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IMF Team Arrives to Antigua For Assessment

IMF Team Arrives For AssessmentAntigua St John's - A team from the International Monetary Fund (IMF) was due in Antigua overnight for a series of discussions with the government as part of the periodic assessment of the country’s economic performance under the guidance of the fund.

A senior government official said the team will carry out the assessment to determine whether the country has met the targets set down by the IMF under the Standby Arrangement signed with the government earlier.

Under the Arrangement, Antigua & Barbuda is expected to receive US$124 M to help clear off a number of outstanding external and other debts. However, the IMF has also set certain benchmarks that the government has to meet before each tranche or release of funds will be made.

“The understanding is that the government first has to pass the assessment. Then the team submits a report to the IMF Board which in turn releases the money to the government,” the official explained.

The team will meet with senior government representatives and members of the private sector as part of the assessment.


The official declined to say whether he believes the country would pass the current test, but noted that the IMF has disbursed less than US$50 M so far.


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13 Comments In This Article   

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RE: IMF Team Arrives to Antigua For **sment

#13 Antiguan Woman » 2011-10-27 19:50

The UPP GOVT IS MASHING UP OUR COUNTRY.LOVELL WHAT ELSE WILL IT TAKE FOR YOU TO TELL MR SPENCER YOU CANT MANAGE AND SHOULD CALL FRESH ELECTIONS NOW?? YOU MAY LOOK LIKE JUGHEAD,BUT THIS IS NO DAM COMIC BOOK,THIS IS REAL LIFE& OUR LIVELIHOOD THAT YOU ALL ARE PLAYING WITH,AND FRANKLY WE CANT TAKE MUCH MORE.
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RE: IMF Team Arrives to Antigua For **sment

#12 Truth » 2011-10-27 09:03

If I get to see these IMF people I'm going to ask if the government disclosed the debt to HMB and their failure to pay after being ordered to by a court of law....and of course the huge interest being accumulated.
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Truth

RE: IMF Team Arrives to Antigua For **sment

#11 Disgusted » 2011-10-26 15:51

I dont care what they pass they could pass with disitinction,wh a me a get from that. people need fu see some hope,not just a tell arwe we pass Imf grade,then two wks after people karn get pay,Antigua a shut dung quietly and me sick and tired of just hearing all kind a big words and link referral,tell the poor man who cant buy a bread or pay he bus fare them pass the IM F subject and see if that will put money in he pocket .Chuptz.
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Disgusted

John French II

#10 tenman » 2011-10-26 15:39

John French II what metric is being used to conclude that Antigua looks better(leads) than the other OECS countries? Is it the projected debt to GDP? The data for 2010 sees Saint Lucia with a lower number than Antigua. I have also heard it suggested that instead of growing by 2% this year we will again see a decline ( in 2009 it was -9.6% and -4% in 2010). I recall posts from you also making the same prediction that this year will be our third year of decline.The last review, in march, highlighted the fact that revenue were not inline with projections when the sba was signed (see www.imf.org/external/np/sec/pr/2011/pr1167.htm) I also find strange that when showing our revenue to GDP percentage that they only use central government revenue especially if we are to compare it to other islands who include all public sector revenue.
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tenman

@ Tenman

#9 John French II » 2011-10-26 12:53

Notes From A Native Son Of The Rock. May I suggest that the site to visit from which we may then drill down to various reports, extract the data, develop the information and arrive at various managment systems information to guide discussion and actions.

www.imf.org/external/region/ecc/rr/index.htm

Tenman, many links have been provided in comments giving specific data and in some cases information from the analysis of the data.
Comments made in the absence of rigorous fact based analysis will lead to the same outcome whether Blues or Reds hold the reins. We need to take a page from your tireless efforts. For example the Regional Economic Outlook: Western Hemisphere has been posted several times with direction to three specific pages 81-83 of Data which would inform A&B's relative position vs OECS, Caricom & Latin America.
Many speak of tourism increases. Take our neighbour with Debt/GDP of 200% and tourism increase. How the He-LL is that Sustainable. The ECCU set them a target of 147% for this year. Quote:
www.gov.ai/documents/ECCU%20Fiscal%20Targets.pdf

A&B needs your business acumen & political sagacity. Respect.
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John French II

John French

#8 tenman » 2011-10-26 08:50

John please provide me a reference for "A&B has improved considerably and notwithstanding the Economy, is doing much better that the other OECS". I get your point that that I am looking at the wrong goal post
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tenman

@ Tenman & fnpsr - IMF & St. Kitts & Nevis

#7 John French II » 2011-10-26 05:27

Notes From A Native Son Of The Rock. You have seen me noting for sometime now that all of the OECS in some form are under the IMF Structural Plan. I am very reluctant to discuss other OECS issues. I would encourage you to visit the IMF site and to explore each of the Caricom nations.

