The Team Unity Administration has attained the Eastern Caribbean Currency Union’s (ECCU’s) target benchmark of 60 percent debt-to-GDP ratio as at March 2016.
This was noted following a revision of the Gross Domestic Profit (GDP) numbers which means the twin island territory achieved the said earlier than the December 2018 date previously reported.
This information was disclosed on Saturday 19th October by the Hon. Shawn Richards as he delivered remarks at the St. Kitts-Nevis Chamber of Industry & Commerce’s Annual Private Sector Banquet at the St. Kitts Marriott Resort.
St. Kitts and Nevis is now the first independent state in the ECCU to reach this important benchmark, 14 years ahead of the eight-member ECCU target date of 2030.
Minister Richards also noted that as at June 2019, St. Kitts and Nevis’ debt-to-GDP ratio stood at 55.5 percent, according to data from the Ministry of Finance.
He added that shortly after taking office, the Timothy Harris led Team Unity administration “promptly paid off the $117 million debt that was owed to the International Monetary Fund (IMF), which under the previous administration, stood at an estimated US$1.05 billion or about 200 percent of GDP.”