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01 Mar 2024
St. Kitts and Nevis: Staff Concluding Statement of the 2024 Article IV
St. Kitts and Nevis continues to recover from the pandemic and cost of living crisis. The general government has ended 2023 with a surplus, thanks to fiscal prudence and the outperformance of the citizenship-by-investment program (CBI). The outlook is positive, particularly as large-scale renewable energy projects begin to be implemented. Nonetheless, there are still important downside risks ahead potentially from a less hospitable external environment, natural disasters, or CBI underperformance. Increasing the effectiveness of government spending, improving the tax system, setting up a Sustainability and Resilience Fund, and putting in place an explicit fiscal rule would help strengthen the fiscal framework and insulate the country from possible shocks.
