Basseterre, St. Kitts, January 9th, 2025 (PMO) Prime Minister Hon. Dr. Terrance Drew continues to publicly condemn the mismanagement of the Sugar Industry Diversification Foundation (SIDF) funds under the previous administration, revealing that $313 million in the fund in 2015 had been reduced to just $10 million by 2022.
Speaking recently with members of the media, Dr. Drew expressed outrage at the lack of transparency and accountability surrounding the depletion of these funds, describing the situation as a “travesty” and a betrayal of public trust.
“The SIDF was meant to support our nation’s development, yet $303 million was spent without proper explanation or accountability to the people of St. Kitts and Nevis. This is not just mismanagement—it is a gross betrayal of public trust. How can anyone claim a surplus when basic infrastructure, such as water and electricity, was left in a state of neglect?” Prime Minster Drew stated.
Notably, the SIDF was established as a key component of the Citizenship by Investment (CBI) program, with funds intended to support national development projects and economic diversification. However, Dr. Drew detailed how the previous administration, under former Prime Minister Dr. Timothy Harris, failed to disclose how the money was spent and repeatedly neglected to provide financial statements to Parliament or the public. “The people deserve to know where their money went. This administration will not allow such practices to continue under our watch.”
The Prime Minister contrasted the previous administration’s actions with his government’s commitment to financial transparency and accountability, noting that his administration has already taken steps to strengthen oversight mechanisms and ensure that public funds are managed responsibly. “We are focused on restoring trust and using public resources to directly benefit the people of St. Kitts and Nevis. Transparency and good governance are non-negotiable principles for this administration.”
He also criticized the failure of Harris to establish a sovereign wealth fund, which would have allowed the SIDF’s resources to generate sustainable returns while preserving the principal amount. “Had this money been placed in a sovereign wealth fund, it could have supported transformative national projects and served as a financial safety net for future generations,” Dr. Drew stated. He pointed to his administration’s recent collaboration with international financial experts to develop a framework for such a fund, a move he described as essential for long-term fiscal stability.
Dr. Drew’s remarks have reignited public scrutiny over the previous administration’s handling of SIDF funds and raised questions about the missed opportunities for national development. He emphasized the need for accountability, stating that his administration will continue to investigate the matter and provide the public with a full accounting of how the funds were spent.
The revelation of the SIDF’s depletion has also drawn attention to the broader issue of economic management under the former administration led by Dr. Timothy Harris. Despite claims of budget surpluses, critical sectors such as water infrastructure and energy were underfunded, leading to persistent challenges for the country.
“The notion of a surplus was a fabrication built on the back of the SIDF funds,” the Prime Minister said. “What we inherited was a nation in urgent need of investment in basic infrastructure, economic diversification, and social programs.”
The Prime Minister’s call for accountability has resonated with citizens, locally and abroad, many of whom have expressed frustration over years of neglect and financial mismanagement. He reiterated his administration’s pledge to rebuild public trust through sound financial management and transparent governance. “The people of St. Kitts and Nevis deserve better. They deserve a government that prioritizes their welfare, invests in their future, and respects their hard-earned resources. This is what we are delivering.”
