After taking office, the Dr. the Honourable Timothy Harris-led Government paid off the $117 million debt that was owed to the International Monetary Fund (IMF), and has recorded surpluses and positive economic growth every year.
Prime Minister Harris said these did not occur by accident, but instead are as a result of “sound financial management.”
“According to the regional reports, we had the highest fiscal balance as a percentage of GDP going into the pandemic at positive 9.2 percent. Grenada a distant second at 5.1 percent and Suriname was negative. St. Kitts and Nevis, in terms of fiscal management, is head of the class,” Dr. Harris revealed.
Prime Minister Harris, who is also Minister of Finance in the Team Unity Cabinet, stated that St. Kitts and Nevis also has one of the lowest tax/government revenue to GDP ratio “which means that we are not over taxing our people.”
The Finance Minister added, “We removed VAT from food, VAT from educational supplies, VAT from funeral expenses to give relief to the people. Based on that record, you can have confidence that your government will continue to deliver on behalf of the people.”
Under the prudent fiscal guidance of the Team Unity administration, St. Kitts and Nevis was adjudged best in the OECS sub-region by independent and prestigious authorities on various indices, including information and communication technology development; rule of law index; the country’s appeal as a cruise destination, and attractiveness of the St. Kitts and Nevis passport.