Last Updated on January 22, 2024, 4:50 AM AST by Anthony Morris
The Prime Minister of St Kitts and Nevis, Dr Terrance Drew, has taken to Facebook and announced that the first meeting of the Financial Education and Savings Task Force was held and the program was ready for implementation.
PM Drew noted that all the children between the ages of 5 and 18 will receive a savings account with an initial deposit of EC$1,000. Of this amount, EC$500 will be invested in shares of government majority-owned companies, such as the St. Kitts-Nevis-Anguilla National Bank.
During the budget address on December 13, 2023. Dr Terrance Drew announced a Financial Education and Savings Programme aimed at educating the youth of SKN
During the broadcast of the Edge with Devonne Cornelius, Prime Minister Terrance Drew united how the program was going to take place
Minister of Finance PM Drew highlighted that part of the funding would come from the savings within the government to really start it. Shares will be attached, and so I hope the dividend from those shares will also form part of how they are going to grow the accounts.
PM Drew accentuated that the task force is going to present their proposal next week or the week after, but that is the foundation of the program in terms of where the initial funding is coming from.
“We are going to work out the details of the shares, how many shares, which companies, the dividend from the shares, how that is going to grow, you know, the savings from the account – how that is going to develop? So we also have, I think, private sector people in there as well. We are happy that the private sector, financial institutions and the people of St. Kitts and Nevis have really embraced this revolutionary, innovative type of plan so that our people, once and for all, would have the opportunity to break any cycles of poverty.” noted PM Drew
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.
