By Spokesman Newsroom
BASSETERRE, St. Kitts (Wednesday 9th August 2023) – Minister of Finance, Prime Minister Dr. Terrance Drew has revealed that full economic recovery in the country is expected by the end of 2023. “Despite all of these challenges, we are on track to full economic recovery by the end of 2023.
Further, we will receive a study on revenue sharing between St. Kitts and Nevis shortly and it is our intention to create a sovereign wealth fund to safeguard our financial future.” The St. Kitts-Nevis Labour Party (SKNLP) Leader made the disclosure on Saturday 5th August 2023 during an address to the nation to mark the one-year anniversary of the party’s administration in government office.
On the topic of ‘Your Jobs and The National Economy’, he remarked: “In the first quarter of this year, the economy rebounded significantly with growth in multiple sectors such as tourism, agriculture, financial services, and the strengthening of the Citizenship by Investment Programme. We saw surpluses of over 50% with more than 2,500 jobs being created.
The month of June was historic for Inland Revenue, where the highest-ever tax collection was registered, despite no new taxes, no increase in existing taxes nor the restoration of reduced tax rates.” The Finance Minister continued: “Additionally, the Development Bank was able to provide over 300 small business loans. This demonstrates that the foundation of the economy is sound, and we are on track to full economic recovery as we battle through this difficult and challenging post-COVID period, complicated by the existential threat of climate change, conflicts and disruptions in global supply chains, and lack of access to concessionary loans from the mainstream international financial institutions.
Despite all of these challenges, we are on track to full economic recovery by the end of 2023. Further, we will receive a study on revenue sharing between St. Kitts and Nevis shortly and it is our intention to create a sovereign wealth fund to safeguard our financial future.” Speaking to the celebration of the one-year anniversary, the SKNLP Leader stated: “Today marks the one-year anniversary of our St.
Kitts-Nevis Labour Party’s Administration and we are reminded of all the reasons for celebration. I pause today therefore on behalf of this historic party, that it is my honour to lead, a party which has contributed tremendously to the lives and well-being of the people of St.
Kitts and Nevis. I particularly want to express gratitude to our citizens and residents for the continued cooperation and commitment to working with your government over the last year, towards a better St. Kitts and Nevis ‘For the good that we can do’.
Thank you to all the citizens and friends of our country, at home and abroad, who are making this journey with us.” According to him: “The people of this country can feel an immense sense of pride and gratitude for the incredible progress which has been made in the last year. We are a people united in our vision to transform this nation into a “Sustainable Island State” – a beacon of resilience and progress in the face of global challenges, a flagship country in the OECS and in the Caribbean, and a towering model among small island developing states.
Prime Minister Drew commented that since the election of August 5th, 2022, he and his colleagues set out to transform St. Kitts and Nevis into a sustainable island state, built on seven pillars of change and to build the resilience which will protect our country and people from shocks of all types.
“On this journey, we have tackled many obstacles; we have transformed threats into opportunities; we converted weaknesses into strengths; and we turned tragedies – LOCAL NEWS – 3
into triumphs.” Front Page Photo: Prime Minister and Minister of Finance Dr. Terrance Drew seen during his address to the nation on Saturday 5th August for the occasion of the one year anniversary of the St. KittsNevis Labour Party (SKNLP) administration (Spokesman Screenshot/ Facebook-St.
Kitts and Nevis Information Service-SKNIS)
