$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."