UN General Assembly
2014

renewable-energy ventures providing sustained growth for our economy. One of the peculiar vulnerabilities of small island developing States such as Saint Kitts and Nevis is our susceptibility to economic and external shocks, which results in a state of high indebtedness. It is no secret that high public debt affects the ability of Governments to achieve sustainable development in all its dimensions. In the area of economic sustainability, we developed in 2011 and successfully implemented a comprehensive approach to the management of our national debt. Our plan included debt restructuring with international financial institutions, an exchange offer for government bonds, the curtailment of public borrowing to sustainable levels and a creative land-for- debt swap initiative. I am pleased to report that by the end of June, we had successfully reduced the ratio of our debt to gross domestic product (GDP) by 50 percentage points, from over 145 per cent pre-restructuring to 95 per cent now. I am even more pleased to report that our debt-to-GDP ratio is projected to decline further, to 85 per cent by the