PRESS RELEASE – (ST. KITTS-Nevis) The International Monetary Fund (IMF) commends St. Kitts and Nevis’ strong economic performance amidst a difficult global economic backdrop. St. Kitts and Nevis’ economy achieved 3.2% growth in 2016.
The difficult international environment has seen many nations struggle with constrained growth rates, including our major source markets for goods and services such as Canada (1.3% in 2016), Japan (1.0% in 2016), the United Kingdom (1.8% in 2016) and the United States (1.6% in 2016).
“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,” InciOtker, the IMF mission chief on the 2017 Article Four (IV) Consultation to St. Kitts and Nevis, told the Press Unit in the Office of the Prime Minister last Thursday.
“Its growth performance in fact exceeded the average growth rate achieved by its peers in the ECCU region, which is quite impressive,” the IMF official also said of St. Kitts and Nevis’ economic performance in relation to the eight-member Eastern Caribbean Currency Union (ECCU) comprising Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.
Otker continued: “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.”
The IMF mission chief for the Article IV Consultation held in St. Kitts and Nevis added that, “The [St. Kitts and Nevis] authorities actually made significant efforts to strengthen the Citizenship-by-Investment programme, 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 programme’s credibility, and we are especially happy that there is also the intention to avoid a race to the bottom.”
The IMF team led by Otker visited St. Kitts and Nevis between April 18 and May 3 as part of the routine Article IV Consultation to the country.
According to the IMF’s website, the usually annual consultation is known as an “Article IV consultation” because it is required by Article IV of the IMF’s Articles of Agreement.
“During an Article IV consultation, an IMF team of economists visits a country to assess economic and financial developments and discuss the country’s economic and financial policies with government and central bank officials,” the website reads.