Above: St Kitts (CJ Photo)
By the Caribbean Journal staff
St Kitts and Nevis’ economy is showing signs of growth after four years of contraction, according to the International Monetary Fund.
The IMF concluded its fifth and sixth reviews of the twin-island federation’s economic performance under a 36-month Stand-By Arrangement this week.
“The St. Kitts and Nevis authorities have continued the successful implementation of their Fund-supported program, in particular making progress toward achieving fiscal objectives and debt restructuring,” said Min Zhu, deputy managing director and acting chair of the IMF’s Executive Board. “Following a four-year contraction in economic activity, signs of an economic recovery are emerging.”
Zhu said “sustained commitment to prudent macroeconomic policies and reforms” would be necessary to address remaining risks and vulnerabilities and to “support stronger and inclusive growth.”
Zhu also urged steps to broaden the country’s tax base, and to bolster the fiscal performance of the Nevis Island Administration.
On that front, Zhu urged “improved communication between the twin-island federation.”