BASSETERRE, St. Kitts, Tuesday April 5, 2016 – St. Kitts and Nevis is set to receive €4.2 million (US$4.7 million) from the European Union – the twin-island federation’s final payment under a sugar adjustment scheme for African, Caribbean and Pacific (ACP) countries following the reform of the EU’s sugar regime.
The EU’s Ambassador to the Eastern Caribbean, OECS and CARICOM/CARIFORUM, Mikael Barfod says the money will be disbursed at the end of this year. It will mark the completion of the sugar compensation programme for St. Kitts and Nevis.
The reform of the EU’s Common Agricultural Policy in 2006 prompted it to establish a sugar adjustment scheme called the Accompanying Measures for Sugar Protocol countries (AMSP). AMSP supports restructuring initiatives in ACP countries that traditionally exported sugar to the EU.
According to a press release from the EU, the previous disbursement supported the launch of a juvenile co-educational rehabilitation centre for 30 residents; reform of the Social Development Assistance Act so as to improve implementation of social protection programmes; updating of alternative energy legislation leading to a more competitive private sector and improve energy security for households; the establishment of a land registry; and training for technical and vocational professionals.
It is also expected to strengthen St. Kitts and Nevis’ Public Finance Management System as well as the fiscal space available to government through budget support.
“There will be more assistance from our side to our partner St. Kitts and Nevis over the next four or five years,” Ambassador Barfod said.
He said that future assistance would likely come via the EU’s regional programme, which he disclosed still has €350 million (US$398 million).