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IMF pleased with St Kitts-Nevis economic progress

Friday, July 26, 2013 | 6:52 PM    

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WASHINGTON (CMC) — St Kitts-Nevis will receive US$6.4 million from the International Monetary Fund (IMF) after the Washington-based financial institution said it had completed an economic performance of the twin island federation under a 36 month Stand by Agreement (SBA).

The IMF said that the total funds now disbursed to the island is US$71.5 million and that it had also approved waivers of applicability for the end-June 2013 performance criteria, waiver of non-observance of the continuous performance criterion on the ceiling of external arrears accumulated on debt contracted or guaranteed by the central government, and re-phased disbursements under the SBA.

In 2011, the IMF approved the US$79.35 million SBA for St Kitts-Nevis and according to the Fund’s managing director, Min Zhu, the local authorities “have continued the successful implementation of their Fund-supported programme, in particular making progress toward achieving fiscal objectives and debt restructuring.

“Following a four-year contraction in economic activity, signs of an economic recovery are emerging. Sustained commitment to prudent macroeconomic policies and reforms will be necessary to address remaining risks and vulnerabilities and to support stronger and inclusive growth.”

The IMF official said the 2013 budget is aligned with the authorities’ dual objectives of redeploying resources towards growth-enhancing outlays and continuing fiscal consolidation through significant budgetary primary surpluses.

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