BASSETERRE, St. Kitts – Economic challenges faced by St. Kitts-Nevis and mapping a course for economic stability was at the top of the agenda for this year’s National Consultation on the Economy which took place yesterday (Sept. 02) at the St. Kitts Marriott Resort.
Dozens of local stakeholders and economic players were in attendance of the course-charting one-day event and held discussions focused on the theme, “Turning our Challenges into Opportunities for Reform”.
The consultation process was broken down into a number of sections which began with presentations by President of the Chamber of Industry & Commerce Michael Morton; Premier of Nevis, the Honourable Joseph Parry; and the featured address by leader of the country and Minister of Finance, the Honourable Dr. Denzil Douglas.
According to Prime Minister Douglas, the government’s dialogue with its social and economic partners proves “inspiring” and is of necessity, if the government is to effectively chart a course for sustainable economic growth and development.
“I am very extremely pleased to address you once again on the occasion of our annual National Consultation on the Economy as we participate in the 2010 budget planning process. Our dialogue with you, our economic and social partners, has proven to be inspiring over the years. And this is one of the reasons that we return consistently to seek your input on the building of our nation in a sustainable manner.”
The second part of the consultation would see the tabling of a number of reports including the Ministry of Finance’s “Fiscal and Debt Reform Strategies” report, the Island Revenue Department’s “Tax Reform Strategies”, the Financial Services Department’s “Reform of the Regulation and Supervision of the Non-Bank Financial Sector” and the Ministry of Social Development’s “Social Safety Net Strategies”.
The expectation was that feedback on the reports would be had from all participants were placed in “focus groups”. A compilation of the different groups’ assessment of the dept and tax reform strategies, economic stimuli and other strategies was also tabled nearing the end of the consultation from which government is expected to glean as it prepares the 2011 budget.
Dr. Douglas reminded of the economic and other hardships which the Federation faces and has faced, and the potentially devastating blow these can deal to the local economy. He expressed hope, however, that there are employable measures which can lessen this impact. Conceptualization of these measures, he explained, is one of the purposes of the consultation.
“We would all agree that the world is being confronted by an unprecedented number and degree of difficulties at this time. We have been faced with natural disasters of various kinds. We have been faced with the food crisis, the energy crisis, the financial sector crisis and currently, an economic crisis which we thought would be turning around by now. But we are hearing the term ‘double dip recession’. And this, of course, is most challenging.
“Added to our own unique vulnerabilities as a small state…this confluence of national, regional and international events, has the great potential to deal our economy a very severe blow. However, I am very convinced that there are measures which we can take to mitigate many of the resulting effects of these crisis situations. We are therefore here today to share with you our strategy, our strategy for reform and to obtain your points of view on the very issues with which we are faced as a nation.”
The National Consultation on the Economy fits within the Ministry of Finance’s mission statement which is, “To promote a dynamic, innovative and growing economy and to manage the fiscal, financial and related regulatory affairs of the Government of St. Kitts and Nevis.”
The Ministry promises that to carry out its mission, it, “Will create a climate conducive to economic growth and job creation; promote the effective and efficient delivery of government services; ensure prudent management of the country’s debt; balance the budget and ensure that public corporations remain accountable to taxpayers for the use of resources under their management.”
