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$20.3 million from IMF.

$20.3 MILLION FROM IMF. The Executive Board of the International Monetary Fund (IMF) on June 2 said it has completed the fourth, fifth and sixth reviews of Antigua & Barbuda's economic performance under a program supported by a 36-month Stand-by Arrangement (SBA). The reviews allow the disbursement of SDR 13.5 million (about US$20.3 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 40.5 million (about US$61 million). "The economy of Antigua & Barbuda was severely hit by the global financial crisis. Despite a pick-up in tourist arrivals, growth prospects remain well below their pre-crisis level," the IMF said. "The government has, nevertheless, continued to make progress in fiscal consolidation. Advances in debt restructuring helped reduce public debt and debt service burden. Timely implementation of structural reforms in revenue administration and public financial management will be particularly important."
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Title Annotation:ANTIGUA & BARBUDA; International Monetary Fund
Publication:Caribbean Update
Article Type:Brief article
Geographic Code:5ANTI
Date:Jul 1, 2012
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