Upcoming 2022 Budget Projected to Pave Way for St Kitts and Nevis' 'Recovery' and 'Growth'

LONDON, Dec. 10, 2021 /PRNewswire/ -- The Prime Minister of St Kitts and Nevis, Dr Hon. Timothy Harris, will present the national budget for the fiscal year of 2022 next Tuesday, December 14th. The much-anticipated report will forecast a strong vision to bounce back from setbacks caused by the COVID-19 pandemic, the Prime Minister noted.

The annual budget assembly will provide the details for the financing of the nations' activities that will bring benefits to the people of St Kitts and Nevis. These initiatives include improving healthcare services, providing quality education, enhancing safety and security, and upgrading public infrastructure.

"We continue to experience continued progress in our economy. More people have found employment. The tourism sector hitherto the most severely hit of all sectors is regaining its strength and buoyancy," said Prime Minister Harris. "While we are not yet at pre-COVID-19 levels, we can now see that light at the end of the tunnel. This last quarter is the best since we closed our borders in March 2020."

The Prime Minister also cited the International Monetary Fund (IMF)'s prediction of 2022 to be a year of very high economic growth for the Federation. He added that the 2022 budget would be one crucial instrument that will propel the growth and keep St Kitts and Nevis moving in the right direction with visible enhancements in citizens and residents' standard of living, which includes higher incomes, more jobs, more opportunities and better homes.

As a dual island nation with a population of only 53,000, St Kitts and Nevis has one of the strongest and fastest recovering economies in the region due to its prudent management of the pandemic. According to the IMF, St Kitts and Nevis entered the pandemic from a position of "fiscal strength" and saved a "significant part" of Citizenship by Investment (CBI) revenue, "reducing public debt below the regional debt."

CBI is a programme that allows foreign investors and their families second citizenship in return for a contribution to St Kitts and Nevis' economy. The revenue generated is used to develop social initiatives like healthcare and education and saved for a crisis like environmental disasters.

Applicants who pass the CBI Unit's criminal and financial checks are granted citizenship for life and are awarded the right to live and work in St Kitts and Nevis. They are also eligible to apply for the country's coveted passport, allowing holders visa-free or visa-on-arrival travel to nearly 160 destinations.

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SOURCE CS Global Partners

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