PM Douglas says VAT would reduce Government international lending

ZIZ NEWS…18 May 2010 – Prime Minister and Leader of the St Kitts-Nevis Labour party, Hon Dr Denzil Douglas, has advised the people of the twin island Federation that the implementation of the Value Added Tax would significantly reduce the amount of money the Government borrows from international lending agencies.

Speaking at the Labour Party’s Annual National Conference, Prime Minister Douglas says agencies such as the International Monetary Fund (IMF) have already offered to lend assistance to St Kitts and Nevis to help the nation survive the current economic and financial crisis.

However, according to the Prime Minister, the Government has not accepted any loan project so far.

The Finance Minister added that the reduction of the public debt will also go a long way during these challenging times.

Prime Minister Douglas says there is also a need to curb public expenditure and improve efficiency and effectiveness of all public entities.