DR DREW-LED GOVERNMENT RESCUES DEVELOPMENT BANK AND THE SOCIAL SECURITY FUND FROM FINANCIAL MISMANAGEMENT

The Government of St. Kitts and Nevis, under the leadership of Prime Minister the Honourable Dr. Terrance Drew, has taken several prudent steps that have steadily led to the stabilization of the Development Bank of St. Kitts and Nevis and the St. Christopher and Nevis Social Security Fund.

Prime Minister Dr. Drew, who holds ministerial portfolios for Finance and Social Security, stated from the onset that there were some improprieties that pointed to the clear mismanagement of funds at the Development Bank under the former Dr. Timothy Harris-led Unity administration.

The honourable prime minister also reported that the hemorrhaging of the Fund by the previous government had put the Social Security Fund in a poor financial state.

While appearing on Freedom FM’s Issues programme on Thursday, August 18, Prime Minister Dr. Drew said the Development Bank of St. Kitts and Nevis borrowed close to $120 million from Social Security “and Development Bank was so badly managed it is not in a position to pay back Social Security.”

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