Federation of St Kitts and Nevis Ends 3rd Quarter with Surplus

2009-11-20 19:57:55 by

For the 1st 9 months, the Federation reports a fiscal surplus above their expectations, and projects a good economic outlook for the future.

A total of EC $26.13 million was recorded as the Recurrent Account surplus for the period under review, some EC $21.79 million more than the revised target amount. This surplus shows a significant improvement from last year?s EC $9.11 for the same period. As it relates to the country?s Overall Balance for the first three quarters of the fiscal year, the report noted EC $58.09 million, an improvement of over EC $40 million from the same period in 2008. This figure surpasses the projected amount by EC $33.57 million.

Minister of Finance Hon. Dr. Timothy Harris described the accounts of the first three quarters as ?positive, significant and impressive? and thanked the staff of the Ministry of Finance and all revenue-collecting ministries for ensuring that government?s finances are ?efficiently and effectively managed?. He welcomed the promising news as the region is still making efforts to stay afloat amid worldwide economic and financial crisis.

Harris pledged that his ministry will continue on a path of fiscal responsibility.