Drew claims CBI reliance has been cut sharply as EU deadline looms
The Prime Minister says CBI made up almost 70 per cent of the budget when he took office, but has not said how the government will answer the EU before its 12 November deadline.
BASSETERRE, St Kitts. Prime Minister Dr Terrance Drew says his government's early move to reduce dependence on the Citizenship by Investment (CBI) programme has left St Kitts and Nevis better placed to cope with growing international pressure on such schemes.
Speaking at Thursday's Roundtable, Dr Drew said work to diversify the economy began in 2022 on his administration's first day in office, and that he had raised the issue publicly in November that year, before his first national budget.
According to the Prime Minister, CBI accounted for almost 70 per cent of the budget when he took office. The target for 2026 is below 20 per cent and, for 2027, less than 10 per cent.
"We are not panicking because we had a plan," Dr Drew said.
He pointed to the Sustainable Economic Expansion and Diversification initiative, set out in October 2024, which identified construction, tourism, agriculture and sustainable projects as areas for growth. He said the government had also discussed bridging finance to manage the transition.
Dr Drew cited geothermal development in Nevis and solar power in St Kitts as ways to bring down energy costs, and named reliable water infrastructure and the digitisation of public services as further priorities.
The opposition disputes the government's account. People's Action Movement leader Shawn Richards has cited figures showing CBI revenue averaged about 6.5 per cent of GDP between 2019 and 2023 and made up almost a third of non-grant government revenue in 2023, and has accused the administration of withholding information about the programme's future.
The European Union has asked St Kitts and Nevis and four other OECS countries to close their CBI programmes, and has set 12 November as the deadline for a decision. Dr Drew said the government was still gathering information and would issue a statement.
