PM Drew shares details of Development Bank crisis

Dr Terrance Drew, the Prime Minister of St. Kitts and Nevis  has once again raised the issue of  critical state of the development bank's financial crisis and shared the details.

Basseterre, Saint Kitts and Nevis: Dr Terrance Drew, the Prime Minister of St. Kitts and Nevis  has once again raised the issue of  critical state of the development bank’s financial crisis. He reiterated that the previous regime’s inaction has significantly contributed to the bank’s poor performance.

It is to be noted that just a day ago, PM Drew strongly highlighted  the bank’s poor performance, accusing the previous government’s faulty policies that led to its downfall.

Advertisement

 

Prime Minister took to his official Facebook page and stated “ As announced earlier today, I am sharing some excerpts from the ongoing audit sanctioned by our government; the last one was conducted in 2018. The audit shows that an amount more than 22 million dollars is untraceable due to mismanagement.”

PM Drew further stated that despite the bank borrowed  $100 million for social security schemes, the previous government ceased repaying social security in 2021. However our government immediately stepped in and resumed the payment of social security benefits demonstrating our commitment of survival of  bank.   Notably  due to a huge debt ($333 million)  the bank is unable to meet the mandatory obligations. Moreover, the student loan program also suffered due to the same reason(heavy debt amount).

The regional or world financial institution refused to do business with the bank, which affected the bank’s ability to overcome the crisis. In contrast  the innovative policies of the Labour government enabled the bank to come back on track by rectifying the loopholes, added the PM.

The PM also accused the bank’s former Chief Executive officer of filing a lawsuit against the bank, which affected the audit process. PM Drew stated that accountability to all responsible persons will be fixed. He   said that the ruling Labour government is steadfast in its commitment to stabilizing the Bank for a better future.

In response to PM Drew’s Facebook post, netizens demanded strict action against the culprits. One Facebook user, Mikey Clarke, commented, “No relenting, it’s action time, Mr. PM.”

Advertisement
Tariq Saeed

Read More

Sheikh Mohammed expresses satisfaction toward progress in gender balance in UAE

The Prime Minister and Vice-President of the UAE and Dubai's Ruler, His Highness Sheikh Mohammed, conveyed his satisfaction toward progress in gender balance in the UAE and its execution into the work culture, indicating a more thriving future under the wise leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, UAE's President.

Oil price rises amid elevated geopolitical risks in Middle East & Europe

Amid the rising tensions in the Middle East and increasing concerns about the Russia-Ukraine discords, the oil prices witnessed a hike on Monday, January...

Pakistan: 629 disappeared, 187 tortured, 195 killed in Balochistan, says Paank 2022 reports

Pakistan: In a recent annual report published by Paank, the human rights organization of the Balochistan National Movement, the past year was a dreadful and distressing period for the Balochistan region as several unfortunate incidents took place, such as the disappearance of around 629 people, extrajudicially killed 195 along with 187 tortured. 

Recent

Minister of Intl. Cooperation Al Mashat opens conference on supporting governance in Egypt

The Ministry of International Cooperation of Egypt, Dr Rania Al-Mashat, issued a statement addressing the opening of a high-level conference on supporting public and economic governance in Egypt, funded by the EU in association with the Organization for Economic Cooperation and Development on February 8, 2023.

UAE Doctors appeals parents to keep away children from batteries and magnets following notable rise in such cases

Doctors of the United Arab Emirates, in an appeal to the parents, asked them to keep their children away from magnets and button batteries. This request of the Doctors came after a number of children for ingesting or choking on the aforementioned objects. 

Michael Martin’s leadership boosts CBI Programme of St Kitts and Nevis

Citizenship by Investment programme is touching new heights under the leadership and guidance of the Head of the unit (CIU) – Michael Martin.
admin