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Government Prioritizes Economic Growth Initiatives for the Betterment of the People

Published 8 July 2024

Buckie Got It, St. Kitts and Nevis News Source

Government Prioritizes Economic Growth Initiatives for the Betterment of the People

Basseterre, Saint Kitts and Nevis, July 8, 2024 [Press Secretary, PMO] – In a groundbreaking move that sets it apart from other nations, the Government of Saint Kitts and Nevis upon assuming office in August 2022 committed to paying a Citizenship by Investment (CBI) dividend twice yearly. This dividend is contingent on a surplus from the CBI receipts, after all financial obligations have been met. To date, two dividends and one reset have been successfully distributed, making Saint Kitts and Nevis the only country in the world to implement such a system.

However, the CBI program, a cornerstone of the country’s economic strategy, has faced several readjustments. These adjustments have been necessary to ensure critical obligations are met, including the restructuring of the Development Bank of St. Kitts and Nevis and indirect support to the social security systems. Additionally, the Government of Saint Kitts and Nevis is investing in essential infrastructure projects, such as the imminent $50 million desalination plant, and enhancing hurricane preparedness amid an increasingly active hurricane season.

Prime Minister Drew emphasized the significance of these efforts in a recent statement: “Due to the readjustments of the CBI and the fact that we had to meet obligations such as saving the development bank and social security indirectly, investments in a $50 million desal plant to start very soon, hurricane preparedness due to a very active hurricane season, we did see a surplus as these committees are extremely critical for our physical and financial health. This administration will continue to be transparent with our people.”

Transparency remains a core principle of the St. Kitts-Nevis Labour Party Administration. By keeping citizens informed about the state of the nation’s finances and the decisions that impact the Federation’s economic health, the Government of Saint Kitts and Nevis aims to build trust and foster a sense of shared responsibility.

“As we navigate the challenges and opportunities ahead, we will continue to prioritize the well-being and stability of our country, maintaining open communication and transparency every step of the way”, Prime Minister Drew stated.

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