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St Kitts And Nevis On The Right Track: IMF

by Mike Godfrey, Lowtax.net, Washington
22 May, 2014

Nevis Premier Vance Amory has said that Saint Kitts and Nevis is now in a position to report sustainable finances and a strengthening economy as the three-year Standby Arrangement with the International Monetary Fund (IMF) draws to a close.

He noted the recent comments of IMF Country Representative for St. Kitts and Nevis Judith Gold, who said: "We see a recovery in the economy in economic growth, primarily driven by construction and Citizenship by Investment (CBI) receipts that have been able to fund the People's Empowerment Program (PEP)."

"The fiscal situation is much improved both because of prudent fiscal management in both St. Kitts and Nevis and because of substantial revenues coming from the CBI and Sugar Industry Diversification Fund (SIDF). As a result, the Government was able to provide the 13-month bonus in 2013 and proceed with the wage increases in 2014 and plan over the coming years."

"I would say there has been much progress under the arrangement in the last three years and we are very pleased to see that the country, we think, has really turned and things are improving and we hope they continue to improve over the coming months," she continued.

"I think going forward, our emphasis is to ensure prudent management over the coming years to take the additional revenues and use them carefully, to make sure that the situation would be sustainable into the medium term," she concluded.

Saints Kitts and Nevis embarked on the SBA with the IMF beginning in 2009/10, agreeing comprehensive fiscal reforms to place its finances and economy on a sustainable path.

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