St Christopher and Nevis: Financial Services

Department for International Development written question – answered on 23rd June 2020.

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Photo of Mark Pritchard Mark Pritchard Conservative, The Wrekin

To ask the Secretary of State for International Development, what progress the St Kitts and Nevis Government has made in reforming its financial sector; and what support her Department is providing to the Eastern Caribbean Central Bank to regulate the Eastern Caribbean Currency Union.

Photo of Wendy Morton Wendy Morton Parliamentary Under-Secretary (Foreign and Commonwealth Office) (Joint with the Department for International Development)

The UK does not have a bilateral development programme in St. Kitts and Nevis as it is a high income country and therefore not eligible for Official Development Assistance (ODA). However, we are providing technical support through the International Monetary Fund Caribbean Regional Technical Assistance Centre (CARTAC) to St. Kitts and Nevis to strengthen financial stress testing frameworks for the insurance sector. CARTAC is also helping to strengthen financial sector regulation and supervision by the Eastern Caribbean Central Bank over the Eastern Caribbean Currency Union.

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