Government Will Create a Sovereign Wealth Fund to Be Used Prudently and to Be Only Tapped Into for a Rainy Day – PM Dr. Drew
BASSETERRE, St. Kitts, December 15, 2022 (SKNIS) – In an effort to secure both the present and future economic prospects for the Federation of St. Kitts and Nevis, Prime Minister and Minister of Finance Dr. Terrance Drew said that the Government plans to develop a Sovereign Wealth Fund.
“The Government’s goal is to create a Sovereign Wealth Fund which will be responsibly managed by high-level professionals. This Fund will be used to safely invest in international markets and industries over the long term and we will ensure by legislation that the fund can only be tapped into for rainy days and used with prudent financial practices. We are serious when we say that we must now introduce our people into a new realm, the realm of building wealth. We also intend to use Citizenship By Investment (CBI) revenues to fuel our plans to implement a diversified economy. We can no longer put all of our eggs in one basket. It is disheartening to see how reliant we are on this one industry when this industry afforded us the opportunity to diversify our economy,” said Prime Minister Dr. Drew.
Prime Minister Dr. Drew introduced the Appropriation Bill (2023), 2022, of approximately EC$1.02 Billion under the theme: “Towards Our Transformation as a Sustainable Small Island State”. The Government through various initiatives will strengthen the economic pillars in an effort to ensure citizens and residents benefit from sustainable economic growth.
“This St. Kitts – Nevis Labour Party Administration will use our CBI profits to empower our people through entrepreneurship, sustainable work opportunities and home ownership. No longer will CBI be used mainly as a prop to boast about surpluses… Our prudent Government will use CBI revenues to improve our healthcare, social services, energy infrastructure and water security. In 2023 and beyond, our CBI programmes profit will work for all Kittitians and Nevisians, not just for one set of people, but for all of our people,” he said.
The Government of St. Kitts and Nevis has earmarked six key sectors for diversification and growth opportunities. Among the six key sectors are agriculture; the medicinal cannabis industry; construction; tourism; manufacturing and the Citizenship by Investment (CBI) Programme.