ST KITTS & NEVIS: St. Kitts And Nevis Achieves Remarkable Economic Turnaround With Surplus In 2023

The Federation of St. Kitts and Nevis will see a significant economic milestone, marking a year of robust economic growth and fiscal surplus in 2023. This achievement reflects the nation’s strong recovery trajectory, following a challenging period of deficits in 2022.

Last month, Prime Minister Drew (centre) held discussions with members of the International Monetary Fund (IMF) Mission as part of the Article IV consultation discussions on economic developments and macroeconomic policies. He was supported in the meeting by Financial Secretary, Hilary Hazel (3rd right) and Deputy Financial Secretary, Sylvia Manning-Gumbs (2nd right).

An International Monetary Fund (IMF) mission led by Mr. Alexandre Chailloux recently concluded the 2024 Article IV consultation, offering an optimistic view of the country’s economic health and policy implementations. The IMF’s findings underscore the success of St. Kitts and Nevis in navigating post-pandemic recovery and addressing the cost-of-living crisis, culminating in a commendable fiscal surplus.

The turnaround can be attributed to several key factors including Fiscal Prudence and the Citizenship-by-Investment (CBI) Programme; Economic Growth; Renewable Energy Investments; Tourism Recovery, and Inflation Management.

The government, led by Prime Minister and Minister of Finance, the Honourable Dr. Terrance Drew, acknowledges the IMF’s recommendations for continued economic resilience, including enhancing the effectiveness of government spending, improving the tax system, and increasing investments in renewable energy and climate adaptation. The introduction of a Sustainability and Resilience Fund and an explicit fiscal rule are among the strategic measures being considered to fortify the nation’s fiscal framework.

Prime Minister Drew highlighted his government’s dedication to comprehensive development strategies, stressing the significance of sustainability, economic stability, and improving living standards for all citizens and residents.

“As St. Kitts and Nevis embarks on further economic reforms and infrastructure development, the focus remains on sustainable growth, financial stability, and improving the quality of life for all its citizens,” he said. “The government remains committed to transparency, accountability, and the continued success of the Citizenship-by-Investment program as it strengthens its economic foundations for future generations.”

He further stated that the positive economic outlook and the strategic initiatives underway promise a bright future for St. Kitts and Nevis, as it sets a precedent for resilience and prosperity in the Caribbean region.

14 November 2024

EU: Trade Tensions at UN Climate Conference as Developing Nations Challenge EU’s Carbon Border Tax

Developing nations, notably China and India, clashed with richer countries over the inclusion of ‘unilateral trade measures’, such as the EU’s carbon border tax, in the UN climate

Read More
18 June 2024

UK: Number of wealthy individuals suspected of ‘serious tax evasion’ almost doubled says Pinsent Masons

The number of wealthy individuals HMRC suspects of ‘serious tax evasion’ jumped 95% to 172 individuals in the last 12 months*, up from 88 in the previous year, says multinational law firm Pinsent

Read More
3 June 2024

BERMUDA: Cryptocurrency Exchange Binance Inks $15 Million Investment Pact with Bermuda

Reports have confirmed that Bermuda’s Premier and Minister of Finance, David Burt has signed a memorandum of understanding (MOU) with Binance Group, the operator of the world’s largest cryptocurrency

Read More
14 May 2024

Jersey Finance Showcases Industry Expertise in New Series of Events in South East Asia

Press Release from Jersey Finance, Monday 13 May, 2024. Jersey Finance continues to build on its presence in South East Asia hosting a series of events last month to further build Jersey’s profile

Read More