St. Kitts and Nevis elevated to ‘a high income country’
BASSETERRE, ST. KITTS, DECEMBER 21ST 2012 (CUOPM) – St. Kitts and Nevis has been upgraded to “a high income” country by the United States of America.
This action comes following official statistics by the World Bank that the St. Kitts and Nevis is now better off. St. Kitts and Nevis recently reduced its debt to GDP ratio.
“In accordance with section 502(f)(2) of the Trade Act of 1974, as amended (the “1974 Act”) (19 U.S.C. 2462(f)(2)), I am providing notification of my intent to terminate the designation of the Federation of Saint Kitts and Nevis (St. Kitts and Nevis) as a beneficiary developing country under the Generalized System of Preferences (GSP) program,” a White House statement signed by United States President, the Hon. Barack Obama said.
The statement added: “Section 502(e) of the 1974 Act (19 U.S.C. 2462(e)) provides that if the President determines that a beneficiary developing country has become a “high-income” country, as defined by the official statistics of the International Bank for Reconstruction and Development (i.e., the World Bank), then the President shall terminate the designation of such country as a beneficiary developing country for purposes of the GSP, effective on January 1 of the second year following the year in which such determination is made.”
“Pursuant to section 502(e) of the 1974 Act, I have determined that it is appropriate to terminate the designation of St. Kitts and Nevis as a beneficiary developing country under the GSP program because it has become a high-income country as defined by the World Bank. Accordingly, St. Kitts and Nevis’ eligibility for trade benefits under the GSP program will end on January 1, 2014,” the White House statement said.