Last Updated on December 16, 2022, 7:44 AM AST by Anthony Morris
Prime Minister and Minister of Finance of St Kitts and Nevis, Dr Terrance Drew, has introduced the Appropriation Bill (2023), 2022, amounting to approximately EC$1.02 billion during the Sitting of Parliament on Wednesday, December 14, 2022.
The members of the parliament hosted the parliamentary sitting at the St. Kitts Marriott Resort Ballroom. Meanwhile, the bill was introduced under the theme: “Towards Our Transformation as a Sustainable Small Island State.”
Prime Minister Dr Terrance Drew delivered his first budget address during the parliamentary sitting. During the speech, Prime Minister focussed on seven (7) pillars of commitment to the people of St Kitts & Nevis that his political party and Government campaigned on during the elections held in August 2022.
Dr Terrance Drew announced that during the first half of 2023, his Government would develop mechanisms to design various programmes which are identified to support implementation under the seven pillars mentioned above.
“Some of the initiatives include the provision of diversified housing solutions. Such as:
- Bundles of building materials for the disadvantaged & marginalized youth
- Introduction of a programme to accelerate the installation of solar panels to help power more homes across the nation & advance our green energy transition
- completing the design for introducing universal health insurance for all citizens and residents living in St Kitts and Nevis
- Establishing a framework to introduce a low-cost student loan facility to help youngsters pursue undergraduate and graduate studies.
The initiatives aim to improve the lives of all citizens and build a strong, thriving, diversified and creative economy. Duty-free concessions on all building materials & furniture, along with opportunities for economic advancement for small businesses, are also included in the seven pillars of commitment.
According to the Prime Minister and Minister of Finance, Dr Terrance Drew “…the newly instated Ministry of Small Business and Entrepreneurship will focus on the promotion of opportunities for economic development through micro, small and medium-sized enterprises.
The Ministry (of Small Business and Entrepreneurship) will become the primary conduit for providing technical support to the COVID-19 Recovery Micro, Small and Medium-Sized Business Fund, which was established at the Development Bank of St Kitts and Nevis.
Collaborating with its business arm, the Small Business Development Centre, the new Ministry will train entrepreneurs in business procedures & marketing techniques.
Further, As part of its engagement with stakeholders in the Public and Private Sectors, the Ministry (of Small Business and Entrepreneurship) will undertake robust monitoring and evaluation programme for those businesses which benefit from Government support, whether financial or technical.”
Supporting these efforts, The Minister of Finance, Dr Terrance Drew, announced that they have proposed a capital expenditure totalling EC$250,000 as part of the incremental rollout of Entrepreneurship and Innovation Development Project.
In November, the St Kitts and Nevis Labour Party (SKNLP) Government led by Dr Terrance Drew established COVID-19 Recovery Micro, Small, and Medium-Sized Business Support Fund at Development Bank of St Kitts and Nevis.
Prime Minister Dr Terrance Drew expanded upon the objective of establishing the fund, stating that “The primary objective is to provide micro, small and medium-sized enterprises better access to capital so that they may fund business opportunities, innovative projects to assist business expansion or improvements in operations.
Further, the Prime Minister anticipates that this support will assist recipients in sustaining or restarting output, operations, employment, improve livelihoods and contribute to the economic recovery in the Federation,”.
He also announced that his Government has set aside a sum of EC$20 million to support Small Business Sector development through this initiative.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
