Debt Shrinks in St Kitts and Nevis

On 2 July 2019, Prime Minister Dr. the Honourable Timothy Harris revealed that the country’s debt to GDP ratio had shrunk to the lowest in the region. Celebrating at the July monthly press conference, Prime Minister Harris announced that the ratio was 56.4% at the end of March this year, compared with 62.3% at the same time last year.

The decline in the debt held by the country has been impressive. As of December 2018, it was 58%; since then, Dr. Harris’ Government has decreased debt stock by $67.6 million. This is the fifth consecutive year the country has displayed strong economic growth – suggesting a stable and long-term reduction policy. The current ratio is now the lowest in the Eastern Caribbean Currency Union (ECCU), which is a regional record, and is well below the 60% target set by the Eastern Caribbean Central Bank.

Instrumental to the nation’s success has been its Citizenship by Investment Programme, which enables businesspersons and their families to receive St Kitts and Nevis citizenship for an investment. With Harris stating “projected growth in economic activities for the year 2019,” it is likely the Programme will continue to attract entrepeneurs around the world.