Basseterre, St. Kitts, February 27, 2025 (PMO)– In a statement before the National Assembly today, February 27, 2025, Prime Minister Hon. Dr. Terrance Drew reaffirmed his administration’s commitment to transparency and good governance by making public the 2025 International Monetary Fund (IMF) Article IV Report on St. Kitts and Nevis.
The Prime Minister encouraged all citizens to access and review the report, underscoring a stark contrast between his administration and that of former Prime Minister Timothy Harris, who previously blocked the publication of the IMF’s findings on the nation’s economic standing.
“As I said to the people of St. Kitts and Nevis, I will always make available the IMF report, because in the past, especially in 2018, the IMF report was hidden from the people of St. Kitts and Nevis and hidden from the world. As a result of that, the reputation of St. Kitts or Nevis was severely affected. …And I still believe, Madam Speaker, that that affected confidence in people to invest in St. Kitts and Nevis.”
The Prime Minister went on to state that “The days of suppressing critical financial information, as was done in 2018, are over. Our nation must move forward with an informed public that is empowered to understand and participate in the economic transition we are undertaking”. Ultimately, Prime Minister Drew’s move to see the full release of the 2025 IMF report is a direct repudiation of the secrecy that defined the previous administration under Timothy Harris. In 2018 and 2019, the Harris-led government refused to allow the IMF to publish its Article IV reports, a move that raised significant concerns among financial stakeholders and investors. IMF records also confirmed that the Harris administration refused to consent to the report’s publication despite it being a standard procedure followed by most responsible governments worldwide. The suppression of these reports concealed critical economic data from the people of St. Kitts and Nevis and eroded investor confidence in the nation’s financial management.
“These things have real consequences, and I continue to believe that is one of the reasons why during the seven years of the past administration, there was not any major investment from outside of St. Kitts,” Prime Minister Drew stated.
In summary, the 2025 IMF report acknowledges the Drew-led government’s prudent financial planning and strategic investments in key sectors such as renewable energy, infrastructure, national security, and social welfare, positioning St. Kitts and Nevis for long-term stability and growth. To this, the Prime Minister reiterated that his administration remains committed to ensuring that the economic transition benefits all citizens, reducing dependency on CBI revenues, and fostering sustainable growth.
The IMF report highlights the government’s strides in transitioning the national economy from one overly reliant on the Citizenship by Investment (CBI) program to a diversified and sustainable economic model. “…It speaks the transitioning of our economy from a purely CBI-based economy to a diversified economy, where we want to really make sure that St. Kitts and Nevis becomes a Sustainable Island State.”
