A delegation meeting with representatives of the International Monetary Fund (IMF) is reporting that senior members of the organisation have reaffirmed their commitment to assisting Antigua & Barbuda with its economic struggles.
According to a release issued last night, IMF "Deputy Managing Director Murilo Portugal, said the programme being pursued by Antigua and Barbuda is impressive and assured Minister Lovell of the Fund’s continued support as Antigua and Barbuda seeks to emerge from the shock of the global economic and financial crises."
Finance Minister Harold Lovell and his team met Wednesday with the Fund’s executive directors for Ireland, Canada and the Caribbean; Switzerland; Germany; and the US. They also met with the IMF’s deputy managing director and the director of the Western Hemisphere Department.
Meetings centred on the country’s National Economic and Social Transformation (NEST) Plan, in an effort to generate broad support for the country’s IMF-assisted Fiscal Consolidation Programme (FCP).
Minister Lovell indicated that the NEST plan shows a responsible approach to macroeconomic management while taking into account social safety net programmes. He stressed the need for continued support for Antigua and Barbuda from friendly nations, development partners, and international institutions.
"The executive directors noted the government’s commitment to achieving fiscal and debt sustainability, as evidenced by the fact that it had already begun to implement the FCP," the release said. "One of them pointed out that Antigua and Barbuda’s approach to fiscal consolidation, if successful, could serve as an example for other members of the Eastern Caribbean Currency Union."
Minister Lovell and his team, which includes the financial secretary, deputy financial secretaries and debt manager, will continue their meetings Thursday with IMF representatives and the World Bank Caribbean Country Director, among others.
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written by Barn Antiguan, April 29, 2010
Would you prefer if the Alp had financed all these projects by just constantly increasing taxes and pauperizing the nation,who will have money to support these projects when we are taxed out of existence, every country borrow money,even the great USA, as long as you have something to show for your borrowing, and something that also is of benefit for the entire nation, i don't know if you are trying to say that the Upp used all the revenue's to pay debts,because we all know that is b**l, even if that was so,is that a responsible thing to do, where are the investments that they have bought to Antigua after saying they had soo much lining up to come as soon as they see the back of the ALP,i think i know a fraud when i see one and without a doubt the UPP is nothing but a fraud,and if you cant see that you are either a fool or a fraud also.
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written by Barn Antiguan, April 29, 2010
You seem to have all the facts,tell us how much did the ALP run the country on, since you know that the 400,000,000 is a lie, some things we all know are facts, The UPP is collecting almost three times the amount in revenue than the ALP, in five yrs not withstanding the fact that they have done so,they are still in debt and bankrupt to the point where they are begging at the IMF doors, where is the revenue they collected for the 6yrs they are in office? because in case you're not aware our debts are higher,and there is no way under the stars that they can pay Alp debts,(which by the way is not really alp debt,its the countries debts,and our tax money pay it) and now owe more,unless you can explain the new maths.look around and you will see the ALP borrowing, list all the viable projects for the UPP,why the h**l are they bankrupt now,
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written by Pure Antiguan, April 24, 2010
In your post, have you ever called on ALP for transparency and full financial disclosure? Not once. Thanks for now expressing the fact that you do want to see accountability in our government be it UPP or ALP. Yes and call me anything you want. no problem. It takes a real backside to know a real backside.....
And I am serious the election was conducted on a level playing field. Both parties were subjected to the same conditions. Neither had an advantage....
The voice of the ma*ses rings louder than any one person (Justice B).....who does not care an iota about Antigua.
And I am serious the election was conducted on a level playing field. Both parties were subjected to the same conditions. Neither had an advantage....
The voice of the ma*ses rings louder than any one person (Justice B).....who does not care an iota about Antigua.
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written by Resident, April 24, 2010
Did they live up to their loan terms? The loans are now being paid back because ALP does not repay loans.
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written by Have Mercy, April 24, 2010
When I ask for an accounting of our country's financial health, would common sense not dictate I'm refering to not just the transactions of our present administration but the previous one as well? You are accusing people of being ALP to the bone but I think by many of your comments you are making it blatantly obvious to all that you are UPP TO THE BONE! "Who decides an election?" Of course it's the people but do you really beleive "the election was conducted on a level playing field"? ARE YOU SERIOUS???
