Basseterre, St Kitts and Nevis: Terrance Drew, Prime Minister of St Kitts and Nevis, informed through his official Facebook account that he participated in the National Assembly meeting held yesterday on June 20, 2023, where he discussed several issues, challenges and upcoming projects that the St Kitts and Nevis Labour Party (SKNLP) administration is planning to enforce.
During the meeting, Prime Minister Drew also delivered his remarks and outlined vital factors related to the development of the federation. He began the meeting with opening remarks and welcomed all attendees of the national assembly.
Prime Minister Terrance Drew said during his speech, “I rise to make a statement and update the country on significant financial institutions, which is a foundation for our social safety and security while keeping the spirit of open government, transparency, and good governance.”
Minister Drew highlighted that the government of St Kitts and Nevis has been working incredibly hard to ensure that these financial institutions become even more vital; he continued, “It was important to bring these reports.”
He also mentioned the concept of social security and stated that as of the end of April 2023, St Kitts and Nevis’ social security fund had a value of $1.73 billion.
Additionally, the Prime Minister of St Kitts and Nevis underlined that the contribution income has increased by 12%, totalling 35.7 million compared to 31.9 million in 2022. He further noted that the investment income had increased by 180%, which was a significant rise.
It is claimed that the financial institutions of the twin island federation have received several upgrades. PM Drew claimed that as compared to 2022, administrative expenses had been increased by 6%, and benefits expenses had increased by 10%.
He said, “As part of the transformation agenda, the social security board is focusing on every potential aspect of operations to ensure the fund’s sustainability while enhancing its efficiency.
According to PM Drew’s earlier-this-year speech, the social security board has also implemented a new information technology (IT) system in line with the trajectory and confidence to adopt technological improvements to become a more technologically advanced country.
He said, “The system is the key to enhancing the business processes, applications, and data that are essential for the Social Security Board to meet its financial and business goals.”
PM Drew suggested that Online and mobile technologies can be utilized to carry out the improvements. The Social Security Board wants to perform and supply business operations at consumers’ fingertips and in their hands.
The board is introducing social security reforms that will begin in the second half of 2023 and also enhance its research and development branch to get better results.
“Madam Speaker, The news from social security is good and demonstrates how responsibly we have done our job.”
He continued his remarks and informed the assembly about the National Bank Group of Companies. PM Drew stated that he wanted to mention that the NBGC suffered a loss and deficit last year, one of the first in its history.”
The national bank Group of Companies will likely turn green this year and start paying dividends again. By improving their IT infrastructure and facilitating the expansion of the bank’s product and service offerings, the other national banks are also experiencing significant modifications.
The residents of St Kitts and Nevis and others who want to conduct business can soon take advantage of these offers. PM Drew emphasized that “the bank is very much alive and healthy” and that it was an honour for him to publicize these statements.
PM Drew said, “I also want to congratulate the leadership of the bank who handles everyday tasks and whatever capacity they may be working.
He added that, after not conducting an audit since 2018, the National Development Bank is also making a comeback. Although many institutions have lost trust in the development bank due to irregularities, the SKNLP have discovered methods to put it back on the path of development, integrity, and good governance to benefit the people of St Kitts and Nevis.
While finishing his speech, PM Drew said, “The social security and the national bank are ruin, and the development bank has a smaller role, but since the past months, we have been able to keep up with our loan payment to the government, the national bank, along with social security and amount of quarter a million dollars per month.”
Minister Dre said, “As the bank becomes more stable, we can increase our monthly payment from $200,000 to $500,000.”
In the end, he said, “We understand that our financial institutions are essential for development and growth in the national bank, social security, and development bank.” “These institutions are stronger than ever”.