BASSETERRE, St. Kitts, October 1st, 2012 (CUOPM) – St. Kitts and Nevis’ Prime Minister the Rt. Hon. Dr. Denzil L. Douglas has told world leaders that the global economic crisis that manifested itself in 2008 has forced his twin-island Federation to pursue a new economic development programme, involving fiscal balance and debt restructuring, with built in social safety nets.
“In no way of our making, the global economic crisis has severely complicated the task of governance in advanced economies and more so in highly indebted middle income nations like mine. It has introduced both new variables and additional unknowns in our economic planning models and has, in a nutshell, thrust upon us a backdrop of global volatility that none of us could have anticipated, which none of us welcome, and which has created immense difficulties for our people,” said Prime Minister Douglas at the 67th General Assembly of the United Nations in New York.
He told a packed world body that the International Monetary Fund, the World Bank, the European Union and many local, regional and international creditors, including the United Kingdom and the United States, as members of the Paris Club, have helped to alleviate the severity of the social impact of the economic adjustment, and return confidence among investors in the economy of St. Kitts and Nevis.
“But we continue to face significant challenges especially in relation to the attainment of economic growth in the context of a very sluggish and uncertain global economy. The mammoth challenges and difficulties that our small multi- islands state faces underscore the need for greater attention paid to the issue of special and differentiated responsibilities in this rather trying era.
And, indeed, it underscores the need for small, responsible nations like mine, in our relations with far larger and infinitely more powerful friends and allies to, nonetheless, have fair and calm paths to redress,” said Prime Minister Douglas.
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