Published 1st July 2020
Buckie Got It, St. Kitts and Nevis News Source
Prime Minister and Minister of Finance, Dr. the Honourable Timothy Harris, has revealed that close to 80 million of the $120 million pledged as part of his government’s stimulus relief package for persons whose incomes were negatively impacted by the COVID-19 pandemic have so far been expended.
“In sum, since we have unveiled our stimulus package we have in fact had the benefit of nigh over $80 million already expended through the Government and various public sector entities that have been part and parcel of this process,” Prime Minister Harris stated on the Tuesday, June 30 edition of Leadership Matters.
The honourable prime minister noted that the figure does not include the significant number of persons who would have benefited from moratorium arrangements.
To mitigate the impact of fallout from the coronavirus on the people of St. Kitts and Nevis, Prime Minister Harris said his administration “announced a $1,000 grant by Social Security, $500 PAP programme was to be extended, we waived water charges for three months in the first instance, we instituted a moratorium on electricity bills for three months, a moratorium on mortgage payments for six months. Indeed, we put the people first and in particular, those most severely hit by COVID-19.”
Additionally, the Government reduced corporation tax from 33 percent to 25 percent over the pertinent period and also reduced taxes on unincorporated businesses by 50 percent from 4 percent to 2 percent to mitigate the impact on institutions.
Moreover, in its efforts to jumpstart construction post COVID-19, the Team Unity Government made an injection of $30 million to support mortgage financing through the Development Bank of St. Kitts and Nevis.
The Government of St. Kitts and Nevis’ $120 million stimulus package is the largest and most comprehensive response on a per capita basis to COVID-19.
