Government of St. Kitts and Nevis to Present Transformative Budget for 2025

Prime Minister Hon. Dr. Terrance Drew Outlines Plans for Economic Diversification and Resilience

Basseterre, St. Kitts – The Government of St. Kitts and Nevis is gearing up to present a transformative Budget for the 2025 financial year that will lead to true diversification and resilience of the Federation’s economy.

According to Prime Minister and Minister of Finance, the Honourable Dr. Terrance Drew, the government received meaningful insights and recommendations from key stakeholders in the shaping of this year’s Budget.

The October 30 National Budget Forum provided a unique platform for public, private sector, and civil society representatives to share their views, insights and suggestions for consideration in shaping the 2025 National Budget.

“They provided some excellent ideas … and I welcome that. We heard from the Governor of the Central Bank, we heard from the Chamber of Industry and Commerce and that has helped tremendously in putting the 2025 Budget together,” the prime minister said during the November 20, 2024, edition of the Roundtable.

Using the 2025 Budget as a catalyst, Prime Minister Dr. Drew said it is the government’s intention to build an economy that leverages traditional strengths and new ideas, while at the same time reducing the country’s heavy dependence on any single sector, such as what existed under the previous administration.

“The CBI programme is used to pay for infrastructure, water and electricity, social programmes such as STEP, gas, electricity, water … The very day to day running of the country, the CBI programme is paying for that,” Prime Minister Drew emphasized, while noting that this is the reason why his administration conceptualised the Sustainable Economic Expansion and Diversification (SEED) initiative.

“This shift represents more than just policy,” Dr. Drew said. “It is a declaration of our commitment to long-term stability and resilience by channeling investments in areas like renewable energy, agriculture, and tourism. We are laying a foundation for an economy that benefits every citizen, not just today, but for generations to come.”

Prime Minister Dr. Drew is expected to present the 2025 Budget in December during a meeting of the National Assembly of St. Kitts and Nevis.

Conclusion

The Government of St. Kitts and Nevis is committed to presenting a transformative Budget for 2025 that will lead to true diversification and resilience of the Federation’s economy. With the input of key stakeholders, the government is working towards building an economy that leverages traditional strengths and new ideas, while reducing the country’s dependence on any single sector.

FAQs

Q: What is the goal of the 2025 Budget?
A: The goal of the 2025 Budget is to lead to true diversification and resilience of the Federation’s economy.

Q: What is the Sustainable Economic Expansion and Diversification (SEED) initiative?
A: The SEED initiative is a plan to channel investments in areas like renewable energy, agriculture, and tourism to build an economy that benefits every citizen, not just today, but for generations to come.

Q: When will Prime Minister Dr. Drew present the 2025 Budget?
A: Prime Minister Dr. Drew is expected to present the 2025 Budget in December during a meeting of the National Assembly of St. Kitts and Nevis.