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The International Monetary Fund (IMF) has reported that the economy and finances of Saint Kitts and Nevis have remarkably improved since the start of the year.
The IMF issued a statement following a lengthy mission to St Kitts and Nevis, concluding on May 15, 2013, that "despite a challenging economic environment, the overall fiscal position through end-March 2013 was stronger than expected due to buoyant non-tax revenue and expenditure restraint." The economy is expected to grow by two percent this year, due to an expected uptick in tourism and construction activity, and authorities have outlined plans to post a significant budgetary surplus this year as part of debt consolidation efforts.
Local authorities are targeting a budgetary surplus of 2.5 percent of gross domestic product (GDP), mainly by improving tax administration and investing in economic recovery, the IMF said.
"The 2013 fiscal framework is aligned with the authorities’ home-grown program of promoting growth by consolidating public finances and putting public debt on a sustainable path. In that area, progress continues towards completing the debt/land swap. The mission and the authorities discussed and agreed on a draft memorandum of economic and financial policies for 2013," the IMF concluded.
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