St. Kitts and Nevis has pledged $120 million to protect local businesses, jobs and the economy during the ongoing coronavirus (COVID-19) pandemic.
Prime Minister Dr. Timothy Harris confirmed plans for the stimulus package to BBC World News this week.
"Tourism is a large but not the only segment of the economy," Harris told BBC's Tim Willcox. "Because we have been managing the country well, we developed a significant financial surplus and we were able therefore to do a stimulus in the region of 120 million dollars, targeted at the victims and set in a framework to get the country back to work soonest."
The dual-island Caribbean nation, which temporarily closed its borders last month, has also rolled out more restrictive social measures to combat the spread of COVID-19, including night curfews and turning away cruise ships. The latter has unsurprisingly had a significant impact on jobs and the country's economy.
Roughly 20 percent of St. Kitts and Nevis' economy relies on the Citizenship by Investment (CBI) Program established in 1984, Under the CBI, investors can make a minimum $150,000 contribution to the Sustainable Growth Fund and be awarded St Kitts and Nevis' citizenship following thorough due diligence checks.
CBI funds have been used to create the Poverty Alleviation Program in support of low-income households. To further aid local jobs and the economy amid the ongoing crisis, St. Kitts and Nevis' government announced it will reduce corporate income tax for employers who retain at least 75 percent of their workforce.
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.
Topics From This Article to Explore
