Dr Terrance Drew, the Prime Minister of St Kitts and Nevis announced to make maximum efforts to bring the Development Bank on track again. PM accused the previous government for bank’s failure as it did not take any concrete steps to save the bank from downfall.
The Development Bank is the leading financial institution in the country. This Government-owned Bank also known as the development corporation is providing multiple schemes for the financial and social security of citizens. The development bank provides the financial assistance for the education, agriculture, and business sectors. It also provides funding for home loans, community programs etc.
The PM Drew took to his social media handle to raise concern about the fragile condition of the bank. PM in a Facebook post stated that “Due to grave negligence and faulty policies of preceding government the bank was left with debt of more than 333 million dollars. Moreover, the peace program only helps the cronies with vested interests instead of needy people. The previous government make the false promise of helping the poor through a Peace program.”
PM Drew Furter stated that due to the poor performance of the bank, no financial institution is ready to do business with the bank presently, mainly because the last audit of bank was conducted in 2018. According to the Prime Minister, it was a challenge for our government to relaunch the students and small business welfare programs. However due to firm commitment we accept this challenge and an audit has been ordered.
“More necessary initiatives will be taken by the government to prevent the further loss to the bank. The failure of the bank will cause huge damage to the country but the Labour Party government will not let it happen” added PM.
Soon after the Facebook post of PM Drew the netizens gave their reaction. Some appreciated the PM for the announcement whereas others demanded to fix the accountability of responsible people for the bank’s loss as soon as possible.
One user Joan Matthews commented, “Yeah corruption is hurting a lot of people in the federation and would like you to address it.” Another Facebook user Tonya Powell comments “When will a person be held accountable for this mess? It’s high time some charges are filed!.”