Nevis News

Basseterre, Saint Kitts – Nevis, MARCH 28TH 2007

The Washington-based International Monetary Fund (IMF) says despite the
closure of the sugar industry in St. Kitts and Nevis, economic growth has
accelerated in 2006,fiscal imbalances have improved significantly and
monetary aggregates have continued to grow in line with economic growth.

That’s according to the international financial institution’s Executive
Board Article IV consultation on St. Kitts and Nevis.

It noted that in July 2005, the sugar industry – the historical mainstay of
the economy – closed after more than 300 years. The industry had incurred
substantial losses –  on the order of 3 to 4 percent of GDP annually in the
last several years – even before the announced further cut in preferential
access to the EU market. The closure has required the government to service
the debt of the sugar company (about 29 percent of GDP). Public debt,
accumulated as a result of exogenous shocks (including three hurricanes in
the second half of the 1990s) and an accommodative policy stance, reached
190 percent of GDP at end-2005.

The IMF said despite the closure of the sugar industry, economic growth has
accelerated.

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St. Kitts & Nevis sent ICC Cricket World Cup 2007 on its way in true Caribbean style today with a farewell Group Stage match that typified the term “calypso cricket”.

As Australia and South Africa traded blow for blow on the picture-perfect Warner Park strip in Basseterre, a party with 10,000 in attendance was in full swing beyond the boundary ““ fans dancing to infectious melodies, drinking and eating to their hearts’ content and savouring the world-class sporting spectacle before them.

“This is great. I have thoroughly enjoyed the two matches I attended and I’m proud to see the West Indies on the international stage like this,” declared Mervin Powell who came over from Nevis for the landmark occasion.

His compatriot, Michael Gumbs, was pleased that he made the decision to fly in from the USA to see the action “live and direct” as he put it.

“I wanted to be here. This is fantastic for the people of St. Kitts & Nevis and every citizen of th is country should be proud today. We have the two best teams in the world here playing in the Cricket World Cup. It’s an honour.

“It’s a pity it has to end today. More people should have come out to the earlier matches but I think in time they will appreciate that it’s not just West Indies playing in the tournament,” he said.

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Charlestown, Nevis- March 26, 2007The Premier of Nevis, Hon. Joseph Parry will be the first guest of a new program entitled “The People’s Talk” which will air on Wednesday’s following the Nevis Newscast on Nevis Television (NTV) and on VON Radio on Monday evenings at 8 pm.

“I am happy about this new program and I feel that the people of Nevis will enjoy viewing themselves, friends and family members discuss the topics that affect all of us here in Nevis. I am also delighted that the producer of the program will seek honest answers from all members of the community, despite their political affiliations, said Premier Parry”

The 10 minute program produced and hosted by Press Secretary to the Premier, Mrs. Deli Caines Bussue will deal with topics that the residents of Nevis are talking about.

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Charlestown, Nevis

“We in St. Kitts – Nevis have made history not only in terms of hosting World Cup but we are now actually in the record books as we had Gibbs from South Africa hitting six sixes in an over and that was done right here in Warner Park.”
 
Those were the sentiments of Oscar Walters, President of the Nevis Cricket Association in a brief interview with SKNVibes on the economic impact of ICC World Cup Cricket. 
 
“I do not see an immediate impact on the economy in the sense that it is ongoing and I am not seeing the visitor turnout that I expected for the World Cup.  As this is the first round of matches it is not a round where you see a lot of big teams and so forth performing.  While I do not see a big impact in terms of the economy, I do see something happening later down the road as we are now on the world map,” he said.

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