The new facility was established to help in the creation of more jobs and to bring a possible positive economic growth.
The challenge has come from the Minister of Finance and Prime Minister of St. Kitts and Nevis, Dr. Denzil Douglas who told business leaders at a recent private sector gala, that with the traditional economic partners in Europe and North America experiencing their own economic stresses, the Government made the diversification of the economic partnerships a priority, and a Partial Scope Agreement with Brazil became paramount.
In addition Douglas noted that his government continues to assess the workings and impact of the Value Added Tax because of its importance to the overall economic reforms. “This of course was pursued, and this we delivered,” said Prime Minister Douglas at the 30th Annual Private Sector Gala.
He further pointed out that the International Monetary Fund (IMF) has just announced, following its June review of the Government’s Stand-by Agreement, that St. Kitts-Nevis has met all, all agreed upon quantitative targets.
“In addition, the Fund once again declared its very strong commitment to the policies and the objectives of St. Kitts and Nevis’ home-grown economic programme, as the path to fiscal and debt sustainability. And the effect of these achievements is a return of confidence, confidence of all in the economy of St. Kitts and Nevis,” Douglas added.