News

IMF: St Kitts and Nevis Showing Recovery

By: Caribbean Journal Staff - July 29, 2011

Above: St Kitts viewed from Nevis (CJ Photo)

By the Caribbean Journal staff

The International Monetary Fund has approved a three-year Stand-By Arrangement for $84.5 million with St Kitts and Nevis, in a bid to support the federation’s economic program and help it with comprehensive debt restructuring. Of that amount, $35.6 million is available for immediate disbursement. “The St Kitts and Nevis economy is gradually recovering from a prolonged recession,” said Nemat Shafik, deputy managing director at the IMF. “However, fiscal imbalances and structural fragilities pose significant risks to the economic outlook.” Shafik said the federation’s authorities had begun implementing an economic program to address these challenges, including front-loaded fiscal consolidation, a comprehensive debt restructuring and other steps to strengthen the financial sector. “The authorities have already taken important revenue and expenditure measures,” she said.

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