St. Kitts – Nevis PM Speaks Out On Global Financial Crisis

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PM Douglas Tell Nationals “To Keep An Eye Out”
Photo By Erasmus Williams

Basseterre, St. Kitts – Nevis
November 13, 2008 (CUOPM)

Tight regulations of the financial sector by the Basseterre-based Eastern Caribbean Central Bank has helped to mitigate the impact of global financial crisis on local financial institutions and the St. Kitts and Nevis economy.

But Prime Minister Hon. Dr. Denzil L. Douglas said although the cruise ships are still coming and the hotel reservations look promising, the Federation must continue to keep its eye on what is happening worldwide.

“I am delighted that the cruise ships are still coming to our shores and our hotel reservations are still looking very promising. This, I believe, testifies to the robustness and the resilience of our economy in St. Kitts and Nevis. However, we must not be lulled into a sense of complacency. We are a part of the global community, and if the roof of the global economy falls in, we too could get wet when the rain comes pouring in,” said Prime Minister Douglas at Wednesday’s ceremony to break ground to commence construction of the 18-hole championship golf course which has been designed by world famous Tom Fazio.

Prime Minister Douglas called on citizens of St. Kitts and Nevis to “continue to protect the progress that we have made over the years.”

He said all stakeholders must enhance the competiveness of St. Kitts and Nevis “through enhanced productivity so that even as the global pie gets smaller we may continue on a path of growth by carving out for ourselves a bigger share of that pie.”

Prime Minister Douglas said Kittitians and Nevisians must continue to welcome foreign investors and to make the Federation attractive to both domestic and foreign investors.

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