BASSETERRE, St. Kitts – THE near $3B debt - for which St. Kitts-Nevis was characterised as one of the world’s most indebted countries - has reportedly been reduced by more than 33.33 percent.
Prime Minister the Right Hon. Dr. Denzil L. Douglas, who is also the Minister of Finance, recently indicated to the nation that as a result of the recent debt restructuring exercises which the Federation has been involved in, the debt has been substantially reduced.
“What I want to stress today is that as a result of the debt restructuring negotiations entered into by your government, the public debt of St. Kitts and Nevis has now been reduced by more than one third.”
With this reduction of approximately EC$1B, the national debt now stands at approximately EC$2B and, according to Dr. Douglas, St. Kitts Nevis’ debt is now more sustainable
“This is a major reduction, a major achievement and this means that public funds that were hitherto unavailable for investment in the growth and advancement of our people and our country will now indeed be available for these purposes.
“I am sure we will all be very pleased to know that as a result of extremely hard work the debt of St. Kitts-Nevis and the public finances of the Federation are now most assuredly on a sustainable footing.”
In past months, Prime Minister Douglas admitted that the colossal national debt was unsustainable and engaged in a debt restructuring process. The process included a land for debt swap initiative and an offer of discount bonds and par bonds of creditors of St. Kitts-Nevis.
