Douglas Urges Financial Institutions to Introduce New Initiatives

Prime Minister of St. Kitts and Nevis Dr. Denzil Douglas said these institutions hold a major component that is necessary to take the federation past the level of low growth and it must not appear that they are holding the people to ransom.

”We hear of excess liquidity in the banking system but yet our people are not able to access funding to construct home and finance new businesses,” Douglas said on Tuesday ( 11th September) in a featured address given at the opening of the National Consultation on the Economy.

He then proceeded to warn the citizens that they ought not to over extend themselves to the financial organizations and to be very cautious and not get involved with those institutions that charge some “outrageous rates” which will in the end put one under unnecessary financial distress.

Douglas added, “The rates that we hear about are tantamount to usury and government may be forced to introduce measures to protect our citizens.”

The issue of the financial sector and the ability to access financing at the personal and business levels are also critical to growth and development of the federation he said.

The Prime Minister also indicated that the government is open to strengthening the relationship they have developed with the private sector, and to increase the level of collaboration in the context of a vision for St. Kitts and Nevis, to harness the potential of every man woman and child in the federation.

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