BASETTERRE, St. Kitts – UNLIKE some Caribbean territories, the Federation of St. Christopher and Nevis has seen slight growth in its economy during the 2013 fiscal year, according to Prime Minister the Rt. Hon. Dr. Denzil L. Douglas.
During a recent press conference, the Finance Minister declared that 1.7 percent growth was realised.
Dr. Douglas noted that there is a serious economic trauma being faced by islands across the Caribbean but the same cannot be said for the Federation, as those islands continue to face “massive layoffs, salary disruptions and other forms of social and societal distress”.
“You may remember our policies here in the Federation produce growth rate of 1.7 percent during the same period and it encapsulates the economic activity that has been generated in the country over the last year.”
The Prime Minister mentioned that with “unrelenting efforts” the government has protected the Federation from further impact of the global economic crisis. Stressing that after the financial crisis hit the world markets he and his finance team of the government drafted plans that would see the Federation seeing minimal impact of the crisis.
“Sensing the economic meltdown that was about to spread across the globe my financial team and I, years ago, dedicated our selves completely to planning, revising, refining, perfecting and then revising and perfecting again as a preemptive and protective and entirely home-grown strategy to ensure that St. Kitts and Nevis would not be crushed by this ongoing global crisis.”
Over the previous fiscal year, the government - according to Dr Douglas - saw an increase in foreign investment and training programmes which facilitated business and other entrepreneurial development. This - he explained - was one of the keys to offsetting the impact of the financial crisis.
“We set out - despite the doubt of many at home and abroad - to put in place a meticulously developed financial policy all designed to enable St Kitts and Nevis to meet our debt obligations, to pay our civil servants on time, to fund skills training and apprenticeship programmes, to fund and train aspiring entrepreneurs, expand our own unrivaled land and housing programme, attract and retail massive local and foreign investment and much more.”
He further explained that the International Monetary Fund (IMF) has complemented the Federation for its economic policies and work that they have implemented to deal with and cushion from the effects of the economic crisis. The IMF - Dr. Douglas declared - describes his work and that of other Cabinet members as being “very good, strong, and outstanding”.
In sending a strong message to those who have doubted his fiscal policies, the Prime Minster stated that is all accounts of the government they have recorded surpluses.
“Debt is down, crime is down, investment it is up, civil servants salary is up and the IMF has projected growth between 2.5 and 3 percent for St Kitts in this year 2014.”
Currently St Kitts and Nevis is on the path to see significant growth in the 2014 fiscal year which is also on par with that of the United States.
