BASSETERRE, St. Kitts — The Financial Statements of St. Christopher and Nevis Social Security Board for the period ending December 31, 2019, were presented to the Federal Parliament on February 18. Minister with responsibility for Social Security, the Honourable Eugene Hamilton said the statements showed that the institution continues to see positive growth.

“I should Mr. Speaker, point out to the listening public … that the assets of the Social Security Board have grown from $1,637,541,059 to $1,674,157,831. In other words, Mr. Speaker, Social Security continues to see positive growth and can boast of assets of $1,674 billion as we speak. That was audited,” said Minister Hamilton, as he encouraged the general public to be “prudent and vigilant.”

According to Hon. Hamilton, the financial statements of St. Christopher and Nevis Social Security Board which comprise the statements of financial position as at December 31, 2019, and the income and expenditure account, statements of other comprehensive income, changes in reserve funds, and cash flows for the year, as well as a summary of significant accounting policies were all audited.

“In our [auditors] opinion, the accompanying financial statements present fairly in all material respects, the financial position of the Board as at December 31, 2019 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS),” noted Hamilton.

He noted that there are “two things that impact upon the growth of Social Security, of the assets which secure the pensions” for every contributor. Minister Hamilton said that in 2018, the contributions by persons and institutions to Social Security were $95,689,018. It has since grown to $99,598,552 in 2019.

The Social Security Minister updated the public on the long-term benefits paid out in 2018 including elderly grant refund, survivors’ pensions, invalidity pensions, age pension, and age grants.

“In 2018, we paid $75,764,677 and in 2019 we paid out $84,530,059,” he said. “Overall payout in 2018 was $92.7 million, but in 2019 was $102.9 million.

Important to note is that benefits paid out exceeded the contribution income of the Social Security in 2019. Minister Hamilton said that in light of this, the institution was able to “curb administrative cost” which stood at $13.4 million in 2018. It was reduced to $12.2 million in 2019.

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PETER CHRISTOPHER

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The Eastern Caribbean Central Bank (ECCB) has approved the sale of Royal Bank of Canada in the territories of the Eastern Caribbean.

On Friday, Governor Timothy Antoine of the Eastern Caribbean Central Bank confirmed that RBC assets will be sold to a consortium of indigenous banks within the Eastern Caribbean Currency Union (ECCU) jurisdiction, viz. 1st National Bank (St. Lucia), Antigua Commercial Bank, National Bank of Dominica, Bank of Montserrat, and Bank of Nevis.

The sale includes operations in Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, Saint Lucia, St. Kitts and Nevis, and St. Vincent and the Grenadines.

Governor Antoine made the announcement of the approval at a press briefing following the 98th Meeting of the ECCU Monetary Council on Friday at ECCB headquarters in Basseterre, St. Kitts and Nevis.

He said, “On the question of RBC, the ECCB has approved the application for the sale of the RBC operations in the Eastern Caribbean Currency Union to a consortium of indigenous or national banks. That process is now moving forward, and an announcement will be made in due course.

But the idea is to conclude that transaction not too long from now. So that is moving forward. In fact, I can tell you only yesterday [on Thursday, 11 February 2021] we submitted to the finance ministers a vesting order or vesting orders, which is an important legal instrument to transfer assets from one bank or banking entity to another. So that process is moving forward.”

The sale of RBC to Caribbean banks follows the similar acquisitions of Canadian based banks by Caribbean entities.

In 2019, much of Bank of Nova Scotia’s stake in the Eastern Caribbean was sold to Trinidad and Tobago’s Republic Bank. In October last year, BNS declared that it had reached an arrangement for the sale of its services in Antigua and Barbuda to the Eastern Caribbean Amalgamated Bank Limited (ECAB). That settlement is subject to regulatory permissions and other conventional closing requirements.

The Governor also addressed the recent decision by the Canadian Imperial Bank of Commerce (CIBC) that a majority stake in First Caribbean International Bank Limited (FCIB) would not be sold after a bid was rejected by Caribbean regulators.

“In terms of the sale of CIBC, I would simply confirm that regulators across the region considered it. Central Bank of Barbados is the lead regulator, based on the jurisdiction of CIBC FCIB. But all regulators, including the ECCB, were involved in that discussion, and came to that decision which has been conveyed and you are correct the application was denied.”

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BASSETERRE, St. Kitts — A bill to provide for the regulation of an electronic communication network and an electronic communications service and related matters, otherwise known as the Electronic Communications Bill, 2021, was successfully passed in the Federal Parliament on Thursday, February 18.

The Honourable Minister of Health, ICT, Entertainment, Entrepreneurship, and Talent Development, Byron-Nisbett,, Mover of the Bill, laid out a synopsis of its objectives.

“Mr. Speaker, the enactment of the EC Bill in the Federation of St. Christopher and Nevis will ensure a broader scope of regulations from telecommunications to ‘electronic communications,’ said Mrs. Byron-Nisbett. “It will also address matters, but not limited to: principles of fair competition; change of ownership of electronic communications companies within the Eastern Caribbean Telecommunications Authority (ECTEL) Contracting States; universal service and access; preservation of an open internet with the adoption of net neutrality principles; the establishment of the NTRCs as body corporates; the setting up of a tribunal independent of the NTRC to hear unresolved disputes between licensees and customers; and the inclusion of more penalties for breach of the legislation among other things.”

