a significant role in our country’s development.

“Current initiatives by the state sector facilitate and fuel further developmental advance. We see so in the consolidating and expansion of education, health and housing revolution,” he said, noting the new Argyle International Airport is now playing a significant role in the development of the tourism industry.

He said those who had been very critical of the airport were on the losing side “again and again and again” and that the “existing hotel stock is expanding and new hotels and apartments are currently being built”.

He also made reference to the proposed US$145 million modern cargo project and the multi-million dollar plans to re-develop the city.

In his address, Gonsalves said that during the period 2010-17, St. Vincent and the Grenadines suffered losses estimated at EC$700 million (One EC dollar=US$0.37 cents) or one third of the gross domestic product (GDP) due to the impact of climate change.

“Climate change is now unfamiliar in time, type and seasonality. Unprecedented in their frequency and intensity and thus urgent beyond measure. Both the pre-existing condition of countries like ours and the immediacy of climate change have given rise to the many sided concept of small state exceptionalism as a category in the global political economy which deserves a special carve out and recognition beyond the traditional rubric hitherto of special and differential treatment,” Gonsalves added.

Meanwhile, the Caribbean Community (CARICOM) has extended congratulations to St. Vincent and the Grenadines with Secretary General Ambassador Irwin LaRocque, saying that  “the chosen theme for this year’s festivities ‘Working together to enhance national pride’ encourages Vincentians to combine their efforts, not only to ensure a prosperous and secure future for the next generation, but also to strengthen their fraternal bonds.

“Prime Minister, the commitment of the government and People of St. Vincent and the Grenadines in promoting regional integration, particularly as it relates to the Regional agenda for transport, is most appreciated.

“This is illustrated by the dedicated efforts to ensure that the importance of transport to the sustainable development of the Community remains at the forefront”, LaRocque added.

Gonsalves is the prime minister with lead responsibility for Transportation, Maritime and Aviation in the CARICOM Quasi-Cabinet.

“CARICOM looks forward to the continued active engagement of St. Vincent and the Grenadines in strengthening the development of the Community,” the Secretary-General said.