Parry said, “We have faced and successfully overcome the worst storms of the world recession. In the dark days of the closure of the Four Seasons things were mighty gloomy. It was a time of many hardships and financial shortages. Nevisian fortitude, that strength of mind and sense of purpose, the firm belief in God took us through.”
“Of course the recession is still with us. As a Government, and working with the Federal authorities we have already taken a number of measures to restore strength to the economy. The Value Added Tax (VAT) is in place, Property Taxes are re-organized and we have arranged to collect our Corporate Taxes on Nevis,” Premier Parry continued.
Parry also explained that as these measures are in place and that the re-opening of the Four Seasons has seen a growth in revenues for the past 3 years and that the Government has annually sought to narrow the gap between current and capital expenditure and revenue.
Parry stated, “We must balance our annual budget and begin to reduce arrears. The Government has given itself 3 years to reach this goal with the help of IMF supervision. We are confident we can succeed with perseverance, creativity and the determination for which Nevisians are famous.
Parry also stated that the Nevis Island Administration will be cutting back on their expenditure for 2011 and will only be making three major investments for the year.