BASSETERRE, St. Kitts, January 25th, 2012 (CUOPM) – St. Kitts and Nevis’ Prime Minister the Rt. Hon. Dr. Denzil L. Douglas his four-term St. Kitts-Nevis Labour Party administration remains committed to the expansion of economic opportunities for nationals.
“This requires us to stimulate investment. And so we exert the highest possible levels of vigilance in the areas of economic and fiscal management – all key to boosting investor confidence,” said Prime Minister Douglas at his monthly press conference Wednesday, his first for 2012.
He said that the country’s economic targets are monitored, not only by the Federation’s internal specialists, but by the International Monetary Fund as well.
Stating that the IMF announced that St. Kitts and Nevis had successfully met the performance criteria specified in the IMF Stand-by Agreement, for the quarter ending September 2011, Prime Minister Douglas said the twin-island Federation “is once again on track vis-a-vis these criteria, for the quarter ending December 2011.”
Dr. Douglas said the global economy has been weaker and more volatile than anyone predicted.
“Despite this, St. Kitts and Nevis successfully stayed on course, and met established fiscal targets,” said Prime Minister Douglas, who disclosed that a consolidated overall deficit of EC$26.5 million was achieved by September 2011.
“Significantly, it is now expected that, for the quarter ending December 2011, the country’s overall consolidated debt will fall well below the established target of 3.1% of GDP.
This is very positive since the Government has been meticulously controlling expenditures and steadily improving our tax collection - all in order to secure, for the nation, the benefits that accrue from enhanced fiscal and debt sustainability,” said Dr. Douglas.
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