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St Kitts And Nevis Budget To Review Economy

by Amanda Banks, Tax-News.com, London

12 December 2005


Prime Minister and Minister of Finance of St Kitts and Nevis Dr Denzil Douglas will unveil the National Budget for 2006 on Tuesday, December 13.

In his 12th budget address as the jurisdiction's Finance Minister, Dr Douglas is set to review international, region and national economic developments and outline the Labour government's expectations for finance sector and other sectors of the economy, including tourism, agricultural, non-agricultural, and industrial development.

Dr Douglas will also provide information on the allocations for the various ministries, review the outcome of the previous financial year and give a fiscal prospect for 2006.

Speaking earlier in the year, Dr Douglas stated that the financial services industry will play a major role in the development of the national economy. In a speech at the opening of the St. Theresa’s Medical University in September, Dr Douglas explained that his St. Kitts-Nevis Labour Party Government has formulated a clear and sustainable economic development policy, which strives towards diversification and the advancement of services-orientated industries.

“The new economy hinges the development of this country, not only on diversified agriculture, not only on the support of a small manufacturing sector, but in pursuit of services, especially in hospitality, tourism, information technology and international financial services,” Dr Douglas stated.


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