Nevis Economy Strong For Early Part Of 2008

Nevis Budget - Fiscal Year 2021

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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.

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Nevis Investment Promotion Agency Launched

Nevis Premier Parry and US Ambassador Ourisman

Nevis Premier Parry and US Ambassador Ourisman

Charlestown, Nevis
May 22, 2008

A landmark autonomous investment agency was launched on Nevis on May 21, 2008, at a ceremony at the Old Manor Hotel in Gingerland. The Nevis Investment Promotion Agency (NIPA) evolved from the Marketing and Development Department in the Ministry of Finance in the Nevis Island Administration (NIA).
The Agency, which was launched by Premier of Nevis and Minister of Finance in the NIA Hon. Joseph Parry, has responsibility for investment promotion, facilitation and aftercare services.  It would also advocate policy changes to enhance the investment climate on Nevis.
During his feature address, Premier Parry underscored the importance of the new agency and said that the NIA had demonstrated its confidence in the private sector, through its support for the agency which was private sector driven.
“We have subsumed the Marketing Division of the Financial Services Division into this organisation (NIPA). We believe it will strengthen its capacity to function and perform. This is a new venture for Nevis but new in the Caribbean. We look forward to positive results,” he said.
Mr. Parry described NIPA as a one stop facilitator to promote the island, to give after care and support for future expansion and to lobby government to continually make Nevis more user friendly.
“We believe that this NIPA shall achieve these objectives. We believe that in the next few years the Federation and Nevis in particular will no longer be regarded as a difficult place to do business,” he said.
The Premier said it was the intention of the Administration to equal or surpass any other jurisdiction in the world in due diligence regulations, supervision of regulations and the highest standards of conduct even as the island maintained its existing excellent record for good service.
He said too that the NIA anticipated every help and cooperation from the United States of America as it endeavoured to build an industry in Nevis’ efforts to be self reliant.
“This is very American and we anticipate your support, advice and even direction as we work as partners of however unequal,” he said.

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Nevis Ministry of Finance Hosts Workshop

Charlestown, Nevis
March 26, 2008

Statutory bodies and public corporations on Nevis will have a more thorough understanding of their role in the development of the island at the end of a workshop on March 26, 2008.  The one day exercise hosted by the Ministry of Finance on Nevis, was held at the Nevis Corporative Credit Union Conference Room in Charlestown.
Permanent Secretary in the Ministry of Finance in the Nevis Island Administration Mr. Laurie Lawrence told the Department of Information that the workshop would be facilitated by Ms. Juliette Jeffers of the East Caribbean Central Bank.
He explained that it was designed to inform the participants on the type of information that the Ministry of Finance required to monitor their performance, revenues, cash flows and in particular their debt situation.

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