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Prime Minister warns Grenadians of challenges ahead

Dr. the Rt Hon. Keith Mitchell, Prime Minister of Grenada

Dr. the Rt Hon. Keith Mitchell, Prime Minister of Grenada

ST. GEORGE’S, Grenada, 10 April 2013 (CMC) – Prime Minister Dr. Keith Mitchell says his seven-week old government has been able to reverse a lack of confidence in the local economy, but warned Grenadians that “these are early days and there are obviously many challenges ahead”.

In his first radio and television broadcast since his New National Party (NNP) swept the February 19 general election, Mitchell was also critical of the policies adopted by the former Tillman Thomas administration prior to leaving office. Continue reading

Barbados on “fiscal cliff” warns Opposition Leader

BRIDGETOWN, Barbados, 11 February 2013 (CMC)– Opposition Leader Owen Arthur is warning of a “fiscal cliff” in Barbados and accuses the Freundel Stuart government of putting the country in that crisis.

Addressing a political meeting of his Barbados Labour Party (BLP) on Sunday night, Arthur, who is seeking to regain the government he lost in 2008, said that the decision of the government to call the general election so late could have an effect on the economy particularly as it relates to the government’s Estimates of Revenue and Expenditure. Continue reading

Saint Lucia Prime Minister Paints Dismal Picture of Economic Situation in Sub-region

Dr. the Hon. Kenny Anthony

Dr. the Hon. Kenny Anthony

CASTRIES, St. Lucia, 24 September 2012 (CMC)– Prime Minister Dr. Kenny Anthony says St. Lucia is singlehandedly keeping the Eastern Caribbean economy afloat, and therefore has to exercise fiscal responsibility in the interest of monetary stability in the sub-regional currency union.

Addressing the 51st annual general meeting of the St. Lucia Employers Federation (SLEF), Anthony, who is also Finance Minister, said that a that several states of the sub-regional Organisation of Eastern Caribbean (OECS) were in trouble in financial trouble with St. Kitts and Nevis having to undertake major debt restructuring. Continue reading

Growth for July to September Quarter in Jamaica

Dr. the Hon. Peter Phillips, Minister of Finance and Planning, Jamaica

Dr. the Hon. Peter Phillips, Minister of Finance and Planning, Jamaica

JAMAICA (JIS) – Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says despite the challenges, the Government expects real Gross Domestic Product (GDP) growth for the July to September 2012 quarter.

“This growth will be supported by a tempering in the rate of decline for transport and communication, as the impact of the sale of Air Jamaica cycles out,” Dr. Phillips said.

The Minister was delivering a Statement on the state of the economy in the House of Representatives, on September 11. Continue reading

St. Kitts and Nevis’ Debt to GDP Ratio to Drop Below 100 Percent

St. Kitts and Nevis Prime Minister Rt. Hon. Dr. Denzil L. Douglas

Rt. Hon. Dr. Denzil L. Douglas

BASSETERRE, ST. KITTS (CUOPM) – The Federation’s Debt to GDP, which at one time was nearly 200 percent, is expected to dip below the 100 percent mark.

This was disclosed by Prime Minister and Minister of Finance, the Rt. Hon. Dr. Denzil L. Douglas during Monday’s Cabinet meeting attended by the Financial Secretary Mrs. Janet Harris and the Permanent Secretary in the Ministry of Sustainable Development, Mrs. Hilary Hazel. Continue reading

St. Lucia Government Launches Multi-million Dollar Stimulus Package

Dr. the Hon. Kenny Anthony

Dr. the Hon. Kenny Anthony

CASTRIES, St. Lucia (CMC) – The St. Lucia government has launched a multi-million dollar stimulus package it is hoping would help turn around a sluggish economy.

Prime Minister Dr. Kenny Anthony said the construction stimulus programme would help address some of the worst financial conditions now being experienced here in recent years and praised the private sector for contributing towards the reality of the fiscal package. Continue reading

St Lucia Wants CDB to Implement Policies to Immediately Reverse Credit Rating Downgrade

Caribben Development Bank

Caribben Development Bank

GEORGE TOWN, Cayman Islands (CMC) – St. Lucia has called on the Barbados-based Caribbean Development Bank (CDB) to implement measures as quickly as possible to reverse the downgrading rating the financial institution has received from the US-based Moody’s Investors Services.

“The Bank must move quickly to create a dedicated risk management function, adopt comprehensive asset-liability management policies and carry out other necessary reforms to ensure that all its fundamentals get back on track and are sustained,” Prime Minister Dr. Kenny Anthony told the annual CDB board of governors meeting that ends here on Thursday. Continue reading

Moody’s Downgrades Caribbean Development Bank

Caribben Development Bank

Caribben Development Bank

GEORGE TOWN, Cayman Islands (CMC) – The US based rating agency, Moody Investors Services has downgraded the credit ratings of the Barbados-based Caribbean Development Bank (CDB) by one notch from Aaa to Aa1.

CDB president Dr. Warren Smith told the bank’s annual board of governors meeting Wednesday that the downgrade followed a routine examination of the region’s premier development bank and that “we are disappointed at the decision”. Continue reading

CDB to Provide $12 Million to Guarantee Newly-Restructured Bonds

St. Kitts and Nevis Prime Minister Rt. Hon. Dr. Denzil L. Douglas

Rt. Hon. Dr. Denzil L. Douglas

BASSETERRE, ST. KITTS (CUOPM) – St. Kitts and Nevis’ Prime Minister and Minister of Finance, the Rt. Hon. Dr. Denzil L. Douglas has disclosed that the twin-islands Federation’s debt restructuring exercises should be completed by the end of this quarter.

Speaking at his monthly press conference on Wednesday, Dr. Douglas also said that the Caribbean Development Bank will provide a $12 million guarantee in support of the newly restructured bonds, thereby advancing the interests of the Federation in the form of a more sustainable debt package. Continue reading

VAT Revenues Collected Exceed Projections

St. Kitts and Nevis Prime Minister Rt. Hon. Dr. Denzil L. Douglas

Rt. Hon. Dr. Denzil L. Douglas

BASSETERRE, ST. KITTS (CUOPM) – The number of registrants under the Value Added Tax (VAT) Programme is just over 700 with 525 in St. Kitts and 182 in Nevis.

Speaking at his monthly press conference on Wednesday, St. Kitts and Nevis’ Prime Minister Hon. Dr. Denzil L. Douglas disclosed that in December when the Government declared a special VAT Day in order to reduce the cost of pre-Christmas spending for consumers, VAT, which was reduced from 17% to 7%, amounted to EC$12.8 million in sales. Continue reading

IMF says St. Kitts and Nevis Met Fiscal Target by “Comfortable Margin”

BASSETERRE, ST. KITTS (CUOPM) – St. Kitts and Nevis has passed the first review of economic performance under the Stand By Arrangement with the International Monetary Fund (IMF).

“All end-September 2011 quantitative targets have been met, despite slower-than-expected economic growth. The fiscal target was met by a comfortable margin, and the authorities were successful in reducing budget expenditure arrears to below the levels at the end of December 2010. Continue reading