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IMF Issues Report On St Kitts And Nevis,
by Phillip Morton, Investor Offshore.com
Friday, January 30, 2009
In its recent mission to St Kitts and Nevis the International Monetary Fund applauded
progress made in bringing down the country's public debt, but warned that many fiscal reforms,
including the introduction of VAT, and regulatory reforms were increasingly necessary.
With the report published on January 27, 2009 the IMF urged St Kitts and Nevis
to make sustained efforts to push through structural reforms, such as tax reform,
improving the business climate, and deepening regional integration, stating
that the reforms are crucial for enhancing its competitiveness and underpinning
the currency union.
The report, based on the IMF mission between January 13-14, says:
“Despite recent progress in financial sector reforms, the long-enjoyed
financial stability in the region cannot be taken for granted going forward.
Waning economic growth after a period of rapid private credit expansion poses
a major risk to the stability of banking system, through the deterioration of
banks' asset quality. There is an urgent need to intensify oversight on banks
and bring the nonbank financial sector under effective supervision. The significance
of foreign banks in the ECCU also calls for strengthened cross-border regulatory
cooperation and information sharing, which the ECCB has been pursuing.”
“With very high public debt levels, there is little, if any, room for
counter-cyclical fiscal policy in the ECCU. Minimizing fiscal slippages would
require following through on revenue reforms (including the introduction and
successful implementation of value added taxes), containing expenditures and
enhancing efficiency (particularly public investment and civil service wage
bills), and strengthening debt management. Within this framework, a well-targeted
social safety net is crucial for mitigating disproportionate impact of economic
hardships on the poor. Strengthening the currency union will also require establishing
and meeting annual fiscal targets that can credibly achieve the ECCB's public
debt to GDP target of 60% by 2020 from its current level of 93% of regional
GDP.”
The report also noted that St Kitts and Nevis has been successful in tackling its public debt, which has fallen 20% during 2005-2008.
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