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International Monetary Fund. Western Hemisphere Dept.

reach the ECCU’s 60 percent target in 2017, well ahead of peers. The medium-term outlook is positive, but remains dependent on developments in CBI inflows. Growth is expected to moderate to 3.5 percent in 2016 and 3 percent, on average, over the medium term, reflecting projected tapering of CBI-related construction activity as the pace of new CBI applications normalize from recent peaks, including due to higher competition. Potential spillovers from weak growth prospects in key tourism source markets, regional financial sector challenges, including derisking trends

International Monetary Fund. Western Hemisphere Dept.

end-December 2013 performance criteria. The staff support these request as the authorities continue to demonstrate their commitment to achieving the objectives of the SBA, including to save the bulk of the proceeds from the CBI application fees, reinforced by the inclusion of an adjustor on these receipts. The authorities have also reaffirmed their commitment to completing most of the structural reforms under the program. The temporary reoccurrences of arrears are regrettable, but new measures are being taken by the Development Bank of St. Kitts and Nevis to avoid

International Monetary Fund. Western Hemisphere Dept.
This paper elaborates 2014 Article IV Consultation, Seventh and Eight Reviews Under the Stand-By Arrangement (SBA), and Request for Waivers of Applicability and Non-Observance of Performance Criterion for St. Kitts and Nevis. The discussions focus on strategies to secure sustainable growth through enhancing tourism, developing cost-effective energy sources, and improving the business environment. It states that the authorities’ commitment to their program is reflected in the 2014 budget, and their plans to save the bulk of the Citizenship by Investment (CBI) application fees.
International Monetary Fund. Western Hemisphere Dept.

This paper elaborates 2014 Article IV Consultation, Seventh and Eight Reviews Under the Stand-By Arrangement (SBA), and Request for Waivers of Applicability and Non-Observance of Performance Criterion for St. Kitts and Nevis. The discussions focus on strategies to secure sustainable growth through enhancing tourism, developing cost-effective energy sources, and improving the business environment. It states that the authorities’ commitment to their program is reflected in the 2014 budget, and their plans to save the bulk of the Citizenship by Investment (CBI) application fees.

International Monetary Fund. Western Hemisphere Dept.

This paper elaborates 2014 Article IV Consultation, Seventh and Eight Reviews Under the Stand-By Arrangement (SBA), and Request for Waivers of Applicability and Non-Observance of Performance Criterion for St. Kitts and Nevis. The discussions focus on strategies to secure sustainable growth through enhancing tourism, developing cost-effective energy sources, and improving the business environment. It states that the authorities’ commitment to their program is reflected in the 2014 budget, and their plans to save the bulk of the Citizenship by Investment (CBI) application fees.

International Monetary Fund. Western Hemisphere Dept.

This paper elaborates 2014 Article IV Consultation, Seventh and Eight Reviews Under the Stand-By Arrangement (SBA), and Request for Waivers of Applicability and Non-Observance of Performance Criterion for St. Kitts and Nevis. The discussions focus on strategies to secure sustainable growth through enhancing tourism, developing cost-effective energy sources, and improving the business environment. It states that the authorities’ commitment to their program is reflected in the 2014 budget, and their plans to save the bulk of the Citizenship by Investment (CBI) application fees.

International Monetary Fund. Western Hemisphere Dept.

to their program is reflected in the 2014 budget, and their plans to save the bulk of the Citizenship-by-Investment (CBI) application fees. Understandings were reached on a new timetable for the implementation of most of the structural benchmarks within the remaining program period, and a prior action on operational guidelines to facilitate land sales related to the debt restructuring. Exchange regime : St. Kitts and Nevis is part of the Eastern Caribbean Currency Union and maintains an exchange system free of restrictions on the making of payments and transfers

International Monetary Fund. Western Hemisphere Dept.

expressed confidence in the benefits and continuation of the CBI inflows, albeit in a more nuanced way, and stressed their efforts to safeguard the quality and integrity of the program through strengthened due-diligence processes with dedicated resources and global collaboration, and avoidance of destructive competition with other regional programs. They have also improved program management and marketing systems and accelerated processing of CBI applications. Notwithstanding, they agreed that the fiscal framework should continue to focus on reducing reliance on CBI

International Monetary Fund. Western Hemisphere Dept.
This 2017 Article IV Consultation highlights that the economic performance of St. Kitts and Nevis moderated in 2016. Growth moderated, reflecting the deceleration in tourism-linked sectors and contraction in manufacturing output, while still exceeding the average growth in the Eastern Caribbean Currency Union region. Consumer inflation was negative, reflecting the favorable tax environment and low international fuel prices, but end-year inflation turned positive as these effects started to subside. Growth is expected to average at about 3 percent in the medium term. Inflation is projected to rise with the expected rise in fuel prices, remaining about 2 percent in the medium term.
International Monetary Fund. Western Hemisphere Dept.

Developments Sources: ECCB, authorities and IMF staff estimates. Outlook and Risks 6. The medium-term outlook remains favorable, but risks are tilted to the downside and are particularly subject to future developments in CBI inflows . The flow of new CBI applications has declined significantly since mid-2015, compared to the average flow in 2014, reflecting, in part, the negative impact of the loss of visa-free access to Canada and the US FinCEN advisory. 5 Growing regional and global competition, global security concerns, and rising international migration