My objective here is a very simple one. I want to see accountability in our government be it UPP or ALP but you like so many others refuse to see beyond blind party loyalty! Hopefully one day, that will change and we will all be able to rightfully give j**k his j**ket.
My objective here is a very simple one. I want to see accountability in our government be it UPP or ALP but you like so many others refuse to see beyond blind party loyalty! Hopefully one day, that will change and we will all be able to rightfully give j**k his j**ket.
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written by ANTIGUAN, April 24, 2010
There are a couple of undisputable facts that must not be evaded so that bloggers can arrive at an intelligent conclusion. ALP borrowed money to expand the Halcyon Cove Hotel and it is there for all to see.They borrowed monies to build the Royal ANTIGUAN Hotel,Heritage Quay and Marina Bay from the Italians and we can still see them. Monies to build theRedcliffe Quay Peirs allowing Megga Ships to dock and we know that they are there.The Deepwater Port which is standing and earning;Mount St.John Hospital that UPP ran and open before we voted.Housing project at Paynters are all a*sets of our nation.Now where are the a*sets for the UPP borrowings from Loans and taxes equallying $2.5 Billion? Get real!
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written by Purple patriot, April 23, 2010
for the record it is not " irregardless" but regardless and laborite is an element is the same group as unuptanium on the periodic table on the planet Xenon.
the same can be said for you comment "The election was conducted on a level playing field. No evidence of corruption was found." if you really believe that i have some CD's to sell you in SIB as well as some beautiful seabed 200 miles of shore.
anyway now you can say am an ALP supporter fine with me because you have the right to your own opinions but not your own facts
the same can be said for you comment "The election was conducted on a level playing field. No evidence of corruption was found." if you really believe that i have some CD's to sell you in SIB as well as some beautiful seabed 200 miles of shore.
anyway now you can say am an ALP supporter fine with me because you have the right to your own opinions but not your own facts
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written by Purple patriot, April 23, 2010
The call for a Tea party is music to my ears ( hope it is bush tea). the rubbish uttered at the so called" town hall "last night in St Georges has made me even more mad and resolute for a real change.
Baldwin is now our Nero as Asot Micheal and Lester Bird where before. insane with power corruption and Greed They play the fiddle while my beloved country burns.
But most of all I am upset with my self i wanted ALP out believing for a short while that the UPP would not take the same path, they are even worse.
I can not wait for a few good woman and men to stand up and say we are an alternative to both UPP and ALP I am a tea party member and supporter in waiting and i know i am not alone.
I pray for the day that i see in writing a plan that will rescue our country not for myself but for our children sake. as for our so called leaders on both sides if you call for war then i will respond by saying "death to all dictators" because that's what War is death and destruction but it seems that both ALP and UPP do afine and great job at that without war.. Teat time not Earl Grey but Bush tea.
Baldwin is now our Nero as Asot Micheal and Lester Bird where before. insane with power corruption and Greed They play the fiddle while my beloved country burns.
But most of all I am upset with my self i wanted ALP out believing for a short while that the UPP would not take the same path, they are even worse.
I can not wait for a few good woman and men to stand up and say we are an alternative to both UPP and ALP I am a tea party member and supporter in waiting and i know i am not alone.
I pray for the day that i see in writing a plan that will rescue our country not for myself but for our children sake. as for our so called leaders on both sides if you call for war then i will respond by saying "death to all dictators" because that's what War is death and destruction but it seems that both ALP and UPP do afine and great job at that without war.. Teat time not Earl Grey but Bush tea.
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written by Purple patriot, April 23, 2010
As my post name suggest i am neither red nor blue .I am a black , Antigua . Purple is my color because i am disappointed and disgusted with UPP and ALP alike.
I would like to see that famous linguist report before any election so we can final wipe out any corrupt politician( hard to do)
My heart is with my country my people not ALP or UPP.
