Mansoor Rips Govt On IMF

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Economy

Thursday, 17 January 2013 02:30

By Everton Barnes

Antigua St. John's - Technology Minister Senator Dr Edmond Mansoor has been highly critical of one of the main planks of the United Progressive Party’s economic and fiscal policy - its relationship with the International Monetary Fund (IMF).

Speaking during the 2013 Budget debate in the Senate this week, Dr Mansoor, who on January 1 was stripped of the Broadcasting portfolio he held as a minister in the Office of the Prime Minister, said he was not convinced that Antigua & Barbuda obtained the promised benefits after signing a loan agreement with the IMF three years ago.

The IMF loan has been a major pillar of the UPP’s economic programme, as it has repeatedly touted several benefits expected to accrue from the agreement. These include enabling the government to liquidate several international loans, returning it to favoured status.

But according to the senator, he is not swayed by his own government’s public relations campaign on the issue.

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“This issue of the IMF and the World Bank, they are not interested in meaningfully stimulating any economy,” Dr Mansoor said. “I have time for the Hon Senator Lennox Weston when he talks about that Club! They are not about development. They are not about development of any country, and I want to say when it comes to the IMF, the jury is still out on whether Antigua & Barbuda has benefited from the IMF!”

When cajoled to “come clean” on the issue, Dr Mansoor spoke like a man on a mission.

“My respectful submission is this; unless the reform measures can be implemented in tandem with developmental imperatives that are directly linked to the growth of the economy, they are a waste of time,” he said.

The IMF agreement expires in the middle of 2013, and according to opposition Senator Weston, the government has nothing to show for its involvement with the Fund. When it signed the agreement for US$120 M, the government said the arrangement would return Antigua & Barbuda to positive economic growth.

During his presentation, Dr Mansoor also lashed out at the government for what he described as wasteful action for hiring people who make huge salaries, but do very little to justify this. He described this as one of the serious challenges facing the UPP government.

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