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| Financial Secretary Mrs. Janet Harris |
BASSETERRE, ST. KITTS, NOVEMBER 7TH 2006 Financial Secretary Mrs. Janet Harris said the Government of St. Kitts and Nevis continues to take the necessary measures to lower the cost of the national debt.
She told the Communications Unit in the Office of the Prime Minister (CUOPM), that as part of the St. Kitts-Nevis Labour Party Governments debt management strategy, the Board of Directors of the Barbados-based Caribbean Development Bank (CDB) has approved the issuance of a policy-based guarantee in an amount up to US$8.2 million in support of a bond issue of up to EC$150 million. Citicorp Merchant Bank Limited will be the arrangers for the bond issue.
~~Adz:Right~~The guarantee is part of a broader CDB assistance strategy for St. Kitts and Nevis that seeks to improve the countrys debt dynamics, enhance its public sector management systems to generate improved outcomes and foster fiscal sustainability, while protecting past social gains.
This strategy, which is designed to guide CDBs assistance to St. Kitts and Nevis over the period 2006-2008, has been approved by the Banks Board of Directors.
The major objectives of the broader strategy are to support fiscal and debt sustainability, economic growth, social development and sustainable development. CDBs assistance will also seek to promote good governance and to foster inclusive social development.
Mrs. Harris, who attended the Barbados meeting said two road shows will be held in St. Kitts on November 29th and in Trinidad on December 1st.