I would like to see that famous linguist report before any election so we can final wipe out any corrupt politician( hard to do)
My heart is with my country my people not ALP or UPP.
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written by Pure Antigua, April 23, 2010
Purple patriot, irregardless to what the judge says, the people of Atigua & Barbuda elected Baldwin Spencer. Everyday innocent people are sent to jail. One day you will be found guilty by by the court for something that you are truly innocent of, and I hope you will just admit your guilt because the court says you are guilty. Remember, make sure you don't appeal either.
The election was conducted on a level playing field. No evidence of corruption was found.
The election was conducted on a level playing field. No evidence of corruption was found.
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written by Pure Antigua, April 23, 2010
The problem is the government oppositions still wants to run the country. They still cannot comprehend that Antigua is not theirs. Purple patriot, would you hold the US government responsible for the loss of 750,000 jobs per month in the US? Would you blame the Antigua government for Stanford employees losing their jobs? Your post truly reflect you as a loaborite. ALP to the bone. Aren't you?
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written by Pure Antigua, April 23, 2010
I Have been reading these comments and I must say that I am truly impressed that for the first time in the history of Antigua (politics), the people are requesting from the government financial disclosure on how every dollar is spent…If only we could revisit the past and ask the previous administration to account for every dollar that was collected on behalf of Antigua before they get another vote that would be interesting. Let’s ask the previous administration for a list of all loan agreements, to account for all funds received, loan terms, amount repaid, amount outstanding etc. would be interesting. Lord have mercy, Have Mercy, should request all these information from the previous administration before he run off his big mouth. I cannot point a finger at those who request disclosure but only wish that this was being done during the tenure of the previous administration.
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written by JusticeRed506, April 23, 2010
I realy do not know if the uttering of the words holy war is blasphemous or not so i will have to rule your comments invalid. I do know that the right of appeal is afforded every citizen so the 2259 persons who voted for the PM rule that section of your comment invalid. Please note, you have a right to appeal.
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written by tenman, April 23, 2010
Thanks for your posts you have saved me posting time. The yearly figures for interest payments can in a way be seen on the IMF web site. In 2006 it was estimated by the IMF to be 130 million and the 2007 amount was estimated to be 140 million. Unfortunately it seems as if the government has requested that the IMF no longer publish the Article IV consultations online so the last one is for 2007
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written by Purple patriot, April 22, 2010
written by JusticeRed506, April 22, 2010
Blasphemy
right you are but your PM Balwin Spencer calling for Holly war is ...?
JusticeRed506 I dear you to reply or admit that your position is hypocritical because i did not see you call "your" PM a blasphemer when he called for Holly war .
Not withstanding that he holds his post under a court order instead of a democratic election and likes to call his struggle to hold on to illegal power a holly WAR? Holly war ..so Baldwin is now a religious Leader??? LOL
Balwin and the Pope sounds almost as good as batman and robin
Blasphemy
right you are but your PM Balwin Spencer calling for Holly war is ...?
JusticeRed506 I dear you to reply or admit that your position is hypocritical because i did not see you call "your" PM a blasphemer when he called for Holly war .
Not withstanding that he holds his post under a court order instead of a democratic election and likes to call his struggle to hold on to illegal power a holly WAR? Holly war ..so Baldwin is now a religious Leader??? LOL
Balwin and the Pope sounds almost as good as batman and robin
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written by fnpsr, April 22, 2010
Cool Ruler I agree that Antigua is ripe for a new party. I have said that for longest while and many have said that third parties don't have a chance. But I say, the time is perfect for a new party. The two mainstream parties have outlined a case why either party is not fit to govern. The PDM has no ideas to speak of and the ACLM is a combination of old UPP and ALP. So let's hear it for the Tea Party!!!!
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written by Purple patriot, April 22, 2010
to often i read post calling for prayer to help my country.
well if I am going to pray i better make sure God hears me so help me and let us Pray:
Book of patriot ,23rd Psalm:
Baldwin is the shepherd i did not want.
He leatheth me beside the high taxes.
He resoreth all faith in the ALP.
he guieth me in the path of unemployment for his party's sake.
