Basseterre, St. Kitts, December 20, 2024 (PMO)– Prime Minister Hon. Dr. Terrance Drew has issued a clarion call for greater accountability and transparency regarding the drastic depletion of funds from the Sugar Industry Diversification Foundation (SIDF) during Timothy Harris’s tenure as Prime Minister. Addressing Parliament during his wrap-up of the 2025 Appropriation Bill debate, Prime Minister Drew unveiled alarming details about the SIDF’s financial mismanagement under the previous administration.
“In 2015, the SIDF had over $313 million. By the time we took office in 2022, only $10 million remained. The people deserve answers,” The Prime Minister declared and further underscored the absence of transparency and accountability from the Harris-led administration, which provided no clear information on how the funds were disbursed or utilized.
The SIDF, established to drive national development through targeted investments and socioeconomic projects, had long been a vital financial resource for the Federation. However, Prime Minister Drew revealed that these funds were mismanaged, diverted, and depleted without accountability. “This is not just financial mismanagement; this is a betrayal of public trust.”
Dr. Drew pointed to specific instances of questionable practices, including the apparent misuse of SIDF funds to artificially prop up budgets while concealing deficits. “They hid the true state of the economy from the people. Instead of diversifying and investing in sustainable growth, the former administration drained this critical resource to cover up their mismanagement,” he explained.
He continued, “When asked about the numbers, the previous administration [Harris-led] claimed they were ‘industry secrets.’ This level of secrecy is unacceptable in a
democracy.” Prime Minister Drew noted that from 2015 to 2022, the fund’s balances dwindled alarmingly, with no accountability or audited reports to explain the disappearance of over $300 million.
The Prime Minister reaffirmed his administration’s commitment to investigating this issue thoroughly and ensuring that those responsible are held accountable. “The people of St. Kitts and Nevis deserve the truth about what happened to their money. Our administration will not rest until transparency is restored, and public trust is rebuilt.”
As part of this effort, the Drew-led administration has initiated stronger financial oversight measures to ensure that public funds, including those from the SIDF, are managed responsibly and transparently. The government is also exploring avenues for recovery and redress to address the significant loss of national resources.
The Prime Minister called on all citizens to demand accountability and support efforts to uncover the truth. “This is about protecting the future of our country. We must learn from the past to build a better tomorrow.”
