Nevis’ Finance Minister Discusses Economy

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Nevis’ Economy Is Topic Of Discusion

Charlestown, Nevis
February 26, 2009

Premier and Minister of Finance in Nevis, the Hon. Joseph Parry welcomed the Minister of Finance in the Federal Government, Hon. Timothy Harris, as they engaged in talks on Financial and Fiscal matters of the Federal Government and the Nevis Island Administration. The meeting took place at the office of the Premier at the Bath Hotel in Nevis on Tuesday.

Minister Harris was accompanied by Financial Secretary in the Federal government, Ms. Janet Harris, while Permanent Secretary in the Nevis Ministry of Finance, Mr. Laurie Lawrence also participated in the meeting.

“I am happy to welcome Minister Harris and his Financial Secretary, Janet Harris, as this is part of an exercise that my government agreed to very early in its term and that is to have close working relations with the Federal Government and its various Ministries,” exclaimed Premier Parry.

Based on the Premier’s Budget address and the Federal Government’s Budget statement last year, the Minister of Finance, Hon. Harris believes that all parties involved are on the same page in ensuring that all matters of growth and sustainability in St. Kitts and Nevis have governmental co-operation in an orderly and constructive manner. “It is the approach of the Federal government to have good governance, by ensuring that on all matters of mutual and significant concern, the respective entities, must have a collaborative and cooperative action,” declared Minister Harris.

According to the Hon. Timothy Harris, a crucial, financial fall out has hit internationally and the Eastern Caribbean is not immune to it. “Among the most recent indications of  financial fallout in the Eastern Caribbean region has been the emergency arising out of the Bank of Antigua and the implications that this has had– not only in terms of the economic instability of Antigua and Barbuda, but for the entire Eastern Caribbean Central Bank (ECCB) Currency area. In that regard, many would have heard that our own St. Kitts- Nevis and Anguilla National Bank has become a partner as part of a holding entity which has taken over large measures of the operations of the Bank of Antigua.”

The statement by Minister Harris makes the point that while there are issues of financial concern, the Federal Government and the Nevis Island Administration must do the best that can be done within their jurisdiction, to ensure growth in the Federation and minimize a potential financial fall out.

Premier Parry said that continuing a diversification of these economies will lead to growth and development of St. Kitts-Nevis. He continued by saying that meetings like this one is what it takes, in terms of leadership for our people to get together, plan and look at issues.

“We are aware of the state of the World economy and the impact of the Four Seasons Resort’s temporary closure, not only in terms of revenue, but with unemployment on Nevis.  It is important as planners, that both islands get together to discuss and establish a positive way forward for these tough economic times,” concluded Premier Parry.

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