Quote:
At the end of 2010, St. Kitts & Nevis had a debt of almost 200% of GDP - the highest public debt level among all emerging markets and dveloping countries - and exposed clearly the country's vulnerability. St.Kitts & Nevis, a country of about 50,000 people, is one of 8 members of the ECCU and solvency issues in any one country can spill over to other members of the union.
The IMF has authorized a Standby Loan of $84.0M USD for 3 years.

A&B has improved considerably and notwithstanding the Economy, is doing much better that the other OECS. It is still leading the growth in GDP and the ECCB.

Given the increased role of the Bretton Woods Cabal, Sir Dwight has now totally and fully been following their models and dictates.

Our bloggers are not doing enough research but are speaking from their hearts. Go Well my friends. Respect.
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John French II

@ Tenman & fnpsr - It's The North Atlantic Bankers

#6 John French II » 2011-10-26 05:02

Notes From a Native Son of The Rock. Friends the IMF is concerned only with payments to the North Atlantic Bankers. They could not give a rat's behind about private entities including workers, local financial institutions or Statutory Bodies. As long as A&B is involved in Health, Education, Public Utilities and Public Works, all they are interested is the revenue side of the ledger. I am totally bemused that we continue to think that the Bretton Woods Cabal has become more helpful. The new head of the IMF is more hardnosed than the disgraced past leader.

I believe tha A&B will meet their test. As of March 2011, A&B received $42.7M USD of the $128.0M which you must understand is 600% of A&B's IMF Quota. How many of the Electorate understand this. The IMF has noted: Quote:
Restructuring of Public ExternalDebt exceeded initial expectations.
Significant progress has been made in structural reforms. ...In the Financial Sector...ensuring that banks ae able to maintain sufficient capital margins.... more effective regulatory framework for
offshore banking.
Privatization and Public sector employment will be of Concern to the IMF.
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John French II

passing grade

#5 carvaa » 2011-10-26 03:36

Tenman if the IMF give us a passing grade this time around someone is definitely playing games with us, especially with the number of trips taken just in this month alone
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carvaa

fnpsr

#4 tenman » 2011-10-25 22:58

fnpsr this thing more seems a sham. My understanding of this IMF agreement was that we were required to meet debt obligations (be current). We have the AG today saying of Half Moon bay:
Quote:
We owe her that $23 (US) million, so we don’t have to wait until the appeal before we begin to pay the $23 million. However, government is not in a position to pay her the $23 million.
. Obviously we have not been meeting this debt obligations, which carries a 10.25 annual interest rate, and I have no doubt there are many others debts not being met. Is there some different standard for passing that the IMF uses that differs from the rest of the world?

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tenman

RE: IMF Team Arrives to Antigua For **sment

#3 fnpsr » 2011-10-25 15:14

The IMF's visit is timely. It is almost time for the presentation of the 2012 budget. The IMFers will get a sugar coating from the goverment officials and the the IMFers will approve the next disbursement. Then, at the budget presentation, everyone will be told that all is well, while the man on the street knows that the island is going to hell in a hand basket.

"Let's fix the little things before we attempt to fix the little things."
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fnpsr

mo money, mo money.

#2 lethal. » 2011-10-25 12:14

deeper and deeper we grow. i could just imagine the smile on a certain minister face. :lol: all teeth a grin from ear to ear. i hope this is a gift and doesn't have to be paid back. or smaddy suck salt dey a salt pond. this government is going down in history as one of the brightest ruling party, bright like night. this time i hope when the sun comes up they all go to jail. it would be the happiest day of my life. 8) :P
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lethal.

RE: IMF Team Arrives to Antigua For **sment

#1 STEVE » 2011-10-25 10:44

Here we go!!!!!!
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STEVE

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