LONDON, June 14, 2019 /PRNewswire/ -- Last week, a St Kitts and Nevis delegation led by Prime Minister and Minister of Finance, Timothy Harris, attended the Caribbean Development Bank's 49th Annual Meeting of its Board of Governors held in Trinidad and Tobago. The event, which focused on economic transformation, is hosted yearly in one of 29 member countries.
In an opening statement by President of the Caribbean Development Bank, Dr William Warren Smith, spoke of the need for transformation in the region particularly regarding fiscal management. In October, 2018, St Kitts and Nevis, one of the Borrowing Member Countries, successfully reduced its public debt from 145% of GDP in 2010 to 60% in 2019. While the target date was 2030, the islands managed to reach this milestone twelve years earlier. This makes the nation the first independent country in the Organisation of Eastern Caribbean States to achieve this international benchmark.
Fiscal management is a quality that the Government of St Kitts and Nevis prides itself in. During a press conference last month, PM Harris revealed that the islands' fiscal position was stronger than ever: "Our 2019 fiscal results for period January 1st to 30thApril 2019, indicate that we have achieved a surplus on the recurrent account 2019; our overall balance reveals a surplus; the primary account is also showing a significant surplus and the net fiscal position is remarkably strong as at the end of April 2019. Our fiscal house then, is robustly strong and one of the best in the region."
St Kitts and Nevis has been registering an upward economic trajectory, further supported by the islands' Citizenship by Investment (CBI) Programme. Since 1984, the dual-island nation has been empowering foreign investors and their families to obtain second citizenship by making an economic contribution towards the national advancement of St Kitts and Nevis. The Sustainable Growth Fund is the latest investment channel introduced by Premier Harris and is considered the most straightforward route under CBI. Once due diligence is successfully completed and an investment is made, approved applicants gain access to several benefits, including visa-free/visa-on-arrival travel to approximately 160 destinations, enhanced business prospects and the option to pass down their citizenship to future generations. The programme remains the longest standing in the industry and is known as the Platinum Standard brand of CBI.
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