Markets

IMF: Antigua and Barbuda Economic Recovery to Continue in 2013

By: Caribbean Journal Staff - March 6, 2013 - 9:33 am

Above: Antigua (CJ Photo)

By the Caribbean Journal staff

Antigua and Barbuda’s real GDP grew by 1.6 percent in 2012, buoyed by a recovery in tourism and construction, and the country’s recovery will continue in 2013, according to the International Monetary Fund.

The fund recently concluded a 10-day visit to the country for two reviews of the programme under the Stand-By Arrangement approved by its executive board in 2010.

“The authorities have made significant progress towards meeting the goals of their fiscal consolidation program, to restore debt sustainability and lay the foundations for sustainable growth, despite a challenging international economic environment and domestic financial sector problems,” said Geoffrey Bannister, who led the IMF mission.

Since 2009, the government has lowered the country’s debt-to-GDP ration from 102 percent to 89 percent last year, “in spite of large economic contraction during this period.”

Despite the “notable progress” on structural reforms, the fund said there had been some delays, and that a number of benchmarks remain to be completed in the next three months, particularly revenue administration.

The fund also said that Antigua would soon present stand-alone legislation on the Financial Services Regulatory Commission to Parliament by mid-May.

“The authorities continue to demonstrate strong commitment to the policies and objectives of their Fiscal Consolidation Program, and recognize the importance of strong macroeconomic, financial and structural policies in achieving the goals of their National Economic and Social Transformation plan,” Bannister said.

Popular Posts antigua long bay

25 Perfect Caribbean Beaches to Add to Your Summer Bucket List

There’s nothing like a Caribbean beach in summer. The crowds thin out, the winds relax, and the islands start breathing in a different way. The beaches you thought you knew feel new again— stretches of sand once packed with winter […]


The 15 Best Hotels in Trinidad and Tobago, From Hidden Eco-Retreats to Luxury Towers

trinidad and tobago hotels where to stay

From Port of Spain to Tobago’s quiet coasts, these are the places to check in now No two Caribbean islands are quite like Trinidad and Tobago—and no two hotels here feel the same. This is a destination of contrast: Carnival […]


This Marriott All-Inclusive Resort Is Coming to Barbados —  And You Can Book It With Points

new brand for the caribbean

Barbados has long been a haven for adults in search of refinement — the kind of place where luxury and culture blend in quiet, confident harmony. Now, that ethos is becoming the foundation of a new resort concept that aims […]


Related Posts dominica secret bay

12 Tiny Caribbean Luxury Resorts to Visit Right Now

World-renowned wine cellars; geothermal energy systems; private beach houses. The Caribbean’s luxury hotels continue to innovate, and that’s nowhere more true than in its boutique hotels. But for some travelers, even a boutique hotel can be a bit too much.  […]


Silver Airways Launching Flights to Antigua, Dominican Republic 

antigua dominican republic flights

There’s a new way to travel to one of the most sought-after island destinations in the wider Caribbean: thw twin-island hotspot of Antigua and Barbuda.  Fast-expanding carrier Silver Airways has announced plans to launch a new route between San Juan, […]


Caribbean Photo of the Week: Wild Horses in Barbuda

barbuda caribbean photo

The latest Caribbean Photo comes from Caribbean Journal reader Kevin Hughes, who sent in this beautiful shot of wild horses on the beach in Barbuda. Have you taken a great photo in the Caribbean? Send it to news@caribjournal.com with CPOTW […]