ST KITTS AND NEVIS 2024 BUDGET ADDRESS FOCUSES ON BUILDING SUSTAINABLE ISLAND STATE

KUALA LUMPUR, Dec 20 (Bernama) -- St Kitts and Nevis Prime Minister, Dr Terrance Drew has delivered a comprehensive analysis of the nation’s fiscal performance and outlined future economic plans during his 2024 Budget Address.

The central theme of the 2024 budget speech, "Marching Forward on the Journey to a Sustainable Island State", underscored the government's commitment to transforming into a sustainable island state.

Dr Drew outlined the seven pillars forming the foundation of a sustainable island state, namely, water security; energy transition; food security; sustainability industry; sustainable settlements; circular economy; and social protection.

According to a statement, these pillars serve as the focal points for the 2024 budget address, laying the groundwork for sustainable development in St Kitts and Nevis.

Dr Drew also acknowledged the achievements in tourism that received international recognition, positioning St Kitts and Nevis as a prominent destination in the Eastern Caribbean.

The 2024 Budget Address reflects the government's commitment to sustainable development, fiscal responsibility, and the well-being of St Kitts and Nevis’ citizens. The outlined initiatives and improvements aim to strengthen the nation's economy, infrastructure and overall prosperity.

Furthermore, he highlighted the Citizenship by Investment (CBI) Programme's remarkable contribution, exceeding budget expectations by 54.9 per cent, as well as emphasised the importance of supporting the CBI Programme for sustainable economic development.

The Prime Minister also announced the imminent launch of a Contributory Pension Plan, aimed at enhancing the welfare and financial security of public sector employees, in which the plan is strategically designed for a secure and sustainable pension system.

Meanwhile, the economic benefits of a higher minimum wage were also highlighted, empowering workers and stimulating local businesses, in which effective Jan 1, 2024, the minimum wage will rise from EC$9 per hour to EC$10.75 per hour, reflecting the government's dedication to improving the financial well-being of minimum wage earners. (EC$1=RM1.72)

-- BERNAMA