Public debt at a historical high says new Finance Minister

By Joyette Mills-Ward
Business Reporter-SKNVibes.com

Hon Dr. Timothy Harris, Minister of finance, consumer affairs, industry, trade and commerce

Speaking for the first time in an official capacity, Minister Harris said that the federation was facing its most challenging of financial times and described as limiting factors, the extremely high public debt and an overdraft which he said “needs to be contained”.

Harris expressed the view that much could be accomplished once practical solutions were obtained to address these limiting factors. 

It was against the backdrop of St. Kitts & Nevis’ leading a field of seven Caribbean countries that are among the top ten most indebted countries in the world that Harris suggested Caribbean countries mount a regional and international campaign for a new international order that more directly addressed the developmental challenges of heavily indebted middle income countries. 

“Speak truth to power. Say how things were and how they should be from your vantage point of some distance from political power and authority. Use candor and respect whilst expressing differing views, as none of us have a monopoly on wisdom, knowledge or solutions to the problems,” he advocated. ~~Adz:Right~~

Harris inferred that the Budget Consultation, with its theme ‘External Shocks and Changes in the International Environment –Our Analysis and Response’, summoned stakeholders to look at the external picture and to appreciate how the [international] external environment was impacting the Budget setting.

“It reminds us that a country that relies on the external world for nearly one hundred percent for its food, energy, clothing, entertainment and general consumption and investment needs cannot afford not to be part of the decision making processes in the global world,” he said.

Harris indicated that on the path to sustainable development the Federation would need to address certain burning issues including Law and Order which he said necessitated a deliberate, determined and sustained onslaught on violent crime and social deviance. The Minister also highlighted the increasing cost of living as one such pressing economical concern. He was equally adamant that the matters of health, sanitation and in particular, garbage collection and disposal, could not wait for 2009.

 “Given where we are at, we need to accomplish more with less, and we need to tap into the best ideas, solutions and proposals to increase national income, national wealth and national development.  It cannot be business as usual.  We must make way for new ideas,” the minister advised.
 
According to Harris, the Federation has enormous potential and opportunities, the potential of which needed to be explored and exploited.  
“We want - and I most certainly want- our nationals and residents to have a fair chance and the best chance of seizing emerging opportunities in our beloved Federation.

The 2009 Budget must reflect our judicious choices.  For 2009, let us choose to look out for the poor; poor in pocket and poor in spirit.  For 2009, we must strike a significant, if not fatal blow against poverty and all its associated perniciousness and deprivations.”