Predicted economic growth for 2013 is achievable says PM Douglas

BASSETERRE, ST. KITTS, APRIL 24TH 2013 (CUOPM) – St. Kitts and Nevis’ Prime Minister and Minister of Finance, the Rt. Hon. Dr. Denzil L. Douglas continues to be optimistic that the twin-island federation will achieve a near two percent economic growth this year.

Responding to a caller during his weekly radio programme “Ask the Prime Minister,” told listeners that the predicted 1.9% growth “is reasonable based on what we have seen from the performance of the local economy, having undergone a number of structural adjustments in changes generally and the importance revenue that is being provided especially to the leading productive sector in the economy. So 1.9% growth, I see nothing wrong with that. It has been something that was identified by the IMF working closely with us and we believe that we can achieve this particular target.”

“We have had a debt restructuring exercise which means that there is much less money to be used to service our internal and external debt. And that naturally we would continue to have surpluses in the economy, if we continue to plan in the way that we have been planning, especially over the last 18 to 24 months,” the Prime Minister explained.

Dr. Douglas said even if an election maybe pending and there are surpluses, there will still be restraint in expenditure.

“We have been very much restrained as a responsible government. We don’t go over board by spending a lot of money because an election is coming up that is not what we do,” he said.

Prime Minister Douglas said his government will continue to target and prioritize the area for investment to generate employment opportunities for the people.

“We want to make sure that the areas of our economy, which can provide the necessary support, will be getting the support from the government and that is exactly how we are targeting the sectors and economic activities that the government will support in moving forward,” said Dr. Douglas.

He pointed to several government-funded projects in infrastructural and developmental as well as the housing programme and installation of the basic infrastructure at new sites earmarked for housing development.

“These are some of the activities that will generate economic activity and which will sustain growth in the economy in the short and medium term,” the Prime Minister said in his response via telephone from Vancouver, Canada.