BASSETERRE, St. Kitts, CMC:
Prime Minister Dr. Denzil Douglas has welcomed the decision by Britain to cancel the debt owed by the twin-island federation, saying it underscores continued confidence in restoring the local economy.
“I commend the members of the Paris Club who cooperated and collaborated with us, especially the British government who has officially informed me that they have given complete debt forgiveness for the balance debt that we owed them,” said Dr. Douglas, who is also Minister of Finance.
A government statement said that less than two months after going to the Paris Club seeking support for the restructuring of the debts owed by St. Kitts and Nevis, Britain’s Minister of State for International Development, Alan Duncan, announced the debt forgiveness.
The statement gave no details regarding the amount of the debt, but quoted Duncan as the cancellation is with “immediate effect”. Duncan said that the case for debt relief was assessed under three criteria: “sound economic management, good governance and commitment to poverty eradication.