Antigua Breaking News

Top Trusted News Source in Antigua

Search
Previous slide
Next slide

  • Home
  • Regional News
  • St. Kitts and Nevis’ economic growth rebounded strongly in 2022, IMF says

St. Kitts and Nevis’ economic growth rebounded strongly in 2022, IMF says

Share this article:

Facebook
Twitter
Pinterest
LinkedIn

In its latest report on the economic health of St. Kitts and Nevis, the International Monetary Fund (IMF) said that the Federation’s economy continues to rebound despite global hiccups post-COVID-19.

“St. Kitts and Nevis’ economic growth rebounded strongly in 2022 despite global headwinds. GDP is estimated to have grown by 9 percent in 2022 after contracting 14.5 percent in 2020 and 0.9 percent in 2021,” the Executive Board of the IMF reported after concluding the Article IV consultation with St. Kitts and Nevis on March 15, 2023.

The report said that the lifting of the COVID-19 restrictions played a significant role in boosting a lagging economy.

“The lifting of all COVID-related travel restrictions in August 2022 sparked a strong rebound in the tourism sector and across the economy. The authorities’ proactive policy response, facilitated by the fiscal buffers accumulated from a decade of prudent fiscal policy, helped shelter domestic prices from high global energy and food prices,” the multi-lateral agency said.

“These measures nonetheless took a heavy toll on fiscal accounts in 2022. The primary balance ex-CBI revenue and land buybacks, an indicator of the underlying fiscal stance, deteriorated to a deficit of 17 percent of GDP (vs. 15 percent in 2021). Large CBI inflows in 2022 helped finance this expansion, keeping public debt below the ECCU regional target of 60 percent of GDP,” the report concluded.

With the strong rebound in the economy, the IMF said that the country can see a return to pre-pandemic levels next year.

Be part of the conversation.

Let us know what you think by adding a comment below. Click here to start now!

“Return to the pre-pandemic activity level is expected by end-2024, and beyond that, growth should converge towards its medium-term path. The budget is expected to be broadly balanced through 2025 and then go into deficits—predicated on current policies. Risks to the outlook are tilted to the downside in the short term, but with some upside potential in the medium term,” the report stated. “Downside risks primarily stem from a global slowdown, particularly in the United States, global inflation, and sustained commodity price volatility from lingering geopolitical uncertainty.”

The Report critiqued the CBI programme and hinted at economic diversification such as a transition to renewable energy.

“The growing dependence on volatile and uncertain CBI revenue is a major source of vulnerability. But prospects for an acceleration of the transition to renewable energy and increased investment in resilience by the broader public sector could represent a material upside risk,” the IMF said.

However, the Executive Board said that the government authorities are “committed to maintaining a prudent fiscal stance going forward. Small budget surpluses are planned for the next three years, supported by the phasing-out of electricity price subsidies and streamlining of income support measures. They reiterated their intention to undertake structural fiscal policy changes to reduce dependency on CBI revenues over the medium term. They also remain committed to investing in natural disaster resilience and climate change adaptation”.

Make a donation to help support ABN, via PayPal: [email protected]. Follow Antigua Breaking News on Twitter @ABNAntigua and Instgram @AntiguaBreakingNews and on Facebook. Send us a message on WhatsApp at 1-868-704-9864 or email us at [email protected].

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

Share this article:

Facebook
Twitter
Pinterest
LinkedIn

Join the Conversation!

Comments are closed.

REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]