News

St Kitts and Nevis Debt-to-GDP Ratio Could Fall Below 100 Percent

By: Caribbean Journal Staff - September 13, 2012 - 10:03 am

Above: Basseterre, St Kitts (Photo: Erasmus Williams)

By the Caribbean Journal staff

St Kitts and Nevis’ debt-to-GDP ratio, which was once nearly 200 percent, is expected to fall below 100 percent, according to Prime Minister Dr Denzil Douglas.

The report was made during Monday’s cabinet meeting in Basseterre, where Douglas was joined by Permanent Secretary in Ministry of Sustainable Development Hilary Hazel and Financial Secretary Janet Harris.

The country’s debt-to-GDP ratio fell to approximately 131 percent after its recent debt restructuring. That came after the federation’s ratio had earlier stood at 156 percent.

“Cabinet colleagues commended the Prime Minister and Ministries of Finance and Sustainable Development on the herculean effort that has been exerted to bring great relief to the country’s fiscal position at such an economically challenging time,” Information Minister Senator Nigel Carty said on Wednesday.

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