St Kitts and Nevis (WINN): The government of St. Kitts and Nevis has been approved to borrow up to $360 million over the next 12 months in order to be able to meet its current expenditure, including payment for goods and services, as well as wages and salaries.
Minister of Finance, Prime Minister Dr. Timothy Harris brought the relevant resolution before the National Assembly on Tuesday (May 23).
“Now we’ve resolved therefore that the National Assembly of St. Christopher and Nevis does hereby authorize the Minister of Finance to borrow by means of advances in the form of treasury bills, sums not exceeding three hundred and sixty million for the purposes of meeting requirements.”
Prime Minister Harris explained that the $360 million debt instrument does not represent any increase to the country’s national debt, and the same amount had been approved over the past few years.
“This resolution came in exactly the same form Mr. Speaker, in 2012, in 2013, and in fact in 2013 it came similarly as Statutory Rules & Orders number twenty of 2014, so as I said you will have continuity with respect to this, there is no addition of the debt for the record. What this does is that it sustains the government legal authority to engage in treasury bills each year consistent with the requirements of law as outlined under the Finance Administration Act of 2007 this resolution must come because they only provide the authority for twelve months and that is why it was important for me just for the avoidance of doubt, to go do the research. The research will show that exactly this was done, number five of 2012, number nineteen of 2013, number 20 of 2014 et cetera – three hundred and sixty million dollars with respect to treasury bills, no increment in the national debt.”
St. Kitts and Nevis is one of the five ECCU countries that trade their government treasury bills on the Regional Governments Securities Market.