St Kitts and Nevis Federation Government Optimistic

2010-05-28 19:11:46 by

The government of St Kitts and Nevis is committed to reducing public debt, erasing deficits, and achieving economic stability over the short to medium term. These were the goals spelled out by Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas during a presentation to the Cabinet.

Minister of Information, Sen. the Hon. Nigel Carty said that although small and large economies around the world have been hard hit by the current economic crisis, the Federation's economy will return to growth in the medium term, and macroeconomic stability will be bolstered, particularly assisted by the implementation of several initiatives.

As explained by Minister of Information Nigel Carty, these include, "Tax reform, through the implementation of the value-added tax by November of this year; corporatisation of the Electricity Department with a view to increasing operational efficiency and responding more effectively to the fluctuating price of fuel on the world market; aggressive pursuit of our debt management strategy through the Debt Management Unit at the Ministry of Finance with EU support for an experienced consultant and reduction in expenditure on personal emoluments by reducing the public sector size through natural attrition and generally freezing salary increases for the time being."

He also stated that the Cabinet will ensure a more effective application of the government's policy of assisting businesses and spurring investment through the extension of tax concessions.

(resource: Office of the Prime Minister)