St Kitts and Nevis (WINN): The International Monetary Fund IMF is welcoming government's stated commitment to establish a Growth and Resilience Fund (GRF) and says its stands ready to help. Once the GRF is established the government should consider transferring revenue from Citizenship by Investment inflows and resulting SIDF deposits.
In its staff concluding statement of the 2017 Article IV Mission to St Kitts and Nevis, the IMF says the SIDF fiscal spending should be contained including streamlining its activities and integrating governments consolidated accounts to facilitate more comprehensive fiscal planning and cash management.
The SIDF, a mechanism in the CBI programme which accepts granting starting at US$250,000 dollars from applicants seeking economic citizenship. The statement from the international lending agency, said the authorities in St Kitts and Nevis have accepted the need to enhance the oversight of public corporations by enforcing timely reporting of financial statements. It added that overall public financial management would also benefit from the strengthening of the NIA's debt and cash management frameworks.
The sale of lands under the debt-land swap arrangement must be completed urgently to limit fiscal and financial risks, the IMF warned.
They "A clear action plan and timetable with concrete milestones are needed. Completing existing purchase proposals and stepped up marketing to generate sales, including through real-estate agents and the website, will help establish momentum and remove the policy uncertainty."