Hopes that Debt-restructuring could Lower Debt-to GDP

Now, the nation’s Minister of Finance and Prime Minister, Dr. Denzil Douglas is hoping that recent austerity measures endorsed by the International Monetary Fund, IMF, will pay dividends and reduce the debt to GDP ratio between 90% and 110%. It current stands at 196.3

Speaking to the nation’s economic concerns on Tuesday, 13th March, 2012,  Douglas said that the government’s dedication, perseverance, and determination is starting to yield the promise of St. Kitts and Nevis having a considerably lowered debt to GDP ratio

The Finance Minister said that he is optimistic about the nation’s economy.

He also outlined that the new environment that government has laboured to establish, makes growth a real possibility and they are now anticipating economic growth to be between 3% and 4%. A primary surplus of six percent is now anticipated.

Douglas, who met last week with members of the St. Kitts and Nevis Competitiveness Council added that he informed the council of government’s systematic empowerment programme through land distribution, continuing plans for the economic benefits of medical tourism, off-shore education and commercial agriculture.

“I talked about the Sugar Industry Diversification Foundation and the St. Kitts and Nevis Citizenship by Investment Programme and the lifeline that it has represented to so many important, but underfunded, initiatives right here in the Federation,” said Prime Minister Douglas.

Prime Minister Douglas said St. Kitts and Nevis has proven the validity of all of these old sayings about hard work being rewarded.

“I sincerely hope that what we have been able to deliver economically – in extremely, incredibly trying circumstances globally – will encourage others, in all walks of life, of the power of dedication and determination,” said Dr. Douglas.

 


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