St.Kitts Economy Already Positively Impacted by $16 Million Ex-Sugar Workers Payout
Businesses on St.Kitts-Nevis are reporting heightened sales activity over the last 2 weeks since former Sugar Workers began receiving their gratuitous payments for their decades of hard work in the Sugar Industry. On September 18th Over 2300 Ex-Sugar Workers began to get their fair share of the EC$16 Million payout by the Prime Minister Dr. Timothy Harris led Team UNITY Administration with the assistance of the Bolivarian Republic of Venezuela and President Nicolus Moduro.
Scores of businesses in particular supermarkets and the traditional village stores have been reporting a significant increase in activity over the last few weeks. The EC$16 Million payout is undoubtedly created a positive stimulus for further growth in what the IMF has described as an already robust and growing economy.
With payments continuing to be made with more than 30% of the former Sugar Workers still to collect their monies the fiscal stimulus that has already been felt by small and medium sized businesses in particular is expected to continue and to increase further over the next few weeks and months into the new year.
In 2006 when the previous administration made severance payments to former sugar workers then only 900 plus workers received payments. Almost Three times as much received payments this time around.
According to the Latest Reports by the IMF St.Kitts-Nevis is projected to have the Second Highest Growth Rate among OECS Countries and the 4th Highest in the Caribbean Region .
Growth in St.Kitts-Nevis is expected to be around 3.0% which is 50% higher than the Caribbean wide 2016 projected growth rate of 2.0%.
In Commenting on the IMF Projection a few months ago Prime Minister and Minister of Finance Dr. Timothy Harris stated “ Now is the time to ensure that all can have a fair share of this nations prosperity. We will expand the middle class, invest in our people, create jobs by growing the economy.
This is the foundation of a prosperous nation or we will create the foundation of a prosperous nation.”
The Payment of the EC$16 MILLION to Ex-Sugar workers is not only a fullfilment of an election promise but it also enhances Dr. Harris’ proclamation of a fair share for all through the expansion of the middle class, the expansion of the economy through job creation and other stimulus activities including this recent $16 million payout. The Payout has not only brought joy and relief to thousands of former sugar workers it has also enhanced and heightened an already growing economy.
Leave a comment
You must be logged in to post a comment.