Caribbean News Now!

About Us Contact Us


Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.


Submit news and opinion for publication


Click here to receive our daily regional news headlines by email.


Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin

News from the Caribbean:

Back To Today's News

St Kitts-Nevis to return US$40 million to IMF
Published on May 24, 2014 Email To Friend    Print Version

BASSETERRE, St Kitts (SKNIS) -- The fiscal situation and performance of the economy in St Kitts and Nevis has steadily improved over the last few years and has allowed for the return of US$40 million in stand-by funds to the International Monetary Fund (IMF).

In 2011, the federal government engaged in a three-year stand-by arrangement (SBA) with the IMF to the tune of US$84.5 million. A structural adjustment programme was developed by the local government as part of debt restructuring initiative.

At the completion of the ninth and final review by the IMF this week, a positive report was delivered as it showed a 3.8 percent economic growth, a surplus of 12.2 percent of GDP (gross domestic product), as well as a 61 percent reduction in public debt to 104 percent of GDP. Debt reduction is reportedly “on a sustainable path, projected to reach a low of 60 percent of GDP in a few years.”

While delivering the post-cabinet briefing this week, minister of information Nigel Carty explained that “Cabinet considered and approved the return of approximately US$40 million to the IMF that was provided for under the stand-by arrangement with the institution.”

He added that “the decision to return the unused loan funds to the IMF is consistent with government’s policy to continue to reduce its debt and to adopt a higher level of fiscal discipline going forward.”
Reads: 5308

Click here to receive daily news headlines from Caribbean News Now!



No comments on this topic yet. Be the first one to submit a comment.


As a result of our comments feature being overtaken in recent weeks by spammers using fake email addresses, producing a large number of bounced verification emails each day, we have reluctantly decided to suspend the comments section until further notice.

User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.

Other Headlines:

Regional Sports: