St. Kitts and Nevis establishes Sovereign National Fund to secure citizens’ future from monetary mismanagement

The Prime Minister of St. Kitts and Nevis, Dr. Terrance Drew announced about securing the financial future of all the citizens of the Federation by establishing a Sovereign Wealth Fund (SWF). He made the revelation while speaking with the media at the second Roundtable of the year in Basseterre on Thursday, February 6, 2025. 

Under the initiative, national revenues, earned particularly from the renowned Citizenship by Investment (CBI) programme and future renewable energy resources, will be protected, managed and invested for long-term prosperity.

In his announcement towards the end of the event, PM Drew said the government has got the SWF’s official framework, setting the stage for legislation to be cleared in Parliament.

“The days of reckless spending and financial mismanagement are over. This Sovereign Wealth Fund will ensure that our national resources are safeguarded for future generations, bringing an end to the unchecked depletion of public funds,” the prime minister, who is also the finance minister of St. Kitts and Nevis, said. 

The key fund will operate under strict international practices to ensure transparency, accountability and solid returns. It will also safeguard St. Kitts and Nevis’s finances from economic challenges, ensuring that important public services, infrastructure development and social problems have monetary backing even in times of uncertainties. 

The prime minister also spoke about alleged financial mismanagement in the past, citing how millions were spent from the Sugar Industry Diversification Fund in the absence of proper oversight. 

St. Kitts and Nevis needed SWF earlier, says PM

The prime minister said had such a fund been there earlier, the $303 million that vanished from SIDF without people knowing could have generated a hefty interest which could have gone into the fund to benefit all Kittitians and Nevisians. 

He stressed that a sovereign fund had to be there, something he always wanted. 

PM Drew has spoken on the matter in the past as well, issuing a clarion call for greater accountability and transparency over the drastic depletion of funds from SIDF. 

The SWF will be overseen independently and managed by financial experts so that the country can invest revenues strategically and doesn’t have to compromise on reaping long-term benefits.

“This is about responsible governance, fiscal discipline, and securing the future of St. Kitts & Nevis,” the prime minister and finance minister said. 

“We are ensuring that the wealth of this nation is used wisely and remains a lasting legacy for generations to come.”

The St. Kitts and Nevis government is expected to release more details soon about the structure, oversight mechanisms, and initial capital for the SWF ahead of the parliamentary procedure. 

During the Roundtable, PM Drew spoke on several issues, ranging from local, national and international, that affect his country’s interests to keep the public updated about government achievements and programmes.