Basseterre, St. Kitts, June 2, 2020
Former chairman of the People’s Action Movement (PAM), attorney Chesley Hamilton, has described former Prime Minister Dr. Denzil Douglas’ land-for-debt swap as “a brilliant idea and a stroke of genius.”
Hamilton told a talk show host that the Team Unity Government in opposition prior to the February 2015 general election had framed the land-for-debt swap as “the most stupid idea that any politician can come up with.”
“Denzil Douglas came up with the land for debt swap. Team Unity labelled it as ‘a stupid and dumb idea’ and accused him of going to give away our patrimony. The land for debt swap was taking your land and giving it to your bank (National Bank) and so you lost nothing. It was a stroke of genius. That is what reduced the debt to GDP. Why do you think Team Unity cannot reverse the land to debt swap? Because that is what has the debt ratio below 60 percent,” said Hamilton.
The IMF Country Report on St. Kitts and Nevis dated September 2015 stated that stronger growth in 2013 and 2014 and sizable advance repayments improved the debt outlook, with the debt-to-GDP ratio declining to 79 percent of GDP at end-2014. Despite making promises to repeal the law, Prime Minister Harris has sold nearly 1,000 acres of land to foreigners.