Nevis Debt Restructuring Will Help Realign Economy: Parry

Above: Charlestown (CJ Photo)

By the Caribbean Journal staff

Nevis’ ongoing debt restructuring will help realign the island’s economy, according to Premier Joseph Parry.

The Premier said his administration was taking the process “very seriously,” appealing to Nevisians to do so as well.

“One of the things that struck me,” he said, “is that we have some very serious issues at hand that we really need to be tackling as a nation, and the debt restructuring is one of those, and how we realign our economy again.”

Parry was speaking this week on his weekly radio programme on Choice 105.3FM.

“The real issue right now is the debt restructuring, and I want to say that we are making serious progress,” he said. “Of course, I do not want to give the impression that Nevis is going through debt restructuring alone.”

Parry said the Nevis Island Administration was being helped by the federal government in Basseterre and that Nevis’ Ministry of Finance was being consulted on a regular basis.

“I must indicate that with the debt restructuring, we anticipate that some loaning agencies may not want to lend us money for a while,” he said. “So we will have to find ways and means of balancing our budget, and doing the kind of long-term work that is necessary. It is going to take a great effort. It is going to take funds. We are already working on that part of the continuing development of the economy.”

Nevis’ restructuring comes after similar work by the federal government.