ST KITTS AND NEVIS’ INCLUSIVE APPROACH TO BUDGET DEVELOPMENT COMMENDED BY ECCB GOVERNOR

Basseterre, St. Kitts, October 30, 2024 (SKNIS): Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, applauded the Government of St. Kitts and Nevis for its inclusive and collaborative approach in shaping the budget for the 2025 fiscal year.

His comments were made at the 2025 Budget National Forum held at the St. Kitts Marriott Resort on Monday, October 30, 2024. The consultation brought together public and private sector officials, civil society representatives and students from the C. F. Bryant College.

“These consultations are important and I see them as an instrument of good governance,” he stated, noting that this is the second time he has been invited to share at a budget discussion. “Get other people involved, get them around the table and hear their views and help you to shape the national agenda, so I commend the government on this.”

During his presentation at the Budget 2025 National Forum, titled “Innovation, Inclusivity, and Sustainability: Our Path Forward,” Governor Antoine shared crucial insights into the region’s economic health and outlined steps for St. Kitts and Nevis to consider as it transitions to a sustainable island state.

Three key elements identified to drive this transition include fostering the right mindset, emphasising critical and strategic thinking alongside the development of essential skills through education and training; establishing a robust and flexible policy framework to support growth and sustainability; and securing investments to fund crucial projects and innovations.

Key pillars include digital transformation, energy security, food and nutrition and wealth creation.

Under the heading wealth creation, the ECCB governor further commended the government on the innovative “Achieving Success through Personal Investment, Resources and Education” (ASPIRE) initiative, which is a ground-breaking financial education, savings and investment programme for the nation’s youth.

“It aligns with what we [the ECCB] want to do to get our youth trained in a culture of investing,” said Governor Antoine. “At this moment, in our currency union, only four percent are invested in the regional and international market.”

The number is significantly low compared to the United States, where, in some cases, up to 60 percent of the population engages in investments. With over 25 billion dollars in savings accounts across the currency union, ASPIRE aims to foster a generation of investors in St. Kitts and Nevis, enhancing wealth creation and positively impacting the Federation’s economic trajectory in the medium and long term.

Governor Antoine said that the Sustainable Island State Agenda must have buy-in from all of society to ensure a smooth and successful transition.

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