Connect with WINN FM

Unit C24, The Sands Complex
Newtown Bay Road, Basseterre, St. Kitts, W.I.
Download Programme Schedule

SKN receives US$4.9 million from IMF under SBA program

Editor’s Note: The following is the full text of a press release from the International Monetary Fund (IMF) on the fourth quarter review of St. Kitts and Nevis economic performance.

The Executive Board of the International Monetary Fund (IMF) completed the fourth review of St. Kitts and Nevis’ economic performance under a program supported by a 36-month Stand-by Arrangement (SBA). The completion of the review allows the immediate disbursement of an amount equivalent to SDR 3.161 million (about US$ 4.9 million), bringing total disbursements under the arrangement to SDR 43.101 million (about US$ 66.15 million).

The Executive Board also approved a request for waivers of applicability for the end-September 2012 performance criteria (PC). These waivers were necessary because the Executive Board discussion took place prior to the availability of data to assess the relevant PCs.

The SBA was approved on July 27, 2011 (see Press Release No. 11/295), for an amount equivalent to SDR 52.51 million (about US $80.6 million), or 590 percent of St. Kitts and Nevis’ IMF quota.

Following the Executive Board’s discussion, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair, issued the following statement:

“The St. Kitts and Nevis authorities have continued steadfast implementation of their Fund-supported program, despite the sluggish global environment and economic contraction. The near-term outlook for the economy is for a modest recovery.

“Significant progress has been made in restructuring the public debt. An important milestone was reached in terms of the debt-land swap with domestic creditors with the recent transfer of land to the land asset management company. In order to limit the impact on the financial sector and to further buttress the fiscal position through lower interest payments, it will be important to swiftly complete the restructuring of public debt, including with the rapid implementation and entry into operations of the land asset management company, and by finalizing negotiations with remaining domestic and external creditors.

“The authorities are in the process of elaborating a budget for 2013. In line with their IMF-supported program’s aim of securing gains from the reduction in public debt, due emphasis will need be given to bolstering the tax base, containing current outlays, and increasing capital spending, as well as the capacity to buffer shocks. Over the near-to medium-term, it will be important to accelerate the pace of structural reforms to further boost revenue and promote growth-enhancing public expenditure.

“The financial system has remained resilient, with adequate capitalization and continued deposit growth. Continued monitoring of the financial sector will be needed, in close collaboration with the ECCB, including in the context of addressing the impact of the restructuring of public debt on banks’ NPLs, liquidity, and profitability.”

 

Add comment


Security code
Refresh


Top Local Stories

Most Read - December 2014

  • 1
  • 2
  • 3
Prev Next

Buckley's Man Shot Dead in Home

Monday 1st December, 2014 Hits:2791

Toni Frederick

Authenticity of ILO Report on BHS Confirmed

Sunday 14th December, 2014 Hits:2200

Toni Frederick

Powell's comments about WINN journalist rehashed in defamation debate

Wednesday 10th December, 2014 Hits:1985

Andre Huie

PM, Brantley clash over Iran-CBI issue

Friday 12th December, 2014 Hits:1968

Andre Huie

***UPDATED***Man found dead in Phillips'

Saturday 6th December, 2014 Hits:1957

Andre Huie

PM Douglas Setting the Stage for Continued Governance

Wednesday 3rd December, 2014 Hits:1894

Ken Richards

Buckley's Youth Questioned in Relation to JNF Shooting, Shot Dead

Tuesday 9th December, 2014 Hits:1894

Toni Frederick

TDC expresses condolence at Merrit's passing

Monday 1st December, 2014 Hits:1893

Clive Bacchus

Differences over Whether Ramdhani Judgment Should Feature in New Trial

Tuesday 2nd December, 2014 Hits:1893

Ken Richards

Visa Imposition Part of Global Initiative, Says Canadian Journalist

Sunday 30th November, 2014 Hits:1892

Toni Frederick

MV Akuma Motata removed from reefs in Dieppe Bay

Tuesday 2nd December, 2014 Hits:1858

Andre Huie





EMPLOYMENT OPPORTUNITIES

LISTEN AGAIN

 - WINN FM Evening News - 17th Dec, 2014

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

 

Drag Racing in Nevis

- Inside the News - Saturday 13th December, 2014

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

- The Bigger Picture with Ken Richards 14th December, 2014

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

-The Operating Room 16th December, 2014

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

- Jonel Powell - Agenda Launch

Click below to hear full item

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

- Felix Redmill - Time For A New Political Culture

Click below to hear full item | Read full text

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.