Dr. Timothy Harris Speaking About The Economy
Photo By Erasmus Williams
Basseterre, St. Kitts – Nevis
December 14, 2009 (CUOPM)
The Government of St Kitts and Nevis has again recorded very impressive results in the operation of its financial machinery.
St. Kitts and Nevis Minister of Finance, Dr. the Hon. Timothy Harris said a report issued by the Fiscal Division of the Ministry of Finance, regarding the outcomes of the Government’s financial programme, noted that, “The period January to October 2009 reflected fiscal surpluses for the Recurrent Account, Overall and Primary Balances. These surpluses performed above what was expected for this period, as well as surpassed the results of the previous year’s period.”
According to the report, “A Recurrent Account surplus of $18.85 million was achieved for the period January to October 2009, as Recurrent Revenue of $364.63 million exceeded Revenue Expenditure of $345.78 million. This surplus surpassed the expected amount by $12.14 million or 181.0%, and the corresponding period in 2008 by $29.32m or 280.2%.”
In relation to the Overall Balance, the report, which is dated 2nd December 2009, states “The Overall Balance amounted to $50.26 million exceeding expectations by $29.94 million or 147.33%, and the previous year’s surplus of $15.17 million by $35.09 million or $231.35%.”
Addressing the outcome of the Primary Balance, the report indicated that the total of “$134.88 million also reflected favourable performances for the period. A positive variance of $14.38 million or 11.9% was exhibited when compared to the projected figure of $120.5 million. In addition, the Primary Balance Surplus grew by $33.56 million or 33.1% when compared to the corresponding period of 2008, when a surplus of %101.32 million was recorded.”
Commenting on the affirmative, noteworthy and remarkable performances in the fiscal operation of the Government, Finance Minister Harris said that this success was achieved through the collective efforts of all Permanent Secretaries, Heads of Departments, Accounting Officers and the staff of the Ministry of Finance.
Dr. Harris added that his Ministry’s early endeauvors to sensitize Public Sector decision makers, about the need to be fiscally prudent, has paid off quite well. He said, further, that the process of education and awareness, in which they were duly involved, has made the application of the cash management approach, instituted by his ministry, more accommodating to execute.