Budget Boost Wallet: A Relief Initiative for St. Kitts and Nevis Residents

Basseterre, St. Kitts – On Monday, December 16, 2024, Prime Minister and Minister of Finance, the Honourable Dr. Terrance Drew, announced a suite of economic relief measures as part of his government’s comprehensive strategy to cushion the financial impact caused by the “hurricane of global inflation”. Among the measures announced during the Budget Address in the National Assembly was the “Budget Boost Wallet” initiative.

This innovative initiative will provide direct financial relief to eligible individuals earning EC $5,000 or less per month, by offering EC $250 per month for the first six months of 2025.

How the Budget Boost Wallet Works

The extra funds can be used for essential expenses, including groceries, household items, and the paying of utility bills. This programme will inject over $33 million into the hands of the people over the six-month period to help them to meet daily needs and reduce financial stress.

A Message from the Prime Minister

“Everyone is feeling the squeeze, Madam Speaker. We want to extend this help for a period to give people an ease and to make it broad-based because we do not have unlimited resources,” said Prime Minister Drew.

Additional Measures Announced

Prime Minister Drew also announced a VAT Relief Holiday that will see the Value Added Tax (VAT) reduced from 17 percent to 13 percent for the first six months of 2025.

A Call to Action

Prime Minister Drew used the occasion to urge citizens to adopt prudent financial practices wherever possible. “This includes budgeting wisely, saving diligently, investing strategically when opportunities arise, and making informed choices – from the supermarket shelves to online retail stores,” he said.

Conclusion

The Budget Boost Wallet initiative and the VAT Relief Holiday are part of the government’s commitment to prioritizing the well-being of its citizens and ensuring that no one is left behind. These measures will provide much-needed relief to those who need it most, and we are confident that they will make a positive impact on the lives of St. Kitts and Nevis residents.

FAQs

Who is eligible for the Budget Boost Wallet? Individuals earning EC $5,000 or less per month are eligible for the programme.
How much will be provided per month? Eligible individuals will receive EC $250 per month for the first six months of 2025.
What can the extra funds be used for? The funds can be used for essential expenses, including groceries, household items, and the paying of utility bills.
How long will the programme last? The programme will run for six months, from January to June 2025.