Antigua-Barbuda and-IMF negotiations near conclusion
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| Published on Saturday, March 13, 2010 |
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ST JOHN'S, Antiguat -- The team from the International Monetary Fund here to conclude negotiations for Antigua and Barbuda’s Stand By Arrangement with the Fund presented their findings to cabinet on Wednesday.
The team received assurances from Prime Minister Baldwin Spencer, Minister of Finance Harold Lovell and the other Cabinet members that the government is committed to the fiscal consolidation programme (FCP) which will put the country on a path to fiscal and debt sustainability. The Fiscal Consolidation Programme is the core of the National Economic and Social Transformation (NEST) Plan and is intended to significantly improve the Government’s ability to pursue the various policies and activities outlined in the Economic Action Plan, Social Safety Net and Financial Sector Stability components of the NEST Plan. Also present at the meeting were officials of the Eastern Caribbean Central Bank, who participated in the Ministry’s meetings with the Fund team.
Over the past week the team held discussions with the Financial Services Regulatory Commission, representatives of commercial banks and officials from statutory corporations on the economic challenges facing Antigua and Barbuda.
The team also met with representatives from the European Union, who were in Antigua to discuss the government’s fiscal consolidation programme and Antigua and Barbuda’s application for grant funding under the EU Vulnerability Flex (VFlex).
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The Fund officials have extended their stay by a few days in order to meet with private sector and other stakeholders and to finalise the details of the Stand By Arrangement. | | | | Reads : 865 | | | |
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