Mrs. Byron-Nisbett noted that a critical component of the bill is the inclusion of a robust regulatory framework that promotes and preserves a vibrant sector.

“Mr. Speaker the EC Bill includes the critical elements necessary for an effective regulatory framework, such as the functional aspects of the regulatory authority, decision-making processes, accountability, consumer protection, dispute resolution, and enforcement powers,” she added. “The EC Bill will serve as a valuable piece of legislation for the electronic communications sector in the Federation because the goals of the EC Bill are to ensure that market failure is avoided, to foster effective competition, and most importantly, in my opinion, is to protect consumer interests and to increase access to technology and services. And I believe even now as we move towards a digital economy this means so much more in light of that Mr. Speaker.”

The Information and Communications Technology (ICT) Minister noted that the bill represents the Federation’s past, present, and future advancements.

“It spoke to our past, present, and future, and it showed how the foundations that were laid we continue to build on,” said Mrs. Byron-Nisbett. “We progress in leaps and bounds in getting us as a Federation to where we need to get to in terms of our digital transformation. “In no way we will take for granted the work that has been done and put in by others to get us where we are, not just in telecommunications but in every aspect. It also speaks to how resilient we are as a people and how we continue to do whatever we can to ensure that we continue to progress this country.”

Mrs. Byron-Nisbett thanked members of the Honourable House for their contributions in support of the bill and noted she was pleased to have had the support of both sides of the House for such a very “important milestone landmark piece of legislation.”
“The bill will be able to push not just St. Kitts and Nevis but the entire region and members of the ECTEL states to even higher heights,” concluded Mrs. Byron-Nisbett.

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By Monique Washington

The Cherry Garden Livestock Association and the New River Farmer’s Association,  are the recipients of a US $7000 grant from the Food And Nutrition, FAN, which was funded by McGill University in Canada for a data-gathering project.

FAN seeks to improve Household Nutrition Security and Public Health in the CARICOM.

According to the FAN website “The project builds on the lessons and outcomes from the “Farm to Fork” project and the findings and recommendations of the EvLivestock and crop associations on Nevis receives US$7000 grantsaluation of the POS Declaration, and seeks to determine how previous and proposed research can best be scaled up and incorporated into more nutrition-sensitive, gender-responsive food systems for CARICOM.”

Chair of the FAN country team and Nutrition Surveillance Coordinator in the Ministry of Health in St. Kitts, Latoya Mathew-Duncan said that the two groups have long been incorporated into Nevis society.

“These groups were chosen on merits to accept a grant of US $7000 from the FAN project,” she said.

She noted that the project aims to improve the quality and diversity of the diet of populations by engaging with stakeholders designing implementing evaluating and integrating packages of intervention.

“ The project reviews the diet of children women and men and their food sources to determine their diet best chosen and consumed developed and also to assist the research team to address and identify leverage points within the local food system to increase healthy eating and sustainable rural livelihood.”

Minister of Agriculture Alexis Jeffers, who was present at the handing over of the check, congratulated both groups and encouraged them to “pursue their goals.”

“Those entities have shown that they are serious about pursuing their goals and objectives in agriculture. The Federation of St. Kitts and Nevis would be the beneficiary of their effort. I want to encourage both entities to pursue their goals as indicated in their proposal and to ensure that we are realizing what we have always been talking about and that is food security here on the island of Nevis, not just security but sustainability and resilience,” he said.

Jeffers pointed out the importance of both livestock farming and crop farming in the Federation.

“The livestock industry is important to us here on the island as well as the crop industry. We believe agriculture can play a meaningful role in transforming the lives of the people of this country,” he said.

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CHARLESTOWN, Nevis — Hon. Mark Brantley, Minister of Foreign Affairs for St. Kitts and Nevis is leading a delegation to the inaugural meeting of the Caribbean Community (CARICOM)-Canada Foreign Ministers’ Group, being held virtually on February 19.

According to Hon. Brantley, the fight against the COVID-19 pandemic, economic recovery and inclusive growth will feature in the discussions during the summit.

“Canada has been a good friend to the region over all these years and today we are convening, Foreign Ministers in the region, with the Foreign Minister of Canada, Honorable Marc Garneau.

“The idea will be to discuss matters in this COVID environment as to recovery, air travel, and various issues such as our vulnerability index, and availability of vaccines,” said Brantley. “I am the lead spokesperson for CARICOM on one of the categories which looks to the impact of COVID-19 and we are hopeful that through this dialogue we can strengthen relations with Canada and ensure that moving forward CARICOM and Canada continue to be steadfast friends.”

The Foreign Minister said that the regional group is hopeful for positive outcomes from the high-level meeting as Canada has shown its willingness to re-engage with the region and strengthen its co-operation with CARICOM.

According to the CARICOM Secretariat, the establishment of the CARICOM-Canada Foreign Ministers’ Group will provide the parties with an institutionalized framework to discuss on a regular basis their shared priorities at the ministerial level.

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