The Cable: Quality Television, Unlimited Calls to the US & Canada, 2MB High Speed Internet

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 - June 2015

  • 1
  • 2
  • 3
Prev Next

BBC Programme Paints Bleak Picture of St. Kitts and Nevis

Wednesday 17th June, 2015 Hits:5646

Sourced Information

Bounty Killer's brother arrested for stealing phone

Saturday 27th June, 2015 Hits:4272

Andre Huie

St. Kitts and Nevis Facing Serious Water Shortage, Officials Warn

Wednesday 3rd June, 2015 Hits:3542

Toni Frederick

Six Caribbean banks implicated in FIFA corruption scandal

Wednesday 3rd June, 2015 Hits:2174

Sourced Information

Gunshot Victims Run to Hospital For Medical Attention

Wednesday 10th June, 2015 Hits:2071

Toni Frederick

Body of female Golf Club employee retrieved

Tuesday 9th June, 2015 Hits:1994

Andre Huie

Condor: I am qualified for UN Ambassador appointment

Sunday 31st May, 2015 Hits:1951

Andre Huie

Terminated BHS Teacher Back on the Job

Sunday 7th June, 2015 Hits:1934

Toni Frederick

USAID donates bicycles to St. Kitts with help from US Air Force

Monday 15th June, 2015 Hits:1857

Staff Writer

Police Apprehend Teenage Robber Within an Hour

Wednesday 24th June, 2015 Hits:1831

Toni Frederick

Palmetto Point Baker Shot During Attempted Robbery ***UPDATED***

Wednesday 24th June, 2015 Hits:1636

Toni Frederick

New Ambassador Weighs in on Diplomatic Appointments Debate

Monday 1st June, 2015 Hits:1599

Ken Richards

Simmonds Calls on New Administration to Put People First

Monday 15th June, 2015 Hits:1447

Clive Bacchus





Powered by Spearhead Software Labs Joomla Facebook Like Button

LISTEN AGAIN

WINN FM Evening News - 29th June, 2015

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.

- Inside the News Saturday 27th June, 2015 

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 June 21st, 2015

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 - 23rd June, 2015

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.