As the cost-of-living crisis continues to hit economies worldwide, governments are being forced to devise country-specific ways to ease the impact on their citizens.
And as such, Montserrat has adopted a unique approach.
The United Alliance government’s message is for residents to adapt their lifestyles in pragmatic ways to offset the cost of living’s impact on their personal and family budgets.
The message from Premier, and minister of Finance and Economic Management, the Honourable Reuben T.Meade, is for residents to adopt creative and practical belt-tightening, as the government’s ability to offer relief is limited.
As explained by the Premier, aid- and import-dependent Montserrat is particularly vulnerable to global economic shocks more than other similar-sized territories.
Premier Meade says the geopolitics will continue to affect Montserrat and affect its prices. He outlines that everything that is bought from overseas is affected.
He speaks to prices going up on motor vehicle, food and building materials.
Speaking on his ruling United Alliance Party’s “Let’s Talk” radio programme, Mr Meade urged residents to adapt their lifestyle, including cutting back on activities that might not be necessary but still incur costs, such as unnecessary driving.
He urged a refocusing on local production to replace, especially imported foodstuffs, while outlining possibilities for small-to medium-scale commercial food processing and export opportunities, with some level of government concessions.
The government has launched a concessionary loan programme for local enterprises, along with some import cost concessions, but has ruled out a fuel subsidy as unaffordable.
Montserrat which suffered severe economic setbacks following the eruption of its Soufriere Hills volcano between 1995 and 2010, now relies on British aid to fund around two-thirds of the government’s budget.