Financial Secretary, Janet Harris

She said that, as part of the St Kitts-Nevis Labour Party Government’s debt management strategy, the Board of Directors of the Barbados-based Caribbean Development Bank (CDB) has approved the issuance of a policy-based guarantee in an amount up to US$8.2 million in support of a bond issue of up to EC$150 million. Citicorp Merchant Bank Limited will be the arrangers for the bond issue.

The guarantee is part of a broader CDB assistance strategy for St Kitts and Nevis that seeks to improve the country’s debt dynamics, enhance its public sector management systems to generate improved outcomes and foster fiscal sustainability, while protecting past social gains.

This strategy, which is designed to guide CDB’s assistance to St Kitts and Nevis over the period 2006-2008, has been approved by the Bank’s Board of Directors.

The major objectives of the broader strategy are to support fiscal and debt sustainability, economic growth, social development and sustainable development. CDB’s assistance will also seek to promote good governance and to foster inclusive social development.

Harris, who attended the Barbados meeting, said two road shows will be held in St Kitts on November 29 and in Trinidad on December 1.