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St Kitts-Nevis should have paid off expensive debt before returning IMF credit, says analyst
Published on May 26, 2014 Email To Friend    Print Version

By Andre Huie

BASSETERRE, St Kitts (WINN) -- Financial analyst Schneidman Warner says that, rather than paying off International Monetary Fund (IMF) debt first, the government of St Kitts and Nevis should have looked at using the remaining US$40 million of the standby credit to pay off more expensive debt.

The St Kitts and Nevis Cabinet approved the return of some US$40 million to the IMF that was provided under a standby arrangement.

Speaking at his monthly press conference on Wednesday, Prime Minister Dr Denzil Douglas explained that its return would bring that particular debt to an end. The money was part of the US$84 million that was made available to St Kitts and Nevis by the IMF to be used as required to provide additional financial support during its period of fiscal reform.

At a press briefing on Wednesday, IMF country representative Judith Gold told reporters that the federation had done well under the programme, and applauded the country for not having to draw down on all the funds. She said it meant that the St Kitts and Nevis fiscal situation has significantly improved.

And while many have praised the recent IMF report on the performance of the St Kitts Nevis economy, Warner was a bit more tempered in his response, describing the IMF’s assessment as generous.

Republished with permission of West Indies News Network
Reads: 5775

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