St. Kitts and Nevis Development Bank’s $120 Million Debt to Social Security : A Legacy of Dr. Denzil Douglas’ Administration
The St. Kitts and Nevis Development Bank’s Debt of $120 million to Social Security is an amount that was accumulated under the Dr. Denzil Douglas led administration between 1998 to 2015. The debt financed a range of initiatives . Among these endeavors, the Civil Servants Home Mortgage Programme stands out as a significant initiative. This program facilitated more than 350 civil servants in accessing preferential mortgages through the Development Bank, thanks to a loan from the Social Security fund.
It’s important to note that the entirety of the $120 million debt owed to the Social Security fund by the Development Bank was amassed during the tenure of Dr. Denzil Douglas’ labour administration. During the subsequent leadership of Dr. Timothy Harris and the Team Unity administration, efforts were made to address this debt. The Development Bank began servicing the debt at a rate of $200,000 per month, following a consolidation of their outstanding debt to the Social Security fund.
The origins of the $120 million debt trace back to the 1990s and continued up to 2015/16. This debt comprises loans disbursed for various purposes, including civil servant mortgages, general mortgages, student loans, and funding for small business programs. While the debt represents a substantial financial commitment, the Development Bank, under the guidance of the Team Unity administration, took steps to responsibly manage and service this debt, contributing to the economic stability and growth of St. Kitts and Nevis.
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