Nevis, West Indies. ?A Non-Tourist-Trap? Blog About Nevis.

St. Kitts – Nevis Premier – Denzil Douglas
Photo By Erasmus Williams

Basseterre, St. Kitts – Nevis
January 19, 2012 (CUOPM)

Formulation of a debt management strategy for member nations of the eastern Caribbean currency Union (ECCU) was among challenging and pressing issues discussed at a one-day meeting of the Eastern Caribbean Monetary Council in Antigua on Saturday 14th January.

St. Kitts and Nevis’ Prime Minister the Rt. Hon. Dr. Denzil L. Douglas, who attended the meeting, said council members welcomed St. Lucia’s Prime Minister Dr. the Hon. Kenny Anthony.

“It was important to bring him up to date and for us to discuss at the start of a new year pressing financial and economic matters including the ongoing fiscal and debt and growth issues that are confronting the people of the Eastern Caribbean at this particular time,” Prime Minister Douglas disclosed on his weekly radio programme “Ask the Prime Minister” on Tuesday.

Dr. Douglas said Council members – Ministers of Finance – from the eight countries, looked at the overall fiscal situation in the Eastern Caribbean.

“We recognise that our growth prospects for this year are not necessarily very encouraging. We might be seeing negative, or maybe just about 1.2 percent positive growth and so there is a concern that we need to put right our own fiscal and monetary policies and to look at how we can really grow the economies of the Easter Caribbean out of the serious challenging situation that we are facing today,” said Dr. Douglas.

He noted that St. Kitts and Nevis, like Grenada and Antigua and Barbuda, have financial assistance programmes with the International Monetary Fund (IMF).

“We looked at these programmes. We looked at the challenge of the debt situation and how we need to formulate a regional debt management strategy in order to tackle one of the greatest challenges that our people are facing at this particular time. So it is a very important meeting, educational and strategic and basically planning strategies in moving forward in tackling a number of these issues,” said Prime Minister Douglas, who when pointed out that he had travelled to Antigua on Saturday 14th, his birthday, responded:

“It was my birthday which was on a weekend when I should not be at work. But, the work of the people of St. Kitts and Nevis whenever it is required of me, to respond, I have to respond as the Prime Minister and especially as the Minister of Finance. My colleagues appreciated the fact that I did make the effort to be present and participate actively in the meeting on a day when I was really celebrating the tenth anniversary of my 49th birthday and they of course raise a toast they had a good time celebrating on that day in Antigua even though really it would have been good to be home. In the evening my staff and friends and some family members gave me a good time when I returned.”

Related posts:

1. IMF Advocates Strong Fiscal & Debt Management Policies
2. Canada Approves CAD$7 Million For Debt Management
3. Sections of The ECCU Stabilisation and Growth Programme To Be Implemented
4. Eastern Caribbean – Canada Debt Management Agreement
5. St.Kitts – Nevis Grim Economy Can Negatively Impact ECCU

Four Seasons Closure Hurt Economy

Charlestown, Nevis
December 19, 2011

Premier and Minister of Finance, the Hon Joseph Parry, has said that his government introduced stimulus packages during its first term in office to mitigate against the fallout that would have impacted on the island’s economy negatively with a prevailing recession and the closure of the Four Seasons Resort.

Speaking on Friday, December 16 at the reopening and renaming ceremony of the Charlestown Public Market after extensive renovations, Premier Parry said that the project was part of the government’s stimulus packages to ensure full employment in the country. He noted that a number of people questioned what a stimulus package was and what his government was doing.

“And when (US President) Barack Obama spoke about stimulus packages I am quite sure people were surprised that we did it in Nevis first,” observed Premier Parry. “We were in the middle of a recession and the Four Seasons Resort was closed — we needed to find employment for the people of Nevis, and we borrowed $10 million and created employment so that in the heart of the recession Nevis had full employment because of the Nevis Reformation Party.”

The refurbished market has been renamed the George Mowbray Hanley Market Complex, in honour of a man who was its keeper for over 30 years. Premier Parry, who was accompanied by his entire Cabinet at the function, recalled that he knew Mr Hanley, from Government Road, very well adding that he was a citizen of this country who did his job well.

He informed that Mr Hanley lost his wife when the children were still young, and he became their father and mother and that is the reason most of them had returned to Nevis for the occasion, to pay respect to an outstanding man, who was also an outstanding parent. Premier Parry called all of them by name recalling that some went to school with him while he taught others.

“Mr Mowbray Hanley was an example to all of us and I hope we will take that into consideration even as we go through difficult times,” said Parry. “He was a great man and I am pleased to be associated with his name; I am pleased to be associated with his children; I am pleased that we are able to honour him.”

