BASSETERRE, St. Kitts – PRIME MINISTER Dr. the Hon. Denzil L. Douglas said his government is currently working on enhancing the basic structure of the Federation’s economy and reducing the national debt.
Dr. Douglas made this pronouncement, among others, at his monthly press conference on Wednesday, February 16, 2011.
The PM announced that the Eastern Caribbean Monetary Council had predicted a growth of 1.9 percent in 2011 after a contraction of four percent during the first nine months of the previous year, noting that the key to the economic advancement of both St. Kitts and Nevis and the region is to be insightful and prudent debt management.
“This is the 21st Century reality in large industrialised economies in light of the nexus between net and growth. Looking at debt restructuring, it means that we should use this as a means of lower debt service and cost, and this would have to be key,” Douglas said.
He stated that the Monetary Council had recommended a regional approach to debt negotiations with third parties because of the obvious benefits of a unified strategy and position.
He also stated that global economic conditions demand a laser-like, highly competitive focus on the path of the Eastern Caribbean nations and they had established a task force on debt growth and development.
Dr. Douglas said the driving forces behind this important initiative would be the Eastern Caribbean Central Bank, World Bank, Eastern Caribbean Currency Union, OECS Secretariat, International Finance Cooperation, International Monetary Fund and the Caribbean Development Bank.
The PM said that a National Economic Growth Forum would soon be held at the St. Kitts Marriott Resort; an initiative which he declared is being spearheaded by the Ministry of Sustainable Development and Tourism aimed at encouraging enlivened public private sector exchange and collaboration.
Dr. Douglas noted that the primary focus of the forum would be heightened economic growth and economic activity in cruise tourism, stay over tourism, education tourism, resort and villa tourism, financial services and ship registry, agriculture, ICT development, manufacturing, small business development, foreign direct investment, foreign aid and loans and citizenship by investment.
“The ultimate beneficiaries of this forum will be Kittitians and Nevisians who are particularly interested in expanded entrepreneurial and or employment opportunities here in St. Kitts and Nevis,” the PM expressed.
Dr. Douglas also made some references to crime and pointed out that the government’s efforts in the areas of training, international collaboration and the strengthening of police/community collaboration have been continuous.
