St. Kitts and Nevis: 2024 Article IV Consultation-Press Release and Staff Report

May 15, 2024

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St. Kitts and Nevis: 2024 Article IV Consultation-Press Release and Staff Report, (USA: International Monetary Fund, 2024) accessed November 13, 2024

Summary

The 2024 Article IV Consultation with St. Kitts and Nevis discusses that despite a continued strong tourism performance, growth fell to 3.4 percent in 2023 due to delays in public and private sector investment projects. The economic outlook is positive thanks to the renewable energy projects that would significantly reshape the economy. A privately funded utility-scale solar and battery storage project is expected to be completed in 2025 and a geothermal project in Nevis is at the planning stage. Debt and cash management could be improved and the social security fund requires urgent reform. Maintaining a large amount of short-term debt can be costly, particularly when fiscal buffers are available. The 2023 external position is assessed to be weaker than the level implied by medium-term fundamentals and desirable policies. The current account deficit is projected to fall to over the medium term supported by lower fossil fuel imports. International reserves are adequate.

Subject: Capital spending, Current spending, Environment, Expenditure, Financial institutions, International organization, Monetary policy, Nonperforming loans, Public debt, Renewable energy

Keywords: Advance CBI legislation, Capital spending, Caribbean, CBI program, CBI revenue, Current spending, ECCB member country, ECCB website, GDP estimate, Global, Nonperforming loans, Renewable energy, Visitor expenditure survey

Publication Details

Pages:

61
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2024/126
Stock No:

1KNAEA2024001
ISBN:

9798400274183
ISSN:

1934-7685

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