IMF pleased with economic growth in St Kitts and Nevis

The International Monetary Fund (IMF) has commended the strong economic performance of St Kitts and Nevis during 2016.

The dual-island nation's economy grew 3.2%, amid a difficult global financial backdrop.

Many of the major countries that St Kitts and Nevis sources goods from have struggled, including Canada (1.6% economic growth in 2016), Japan (1%), the United Kingdom (1.8%) and the United States (1.6%).

Inci Otker, the IMF mission chief on the 2017 Article Four (IV) Consultation to St Kitts and Nevis, said: “Notwithstanding a difficult international environment, St Kitts and Nevis’ economy grew at a modest pace in 2016 and it is expected to grow again in 2017 for the fifth consecutive year.

“Its growth performance in fact exceeded the average growth rate achieved by its peers in the ECCU region, which is quite impressive.”

ECCU is the eight-member Eastern Caribbean Currency Union comprising Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.

The IMF team led by Otker was in the country from 18 April until 3 May as part of the routine Article IV Consultation.

The St Kitts and Nevis Citizenship by Investment programme was applauded by the IMF visitors.

“The country’s strong economic performance owes a lot to the robust Citizenship by Investment inflows and their spillovers to the economy, as well as the overall prudent macroeconomic policies of the government," said Otker.

"The authorities actually made significant efforts to strengthen the Citizenship by Investment program, especially in a very challenging regional and global environment.

"They have strengthened the due diligence process with dedicated resources and also global collaboration, which is essential to reduce the integrity and security risks and preserve the program’s credibility, and we are especially happy that there is also the intention to avoid a race to the bottom.”