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International Monetary Fund. Western Hemisphere Dept.

arrangement. The SBA was originally approved on July 27, 2011 (see Press Release No.11/295 ), for an amount equivalent to SDR 52.51 million (about US$81.55 million), or 590 percent of St. Kitts and Nevis’ IMF quota. Following the Executive Board’s discussion, Mr. Min Zhu, Deputy Managing Director and Acting Chair, issued the following statement: “The St. Kitts and Nevis authorities have continued to make commendable progress under their home-grown Fund-supported program. Economic activity is picking up after a four-year slump, inflation remains low, the financial

International Monetary Fund. Western Hemisphere Dept.

disasters. Table 1. St. Kitts and Nevis: Selected Economic Indicators: 2016–26 Sources: St. Kitts and Nevis authorities; FCCft; UNDP; World Bank; and Fund staff estimates and projections. 1/ In June 2021, the National Statistics Office revised historical GDP series. 2/ The series for monetary aggregates have been revised consistent with the 2015 Monetary and Financial Statistics Manual and Compilation Guide. 3/ Consolidated general government balances. Primary and overall balances are based on above-the-line data. 4/ Excludes CBI

International Monetary Fund. Western Hemisphere Dept.

.9 21.5   Memorandum items Net international reserves, end-of-period       (in millions of U.S. dollars) 280.4 312.8 358.2 358.2 354.5 350.7       (in percent of broad money) 25.0 29.0 34.4 34.1 32.1 30.4    Holdings of SDRs, in millions of U.S. dollars 13.8 13.8 14.8 15.8 16.8 17.8 Nominal GDP at market prices (in millions of EC$) 2,528 2,591 2,602 2,714 2,868 3,031 Sources: St. Kitts and Nevis authorities; ECCB; UNDP; World Bank; and Fund staff estimates and

International Monetary Fund

.1 Of which : interest 9.6 9.5 9.6 9.1 8.4 8.4 Capital expenditure and net lending 7.8 9.1 10.5 5.9 11.1 10.2 Overall balance -5.0 -7.7 -9.8 -3.2 -2.4 -7.7 Primary balance 4.7 1.9 -0.3 5.9 6.1 0.8 Memorandum item Public sector debt (in percent of GDP) 185 181 183 172 165 n.a. Sources: St. Kitts and Nevis authorities; and Fund staff estimates. 1/ As in the approved budgets, except for capital revenue, which has been reclassified as “below

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percent of GDP) Sources: St. Kitts and Nevis authorities; ECCB; and Fund staff estimates. 10. Prudential indicators point to some weakening of the banking system, which also remains vulnerable to high public sector exposure ( Figure 1 ). While liquidity in the banking system remained ample through 2008, the nonperforming loans (NPLs) ratio rose by 1 percentage point over the course of the year to 5.2 percent, slightly above the ECCB’s prudential target of 5 percent. 1 Gross government exposure to total capital of the banking system stood at an uncomfortably

International Monetary Fund. Western Hemisphere Dept.

.1 13.5 13.9 Transfers, net 6.9 6.5 4.0 4.5 4.3 4.3 Net capital inflow 5/ 25.3 18.1 4.7 11.9 18.2 17.9 FDI (net) 16.4 15.3 18.2 20.4 18.5 17.2 External public debt (end-of-period) 49.5 50.5 42.3 42.5 41.5 35.4 (In percent of exports of goods and nonfactor services) External public debt service 24.5 23.7 10.4 8.3 12.5 18.0 External public debt (end-of-period) 159.8 150.2 120.0 108.5 131.9 111.4 Sources: St. Kitts and Nevis authorities; and

International Monetary Fund. Western Hemisphere Dept.

Sources: St. Kitts and Nevis authorities and IMF staff estimates. Outlook: Recovery with Downside Risks 11. The outlook is positive with growth expected to reach its potential over the medium term . Growth in 2014 is expected to accelerate to 2.7 percent, and continue to lead the ECCU countries, on the basis of the ongoing recovery in tourism—supported by an increase in air lift—and construction, the latter being fueled by CBI inflows and other new FDI and SIDF projects. 6 The trend is expected to continue and somewhat strengthen, contingent on the

International Monetary Fund

: Article VIII Intervention currency and rate EC$2. 70=US$1 Quota SDR 8.90 million Fund holdings of national currency SDR 8.82 million (as percent of quota) 99.09 percent Outstanding purchases and loans: none SDR department: holdings SDR 0.00 million Sources: St. Kitts and Nevis authorities, Eastern Caribbean Central Bank, PAHO, World Bank, World Health Organization and Fund staff estimates. 1/ All external and domestic debt of the central government, Nevis Island Administration, and

International Monetary Fund
The Second Review Under the Stand-By Arrangement with St. Kitts and Nevis highlights that economic activity continued to contract in 2011 while the current account balance improved and banks remained sound. All quantitative performance criteria for end-December 2011 were met, and the structural benchmarks were completed. The authorities have made progress in a comprehensive debt restructuring, including a successful completion of the restructuring of bonds and external commercial debt on April 18, 2012, and agreement on a debt-land swap.
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.