Combat Economic Pressures in 2025

Cost-of-Living Task Force Meets to Outline Comprehensive Strategy

Basseterre, St. Kitts – The Cost-of-Living Task Force met today, Thursday, December 5, 2024, at Government Headquarters to outline a comprehensive strategy to reduce economic challenges influenced by recent geopolitical tensions and financial uncertainty.

Established in 2023, the Task Force has been at the forefront of tackling this global challenge by identifying practical, data-driven strategies to enhance affordability and build economic resilience. Throughout its first year, the group engaged in rigorous discussions and developed actionable recommendations to mitigate the impact of inflation and external shocks.

Work Plan for 2025

At today’s meeting, the Task Force focused on its work plan for 2025, which includes stabilising costs in critical areas such as food, water, and energy. The group will also enhance its engagement with stakeholders through ad-hoc groups and technical consultations, ensuring a wide array of expertise informs its work.

Chair’s Remarks

The Chair of the Task Force, Cabinet Secretary Dr. Marcus L. Natta, highlighted the shared responsibility of tackling this challenge.

“The rising cost-of-living is not solely a St Kitts and Nevis issue. It is a global issue that requires a collective response. While the government is committed to implementing strategies to protect households and businesses, we call on all stakeholders – individuals, communities, and the private sector – to play their part by adopting practices that promote efficiency, sustainability, and resilience,” said Dr. Natta. “Together, we can navigate these challenges and create a better quality of life for all citizens of St Kitts and Nevis.”

Government’s Approach

Dr. Natta further noted the government’s use of innovative approaches, such as forming ad-hoc groups to address specific challenges. These groups will include stakeholders from worker’s unions, private businesses, NGOs, and other specialised fields to bring targeted solutions to pressing issues.

The Cost-of-Living Task Force

The Cost-of-Living Task Force is made up of a multi-sectoral team to ensure a comprehensive and coordinated approach to addressing the economic challenges faced by citizens and residents. It includes the Cabinet Secretary as Chair, the Head of the Civil Service, and representatives from key ministries such as Finance, Sustainable Development, Employment and Labour, Social Development, International Trade, Agriculture, Public Infrastructure, Energy, and Utilities, and Economic Development. Additionally, the task force benefits from the expertise of a Private Sector Representative from the Chamber of Industry and Commerce, as well as a representative from the Nevis Island Administration. This diverse team underscores the government’s commitment to tackling cost-of-living issues through collaboration and strategic planning.

Conclusion

With a clear roadmap for 2025, the Cost-of-Living Task Force remains a cornerstone of the government’s mission to ensure economic stability and sustainability for all.

FAQs

What is the Cost-of-Living Task Force?

The Cost-of-Living Task Force is a multi-sectoral team established to address the economic challenges faced by citizens and residents of St. Kitts and Nevis.

What is the main goal of the Task Force?

The main goal of the Task Force is to reduce economic challenges influenced by recent geopolitical tensions and financial uncertainty, and to ensure economic stability and sustainability for all.

How will the Task Force achieve its goals?

The Task Force will achieve its goals by identifying practical, data-driven strategies to enhance affordability and build economic resilience, and by engaging with stakeholders through ad-hoc groups and technical consultations.

What is the government’s approach to tackling cost-of-living issues?

The government is committed to implementing strategies to protect households and businesses, and is using innovative approaches, such as forming ad-hoc groups to address specific challenges, to bring targeted solutions to pressing issues.