The positive announcement was delivered on Tuesday (24th April) by the Prime Minister and Minister of Finance Dr. Denzil Douglas while speaking on his weekly radio programme Ask the Prime Minister. Douglas, who is also the Minister of Finance for the country, has described it as a major achievement.
He said, “This is a major reduction, a major achievement and this means that public funds that were unavailable for the investment and advancement of our people and our country will now will be indeed available for these purposes.”
The Federation’s debt is now said to be on a path to becoming more sustainable and Doulas has hailed the partnerships formed between the government and their creditors for the success.
He is of the view that the feat comes as a result of extremely hard work for which he emphasizes, there is no substitute.
In February 2012 the government of St. Kitts and Nevis launched a debt restructuring offer to its creditors to try to bring the federation’s debt to a sustainable level.
There have been concerns over the years about the huge public debt of the country which has been estimated to be e billion dollars.