BASSETERRE, St. Kitts, Feb.14.2018- NEVIS’ Premier, Hon. Mark Brantley says that global warming continues to be a major threat to the gains made by Small Island Developing States (SIDS).
That comment comes as several small islands continue to rebuild from the devastation left behind by the passage of Hurricanes Irma and Maria.
Addressing the Nevis Island Assembly during his budget presentation recently, Brantley explained that global warming continues to pose a serious challenge to small island developing states in achieving a stable growth rate.
He stated that the increasing incidents of hurricanes and other natural disasters pose a real danger of eroding the gains made in a very short time.
“Our neighbors in Barbuda, St Martin, Dominica, Anguilla, the British Virgin Islands and the US Virgin Islands can all attest to this. Global warming is not of our own doing. Nevertheless, we shall continue to take steps to make our economy more resilient so that it can better withstand the negative shocks from these natural disasters.”
St. Kitts and Nevis, unlike many of the other islands, was spared the wrath of the two hurricanes, which left hundreds of people dead, and billions of dollars in damage to homes and infrastructure.
Brantley criticized the position taken by donor countries, which classified many of the SIDS affected by the storm as having strong GDP per Capita.
That classification has resulted in many being unable to gain financing or attract funding with minimal repayment interest.
“The unfair system of donor countries that graduated us into the rank of developing countries purely based on per capita income even though a large number of our citizens are still below the poverty line has seriously impacted our ability to gain access to key grant funds to aid our economic development and raise the standard of living of our people.”
But the Minister suggested that the answer to overcoming those challenges lie in the ability to innovate while creating new opportunities in a diversified economy.
“This is essential if we are to improve the socio-economic outcomes for all citizens and residents of the island of Nevis. Over the past five (5) years we have made significant investments toward achieving this improved and diversified economy while at every turn putting the interest of our people at the forefront of our economic agenda.”
Additionally, the Premier pointed to slow growth rates, unacceptably high rates of unemployment; sluggish economies; challenges to the banking sector through the loss of Correspondent Banking Relationships; and the decline in business opportunities in the retail sector arising directly from globalization as some of the other challenges facing Small Island Developing States, and the continued development of the economies.
This year’s budget was presented under the theme: “Stimulating Innovation, Creativity and Diversity towards Improving Socio-Economic Outcomes” .
