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Toronto, Canada, September 26, 2017 – Prime Minister of the Federation of St. Kitts and Nevis and its Minister of Finance, Dr. the Hon. Timothy Harris is currently in Toronto participating in strategically important meetings with top Canadian financial institutions. 

 

Prime Minister Harris is part of an OECS Monetary Council delegation, which has embarked on an outreach mission marked by a proactive approach. The delegation comprises the Hon. Allen Chastanet, the Prime Minister of St. Lucia and current chairman of the OECS Authority, as well as the Governor of the Eastern Caribbean Central Bank, Mr. Timothy Antoine. Senior representatives from the International Monetary Fund (IMF) and the World Bank also accompanied the high-level delegation representing the Monetary Council.

 

This important meeting comes as Eastern Caribbean countries continue to engage with leading financial institutions to shore up the sub-region`s monetary policies and position it as a top investment destination.

 

Prime Minister Harris capitalized on the opportunity by highlighting the longstanding relationship between Canadian banks and the Eastern Caribbean. Dr. Harris also sought clarity on issues of cooperation and the need to resolve challenges in the context of an uncertain global economy.  Among the critical issues discussed were de-risking, correspondent banking relationships and their implications for the financial stability and growth of the Organisation of Eastern Caribbean States (OECS).

 

In the context of the devastation being experienced as a result of Hurricanes Irma and Maria, the delegation also sought solidarity and cooperation as the impacted Eastern Caribbean islands begin to recover and rebuild. 

 

The Prime Minister of St. Kitts and Nevis urged the leadership of the top Canadian financial institutions to continue to consider the longstanding benefits derived from the Caribbean region and encouraged them to pursue communication and dialogue as they make far-reaching decisions.  Prime Minister Harris also updated the financial institutions on the regulatory and legislative reforms that the Federation of St. Kitts and Nevis is undertaking to ensure compliance with international obligations.

 

The banks with which the Monetary Council delegation is meeting includes the Royal Bank of Canada, Scotia Bank and CIBC – all leading financial institutions of international acclaim with significant ties to the region.