BASSETERRE, St. Kitts, December 06, 2022 (SKNIS) - The Cabinet Ministers met under the Chairmanship of the Prime Minister, The Hon. Dr. Terrance Drew, on Monday, December 5th, 2022, and made a number of important decisions to improve the welfare of our people.
1. The Cabinet of Ministers approved the establishment of an Export Promotion Division within the St. Kitts Investment Promotion Agency (SKIPA). In this regard, the Cabinet has approved a consultancy through the Caribbean Export Development Agency to assist SKIPA. This initial step is a clear indication of the St. Kitts-Nevis Labour Party Administration’s commitment to further developing international trade and helping local producers and exporters upscale and upgrade their product outputs and access new markets.
2. The Cabinet approved the Protocol to amend Article 83 of the Revised Treaty of Chaguaramas which gives CARICOM Member States more freedom to conduct their domestic affairs while adhering to their commitments under the law. Additionally, it gives the Council for Trade and Economic Development (COTED) more power to permit Member States to suspend the common external tariff (CET) on imports and apply a higher, lower, or even zero tariff rate. The Revised Treaty of Chaguaramas established the CARICOM including the CARICOM Single Market and Economy (CSME) signed in 2014.
3. In order to improve fiscal performance and achieve sustained economic growth for St. Kitts and Nevis, the Cabinet approved a Medium-Term Fiscal Framework (MTFF) 2023-2025. This Framework will be used as a planning guide for the Ministry of Finance to support a multi-year performance-based budget process, by identifying the key parameters within which informed decisions could be made on the size, structure and sustainability of the Budget Estimates. The medium-term fiscal objectives would be to contain the effects of the pandemic and support a sustained recovery of the economy. The Medium-Term Fiscal Framework will be updated quarterly to reflect the Government’s latest fiscal position.
4. In preparation for presentation to the National Assembly at the upcoming debate on the Annual Financial Statement and Budgetary Proposals for 2023, Cabinet approved the 2023 Draft Estimates, the Appropriation (2023) Bill, 2022 and the Appropriation (2023) Act, 2022. The annual Budget Debate will be held from Wednesday, December 14th, 2022.
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