BASSETERRE, St. Kitts, CMC—The St. Kitts-Nevis authorities says it’ll set up a Sovereign Wealth Fund (SWF) to make sure that nationwide revenues, significantly from the Citizenship by Funding (CBI) Programme and future renewable vitality ventures, are protected, prudently managed, and invested for long-term nationwide prosperity.
Beneath the CBI, overseas buyers are granted citizenship of the Twin Island Federation in return for considerably contributing to the nation’s socioeconomic growth.
Prime Minister Dr. Terrance Drew, talking through the month-to-month media engagement, mentioned that his administration had obtained the official framework for the SWF, setting the stage for laws to be handed in Parliament quickly.
“The times of reckless spending and monetary mismanagement are over. This Sovereign Wealth Fund will be certain that our nationwide sources are safeguarded for future generations, ending the unchecked depletion of public funds,” he informed reporters.
The federal government mentioned the fund will likely be designed to function below strict worldwide finest practices to ensure transparency, accountability, and excessive returns. It’s going to shield the nation’s funds from financial shocks, making certain that important public providers, infrastructure growth, and social applications stay well-funded even in unsure instances.
Prime Minister Drew spoke of previous monetary mismanagement, noting that the Sugar Business Diversification Basis (SIDF) spent tons of of tens of millions of {dollars} (one EC greenback = 0.37 cents) with out correct oversight.
“Had we established a Sovereign Wealth Fund earlier, the $303 million that disappeared from the SIDF may have generated curiosity right now, benefiting all Kittitians and Nevisians,” he mentioned.
Prime Minister Drew mentioned that monetary consultants would independently monitor and handle the SWF, making certain that its revenues are strategically invested to maximise long-term nationwide advantages.
“That is about accountable governance, fiscal self-discipline, and securing the way forward for St. Kitts and Nevis. We’re making certain that the wealth of this nation is used properly and stays an enduring legacy for generations to return.”
He mentioned the federal government will quickly launch additional particulars relating to the SWF’s construction, oversight mechanisms, and preliminary capital forward of the parliamentary course of.