Addressing a large crowd that had turned up to witness the reopening and renaming of the market, Premier Parry said that his government felt that money borrowed had to be put in projects that would have a great impact on people. Among the projects include community centres, primary school meals kitchen in Charlestown and expansion at the Charlestown Secondary School and the Sixth Form College as well as the Gingerland Secondary School.

Before the start of the programme, the Premier visited all the stands at the market and shook hands with the market vendors, whom he said were happy and pleased by what the government had done in Charlestown. He said to the vendors: “We are treating you well and now you will have refrigeration and all the nice facilities: enjoy it; value it, treasure it, keep it clean.”

Related posts:

1. Nevis Premier Discusses Economic Stimulus Package
2. St. Kitts – Nevis Extends Stimulus Package For Restaurants
3. Eleven Restaurants Get Approval For Stimulus Package
4. Full Service Stand Alone Restaurants Stimulus Package
5. NIA Tours Employment Facilities In St. John’s

Prime Minister – Denzil Douglas
Photo By Erasmus Williams

Basseterre, St. Kitts – Nevis
September 10, 2011 (CUOPM)

The St. Kitts and Nevis economy is projected to experience a 1.5 percent growth this year and slightly higher in 2012.

Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas told the National Consultation on the Economy at the St. Kitts Marriott Thursday the mild recovery is driven primarily by the outlook for the Tourism Sector and is expected to pick up gradually in the medium term as the quality of services is enhanced and competitiveness increases.

“Several projects are ongoing and even though they may be progressing at a slower pace than originally anticipated we are thankful that none of them have been discontinued. In the end these projects will bring much needed hotel rooms to the Federation so that we can approach that critical mass that makes the sector more sustainable,” Dr. Douglas told economic and social stakeholders from a wide cross section of twin-island Federation.

“In a nutshell, the global environment is changing rapidly, and we must continue to embrace social and economic change as the means of coping with global developments. We must also be creative in the deliberations today in order to continue to chart a course that is home-grown and sustainable,” said the Prime Minister, who expressed a firm commitment to the view that progress as a nation in the face of massive external shocks, global change, fiscal and debt challenges as well as social issues will require cooperation and collaboration as well as sharing, as critical components of the solution.

“I also believe that with these ingredients coupled with experienced leadership that cares, we will be able to build an economy in which all of us can thrive and reach our highest potential,” said Dr. Douglas.

The one-day consultation in preparation for the 2012 Budget was held under the theme: “The Architecture of an Efficient and Sustainable Public Sector in Support of our Economic Growth Agenda.”

Dr. Douglas said the selection of this topic signifies that Government’s strategic planning process is designed to deal with the current realities of the economy.

“The reality that we now face is the need to grow the economy and in order for growth to take place and be sustainable we need to continue to build an efficient and effective public sector. Therefore at this time when we begin our strategic planning process we are opening up ourselves to you, our stakeholders, to tell us what you see as the  tactical direction that Government should take in order to spur growth and in so doing improve the livelihood of our citizens in the Federation of St Kitts and Nevis,” he said.

He said the successes include the implementation of the Value Added Tax (VAT) in November 2010 in-spite of much doubt both locally and internationally.

“We have been able to successfully implement a VAT System that can be used as a model in the region in terms of its depth of coverage and strategic support to important sectors in the economy. We were very careful to give support to critical sectors such as the tourism and agricultural sectors and to provide interim concessions for the construction sector so that the introduction of the VAT would not have proven to be detrimental,” said Dr. Douglas.

He disclosed that Government has successfully weathered what can be termed as the worst economic downturn in recent history as depicted by a contraction in the economy in both 2009 and 2010 when declines in stay-over tourist arrivals and construction related FDI inflows were experienced.

“We were able to see this coming and therefore designed an economic program that has been endorsed by the IMF as evidenced by the approval of a Stand By Arrangement for an amount of US$84.5 million,” said Dr. Douglas.

He said the Government was taking the bold step to restructure the public debt in the context of a burden sharing strategy given that several measures on the fiscal front are already implemented and it was necessary for creditors to play their role in supporting the Government’s efforts at sustainability.

“We expect to see a large and sustainable reduction in the debt and to continue to produce primary fiscal surpluses as these are critical to our success at improving our fiscal position,” said Dr. Douglas.

He said although tough decisions have to be made with respect to the fiscal and debt situation “we have not been oblivious of our responsibility to create an enabling environment in support of the private sector and to protect the vulnerable in our society.”

He said concessions have been extended to the restaurant sector by the provision of concessions to the construction sector, continued support to small businesses in the area of start up costs in particular and a concession package for first time home owners to boost the construction sector.

Related posts:

1. St. Kitts – Nevis Government Presents Economic Program To IMF
2. Nevis Economy Grows In First Quarter Of 2007
3. Good Economic Growth In St. Kitts and Nevis
4. St. Kitts – Nevis National Economic Meeting 2008
5. Private Sector Role Critical To St. Kitts – Nevis’ Economic Development