Above: Charlestown, Nevis (Photo: CJ)
By the Caribbean Journal staff
The Federation of St Kitts and Nevis has met all quantitative performance targets through September 2011, according to the International Monetary Fund.
The targets were met despite what the IMF described as “continued weakness in real output growth.”
“The revenue enhancement measures implemented last year continue to yield increased tax receipts in line with programme expectations at the time of the SBA [stand-by arrangement] approval,” the IMF said in a statement. “The authorities have also restrained expenditure growth in order to meet the programme target for the overall fiscal balance.”
The country has made “significant progress” on its structural reform agenda that aims to strengthen revenue collection and management of the treasury.
The IMF also pointed to legislation creating the St Kitts Electricity Corporation, which is expected to cover its costs.
The IMF Board will discuss the country’s first review at the end of January.
The IMF cautioned that despite strong performance in 2011, the fiscal situation “continues to be constrained.”