Martinique adopts 69 million euro recovery plan amid rising debt

The Territorial Collectivity of Martinique (CTM) has adopted a 69 million euro recovery plan to address a critical financial situation. Following a report from the Regional Court of Accounts, which described the institution's finances as 'particularly worrying,' the CTM is facing a debt nearing 1 billion euros, having risen 28% since 2021.

Presented by Executive Council President Serge Letchimy, the plan spans 2027 and 2028. It aims to secure 32.2 million euros in the first year and 37 million the second through various measures, including spending cuts, the sale of real estate and financial assets, and the non-replacement of retiring staff. Additionally, a new employer tax known as the 'regional and rural mobility contribution' will be implemented.

While the majority views this as an optimization effort to preserve investment capacity, the plan has faced significant backlash. Local collectives have protested in Fort-de-France, demanding accountability for the debt. Opposition members, such as Jean-Philippe Nilor, have criticized the strategy, labeling it an austerity plan rather than mere optimization.