IMF concludes Article IV mission to St. Kitts and Nevis

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The main points from the consultation are:

  1. The economy grew 3.2 percent in 2016 down from 4.9 percent in 2015. Growth is projected to be 2.7 percent in 2017.
  2. The overall fiscal surplus fell to 4.2 percent compared to 2015 mainly due to a fall in CBI receipts.
  3. The stock of debt fell and is projected to reach 60 percent of GDP by 2018.
  4. While significant effort has been made to strengthen the CBI program, estimates for CBI receipts remain conservative due to competition and global security concerns.
  5. Other concerns include a stronger U.S. dollar, natural disasters, loss of correspondent banking relationships and weakened fiscal framework due to exemptions on import duties and VAT.
  6. Plans to establish Universal Health Care and a Sovereign Wealth Fund were commended. Initiatives to prevent further loss of correspondent banking relationships and the establishment of the EC Asset Management Company were encouraged.

Link: http://www.caribbeannewsnow.com/headline-IMF-concludes-mission-to-St-Kitts-Nevis-34447.html

The Caribbean Association of Banks, Inc. is the representative body and recognized voice for banks and other financial institutions in the Caribbean. We seek to influence policies and legislation which impact the sector by advocating on our members’ behalf and participating in the global network of similar institutions.

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