Nevis Economy Strong For Early Part Of 2008

Money - Dollars

Nevis Island Financially Strong

Charlestown, Nevis
May 30, 2008

Nevis has recorded a surplus for the first four months of 2008. Premier and Minister of Finance in the Nevis Island Administration (NIA) Hon. Joseph Parry made the disclosure on May 29, 2008 on NTV Channel 8, in report on the island’s financial status.

“In the first four months for the year, that is January, February, March and April. In the month of April we had total revenue collected at $12,979,372. that compares against  a total expenditure of $8,370,463. giving us a total surplus of $4,608,909.

If I compare the first four months of last year to the first four months of this year, it would read as follows: At the end of April last year, there was a total deficit of $7,986,930. for this year for the first four months of the year an overall surplus of $2,902,235,” he said.

The Finance Minister said the surplus under the Nevis Reformation Led Administration, was an indication of the strong financial status of Nevis, a situation envious by any Caribbean government and in the world.

Notwithstanding, Mr. Parry gave the undertaking that the government would continue to exercise financial prudence.

“What this means that we are in a very strong position financially for the first four months of the year and let me explain this. We are not only in surplus in terms of current expenditure and revenue but we have an overall surplus when we give account of capital expenditure and revenue.

“That is a very strong and healthy position that any government in the Caribbean and any government in the world would like to be in. I assure you that we will continue to exercise financial prudence to make sure that the finances of this government and the country are in order,” he said.

Mr. Parry said he was pleased to report the financial situation to the public because it was useful to know what was happening with regard to government finances. He said there was a concerted effort at the last sitting of the Nevis Island Assembly to give the impression that the state of the finances was less than healthy and it behooved him to report on the situation.

“I must tell you that in spite of what is said, we have been exercising the type of conservatism that is necessary to keep this island financially safe. Even as we do the number of projects that we have been doing on the island. It is a marvel indeed that we have done so much in 21 months and yet we are able to show that the country is financially healthy,” he said.

According to Mr. Parry, for the first quarter of 2008 (January to March) total revenue collected was $32,307,710. which compared favourably with the corresponding period in 2007. The total collected for that period in 2007 was $31,870,267.

With regard to the expenditure the Finance Minister explained that for the first quarter of 2008, (January to March) the total expenditure was 34,014,384.

“It means than that there was a deficit of $1,706,674. when we add current revenue and capital revenue and current expenditure and capital expenditure that is the deficit we come up with but if it did not include capital expenditure, if we only dealt with current expenditure, we will have a surplus, a surplus of $5,310,368. Now this compares very well with the past 25 years because it means that government has been showing a strong surplus over the first quarter.

“If we may make a comparison with last year, you would see that for the same period there was an overall deficit of $3, 971,709. but even if we only look at the current expenditure, we had a deficit of $3,331,633. That is the comparison between the first quarter last year and the first quarter this year,” he said.

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