HomeBusinessSt. Kitts and Nevis Achieves Remarkable Economic Turnaround With Surplus in 2023

St. Kitts and Nevis Achieves Remarkable Economic Turnaround With Surplus in 2023

Published on

spot_img

Basseterre, St. Kitts, March 02, 2024 (SKNIS): 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.

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.

The full report from the International Monetary Fund can be accessed at: https://www.imf.org/en/News/Articles/2024/03/01/cs30124-st-kitts-and-nevis-concluding-statement-of-the-2024-article-iv-mission.

Latest articles

Police Confirm 2 Men Shot At Fisheries Complex

The Royal St. Christopher and Nevis Police Force has confirmed a shooting incident that took place at the Fisheries Complex in Newtown earlier today, Monday, April 15th, 2024, between 5:30 PM and 6:00 PM.

SKNLP Constituency Eight Conducts Successful Executive Committee Elections For Chairperson, Vice Chairpersons As Part Of New Term Leadership Readiness

Constituency Eight of the St. Kitts-Nevis Labour Party (SKNLP) is thrilled to announce  results of the recent elections for the positions of Chairperson and two Vice-Chairpersons held on Sunday, April 14, 2024, at the St. Peter's Anglican Church Hall, aimed at putting together a 'Red and Ready' dynamic executive committee to lead the constituency in its new term.

Zack Says Positive Comments About Aquatic Sports Still Coming In For Event

Event coordinator of the67th annual Basil Henderson Easter Monday Aquatic Sports Meet Winston 'Zack' Nisbett says days after positive comments are still coming in for the annual event held on Monday  1st April  2024 at the Ferry Terminal in Basseterre under the theme ‘Building Community Spirit Through Sports.’

Our Universal Connection: Day Turned Into Night Spectacle

In this world, there exists countless wonders yet to be discovered as well countless moments of awe yet to be experienced presently and for generations to come. One of the most awe-inspiring moments we get to witness as human beings-those of us who are physically able to do so- is looking up at the stars and wondering about the universe  through thought-provoking yet intriguing internal questions or engaging conversations which continuously inspire and amaze us.

More like this

Police Confirm 2 Men Shot At Fisheries Complex

The Royal St. Christopher and Nevis Police Force has confirmed a shooting incident that took place at the Fisheries Complex in Newtown earlier today, Monday, April 15th, 2024, between 5:30 PM and 6:00 PM.

SKNLP Constituency Eight Conducts Successful Executive Committee Elections For Chairperson, Vice Chairpersons As Part Of New Term Leadership Readiness

Constituency Eight of the St. Kitts-Nevis Labour Party (SKNLP) is thrilled to announce  results of the recent elections for the positions of Chairperson and two Vice-Chairpersons held on Sunday, April 14, 2024, at the St. Peter's Anglican Church Hall, aimed at putting together a 'Red and Ready' dynamic executive committee to lead the constituency in its new term.

Zack Says Positive Comments About Aquatic Sports Still Coming In For Event

Event coordinator of the67th annual Basil Henderson Easter Monday Aquatic Sports Meet Winston 'Zack' Nisbett says days after positive comments are still coming in for the annual event held on Monday  1st April  2024 at the Ferry Terminal in Basseterre under the theme ‘Building Community Spirit Through Sports.’