St. Kitts and Nevis: 2024 Article IV Consultation-Press Release and Staff Report
IMF Staff Country Reports, May 15, 2024
Source details
- Canonical URL
- St. Kitts and Nevis: 2024 Article IV Consultation-Press Release and Staff Report
Other formats
Bibliographic details
- Published: May 15, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400274183.002
Growth and economic outlook
- Growth fell to 3.4 percent in 2023 despite a continued strong tourism performance.
- The economic outlook is described as positive, driven by renewable energy projects that would significantly reshape the economy.
- The current account deficit is projected to fall over the medium term, supported by lower fossil fuel imports.
Renewable energy projects
- A privately funded utility-scale solar and battery storage project is expected to be completed in 2025.
- A geothermal project in Nevis is at the planning stage.
Fiscal, debt, and cash management
- Debt and cash management could be improved.
- Maintaining a large amount of short-term debt can be costly, particularly when fiscal buffers are available.
External position and reserves
- The 2023 external position is assessed to be weaker than the level implied by medium-term fundamentals and desirable policies.
- International reserves are adequate.
Social security and financial sector
- The social security fund requires urgent reform.
- Nonperforming loans and financial institutions are noted topics in the report (listed under subject matter).
Key statistics and publication facts
- Growth in 2023: 3.4 percent.
- Expected completion year for utility-scale solar and battery project: 2025.
- Publication date: May 15, 2024.
- Pages: 61.
- Series: Country Report No. 2024/126.
- DOI: https://doi.org/10.5089/9798400274183.002
- ISBN: 9798400274183
- ISSN: 1934-7685
Source: St. Kitts and Nevis: 2024 Article IV Consultation-Press Release and Staff Report (May 15, 2024).
Content in this bundle
- 1knaea2024001