Markets

Antigua and Barbuda to Receive $20.3 Million from International Monetary Fund

By: Caribbean Journal Staff - June 2, 2012

Above: Parliament in Antigua

By the Caribbean Journal staff

Antigua and Barbuda will receive a $20.3 million disbursement from the International Monetary Fund, following the fund’s completion of the fourth, fifth and sixth revues of the country’s economic performance under a 36-month Stand-by Arrangement.

The funds bring disbursements under the arrangement to a total of about $61 million for Antigua.

“The economy of Antigua and Barbuda was severely hit by the global financial crisis, leading to lower government revenue, higher public sector debt and financial sector shocks,” said Min Zhu, deputy managing director and acting chair of the IMF’s Executive Board . “Despite a pickup in tourist arrivals, growth prospects remain well below their pre-crisis level.”

The IMF said that despite the economic challenges, the country’s government had continued to make progress on fiscal consolidation, particularly through expenditure control and revenue-enhancing reforms.

“Advances in debt restructuring helped reduce the public debt and debt service burden,” Zhu said. “Continued fiscal consolidation will be necessary to ensure fiscal and debt sustainability.”

The collapse of the Antigua and Barbuda Investment Bank in 2011 also contributed to the country’s economic struggles, according to the fund.

“Moving swiftly to resolve the bank in a way that adequately recognizes its capital needs and does not burden the rest of the banking system will be important to preserve the health of the financial system,” Zhu said.

Popular Posts best caribbean restaurants

The 50 Best Restaurants in the Caribbean - 2025

No region in the world has a more diverse or dynamic culinary continuum than the Caribbean. Just about every cuisine on earth is represented, often in wonderfully, intoxicatingly fused expressions. Across the breadth of the Caribbean Basin, you will find […]


The Southern Corner of This Caribbean Island Is Filled With Endless Beaches, a Boutique Resort and a Spirit of Adventure    

eleuthera caribbean island

You can get lost out here. There are nearly 4,500 acres of Bahamian frontier here, filled with casuarinas, empty trails and secluded white-sand beaches. Take a golf cart, or a bicycle or, if you’re daring, just a pair of running […]


In Dominica, an All-Inclusive That Comes With the Whole Island 

dominica fort young views

All-inclusive has been changing. That’s not a secret. It’s the biggest thing in travel right now, particularly in the Caribbean, where travelers want more. But they don’t just want the unlimited food and beverage. They want the experience. They want […]


Related Posts

IMF Announces Extension of Haiti's Extended Credit Facility

Above: the IMF’s headquarters By the Caribbean Journal staff The International Monetary Fund’s Executive Board has approved the extension of its agreement with Haiti under an Extended Credit Facility. The agreement was extended to Dec. 28, and was taken without […]


IMF Mission Visiting Jamaica

Above: Kingston (CJ Photo) By the Caribbean Journal staff A team from the International Monetary Fund was set to begin a visit to Jamaica on Wednesday to conduct the fifth review of Jamaica’s performance under the Extended Fund Facility.” The […]


IMF: "Substantial Strides Have Been Made" in St Kitts and Nevis

Above: downtown Basseterre, St Kitts (CJ Photo) By the Caribbean Journal staff St Kitts and Nevis has made “substantial strides” sing its home-grown economic programme, according to the International Monetary Fund. The IMF recently concluded its ninth and final review […]