St. Kitts and Nevis: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Kitts and Nevis

November 21, 2022

Preview Citation

Format: Chicago

St. Kitts and Nevis: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Kitts and Nevis, (USA: International Monetary Fund, 2022) accessed December 24, 2024

Summary

Growth decelerated marginally in 2017, as the continued decline in CBI inflows slowed growth in construction. Consumer inflation was low, partly due to a small contraction in food prices. The overall fiscal balance remained in surplus but has deteriorated markedly since its 2013- peak, and the debt-to-GDP ratio increased marginally from the previous year. The current account deficit remains high and only marginally declined in 2017, as the decline in CBI receipts was more than offset by growing tourism receipts and a significant decrease in imports. Foreign reserves at the ECCB remained at comfortable levels, well above the various reserve-adequacy metrics. The banking sector has reported capital and liquidity ratios that are well above the regulatory minimum but has elevated NPLs and risks, including delays in completing the debt-land swap arrangement and loss of Corresponding Banking Relationships (CBRs).

Subject: Economic and financial statistics, Economic sectors, Financial institutions, International organization, Monetary policy, Money, Public debt

Keywords: Caribbean, CBI program, Commercial banks, Credit, Due diligence, Government finance statistics, NPL resolution strategy, Public sector, SKN economy, SKN government

Publication Details

Pages:

67
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2022/351
Stock No:

1KNAEA2022001
ISBN:

9798400226120
ISSN:

1934-7685

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