St Kitts: The Prime Minister of St Kitts and Nevis, Dr Terrance Drew has shared that he is committed to improve transparency and accountability. He has announced that he plans to introduce two important resolutions to safeguard the integrity of the financial institutions of the nation.
Development Bank of St. Kitts and Nevis and the Social Security system have been affected by mismanagement for the last few years. The issue has shared that the members of the government have been facing financial issues due to mismanagement of the organization.
The Minister of Finance has announced that he wants to make sure that the institutions do not have to face this issue again. The Minister shared that the first order of business would be to introduce a resolution in front of the leaders. They want to add a mandatory step in any decision to suspend external audits at the Development Bank must.
Any suspensions of external audits at the organization will have to be approved by the Parliament of St Kitts and Nevis. The second resolution will be dealing with the protection of the social security fund of the country.
If an organization or part of the government has to borrow from the Social Security Fund, the full parliament has to approve the transaction. The Prime Minister has confirmed that they are doing this in order to protect the interests of the public
The resolutions will also help in maintaining public confidence in the various financial institutions of the country. The Prime Minister recalled that the external audits for the 2018 and 2019 were called off. This led to public not getting any updates regarding the workingsof the development bank. Dr Terrance Drew said that his administration would not repeat these mistakes.
Accordingly, the introduction of the two aforementioned legislature of the country. The members of the administration has shared that they are committed to including the people of the country in the workings of the organization. This will help to make sure that the organizat