Government says Central Bank report shows positive economic activity

MyVueNews Staff-writer

Basseterre, St. Kitts, Monday, 5th November, 2018, (MyVueNews.com) – The government in St. Kitts & Nevis has turned to a recent report from the Eastern Caribbean Central Bank, ECCB, to defend its management of the economy, since being elected to office in 2015.

The Eastern Caribbean Central Bank concluded that the Federation of St. Kitts and Nevis is “poised for expansive economic growth, based on existing projects and programmes” and noted that “positive developments will likely raise the profile of the destination and attract further investment.”

For many Caribbean states, including St. Kitts & Nevis, construction is a frequently used indicator of growth and the government said that the 2018 ECCB Review noted that construction activity in the private sector in St. Kitts will be headlined by intensified work on several hospitality projects.

These, said the administration, while quoting the report, include the Sea View Gardens hotel, and the King’s Pavilion Hotel in Basseterre, the Koi Resort and Residences, which is nearing completion; the T-Loft, Pirates’ Nest Resort to be managed by Radisson and the Ramada branded Heldons Condominium Resorts and Residences.

The government has come under fire from the opposition St. Kitts-Nevis Labour Party of former Prime Minister Dr. Denzil Douglas, which has accused the government of hiding a recent IMF report on the economy.
The Dr. Timothy Harris Administration said the ECCB has expressed optimism for the future outlook of the Federation’s economy.

In a release issued on Friday 2nd November, 2018, government said that this positive outlook is driven by the ongoing work on a host of public sector capital projects in St. Kitts and Nevis coupled with the undertaking of several private sector developments.

The government release added that the ECCB report stated that, “Major infrastructural projects in St. Kitts include intensified work on the second cruise pier, the resurfacing of the island main road, the construction of the East Line Bus Terminal, the resurfacing of the airport runway and taxiway ($35.0m) and the completion of the National Heroes Park (US$2.0m).”

They also cite capital projects in Nevis, including the Treasury building, the new water taxi pier ($6.0m), the expansion of the Alexander Hospital, the resurfacing of roadways and the CDB [Caribbean Development Bank] funded Water Development Project.

File photo: Government Headquarters.