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

16 footmarks of 70 million old dinosaur discovered in Egypt

Cairo, Egypt: President of Cairo University - Mohamed Othman El-Khosht announced that 16 dinosaur footmarks of nearly around 70 million years had been discovered...

Abu Dhabi Police, Red Crescent Authority fulfil orphaned children’s wishes

Al-Ain Special Tasks Department in the General Command of Abu Dhabi Police in cooperation with the Red Crescent Authority

UAE reports 300 fresh COVID infections

In the United Arab Emirates, a total of 300 nationals contracted and tested positive for the deadliest COVID-19 mutant today, on April 4, 2022, according to the data shared by the Ministry of Health and Prevention. 

Recent

National Genome Center shares objectives of project with Bahrain Culture and Archeology Authority’s employees

As part of raising awareness of the importance of participating in the campaignThe National Genome Center shares with the Bahrain Culture and Archeology Authority employees the objectives of the National Genome Project.

St Kitts and Nevis: PM Terrance Drew hosts Pre-Labour Day Meeting

Dr Terrance Drew - The Prime Minister of St Kitts and Nevis, has shared a glimpse of the Pre Labour Day meeting held in Halfway Tree Constituency Number 04 on the sidelines of the Labour Weekend Celebrations 2023. 

CDC Panel to meet and discuss vaccination and heart inflammation!

Recently, cases of heart inflammation emerged in the some of the people who received Pfizer and Moderna COVID-19 vaccine. To discuss the same, a...
admin