Yea though I shall bare more hunger for no food is with me.
He annoited my income with taxes, my expenses runneth over.
Under his regime poverty and hard life will follow me all the days of my life.
And i shall live in my parents house for ever. IPP on UPP all the way.
amen.
well if I am going to pray i better make sure God hears me so help me and let us Pray:
Book of patriot ,23rd Psalm:
Baldwin is the shepherd i did not want.
He leatheth me beside the high taxes.
He resoreth all faith in the ALP.
he guieth me in the path of unemployment for his party's sake.
Yea though I shall bare more hunger for no food is with me.
He annoited my income with taxes, my expenses runneth over.
Under his regime poverty and hard life will follow me all the days of my life.
And i shall live in my parents house for ever. IPP on UPP all the way.
amen.
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written by JusticeRed506, April 22, 2010
R. Baptiste, the basics for some people is like climbing Mount Everest especially when they have so much red cool aid and political baggage.
The fact is that for years the ALP racked up deficits of over 200 million per year. Their claim of running the country on just over 400 million per year is absolutely false. They would present budgets with recurrent expenditures that were totally unrealistic. They frequently had to go back to Parliament for supplementary appropriations during the year. Additionally, they also had hundreds of millions in capital projects separately. Their method of funding some of these deficits was to contract debt at very high interest rates and raiding the statutory bodies. They default regularly in these debts. Do you know that nearly 2 billion of our current debt is due to arrears alone from ALP era?
The fact is that for years the ALP racked up deficits of over 200 million per year. Their claim of running the country on just over 400 million per year is absolutely false. They would present budgets with recurrent expenditures that were totally unrealistic. They frequently had to go back to Parliament for supplementary appropriations during the year. Additionally, they also had hundreds of millions in capital projects separately. Their method of funding some of these deficits was to contract debt at very high interest rates and raiding the statutory bodies. They default regularly in these debts. Do you know that nearly 2 billion of our current debt is due to arrears alone from ALP era?
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written by Cool Ruler, April 22, 2010
It would appear to me that Antigua is very ripe for a sort tea party movement like we see in the US. as persons seem to be disenchanted with both major parties.
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written by Have Mercy, April 22, 2010
Like what (fnpsr) pointed out do we the people of Antigua and Barbuda have a clue as to our country's true financial status? Prehaps you may be in the know so please enlighten me as well! Don't bother think I'm trying to lay blind praise on the ALP here because I'm not but are we not entitled to unfetterd access to our public accounts? You speak of outstanding debts but do you have the slighest idea of what was paid on these outstanding loans? If such an effort was made towards cleaning up our sullied name, how come does the IMF stands as our last resort(much less our ONLY RESORT)? You mentioned "(Salary increases, infrastructure repairs, social programs, etc.)" as an explanation for the governments expenditure.
But I simply say to you this GIVE ME A DETAILED ACCOUNTING AND I WILL GLADLY SHUT MY BIG MOUTH!
Good thing you understand basics!
But I simply say to you this GIVE ME A DETAILED ACCOUNTING AND I WILL GLADLY SHUT MY BIG MOUTH!
Good thing you understand basics!
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written by fnpsr, April 22, 2010
With the tax compliance rate at about 50 percent, enforce compliance could have been accomplished without IMF.
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written by fnpsr, April 22, 2010
Spending in Antigua has been uncontrollable. We did not need the IMF to tell us to control spending. Again, we should have been able to implement measures to control spending. The wage bill for FY 2009, was approximately EC$400 million. While there will be some attrition, you need a lot of separations. Additionally, if these are accomplished through retirements, you just transferred the cost to pensions, albeit at a reduced cost.
It appears to me that the powers that be have not really analyzed the situation. The IMF has said that Antigua cannot increase its stock debt; it cannot contract for short term debt - it did not address long term debt, but that was intentionally left out, because if you increase long term debt, guess what, you increase the debt stock and violate the agreement; make arrangements to pay all creditors and resume contributions to statutory bodies. This is a very tall order.
It appears to me that the powers that be have not really analyzed the situation. The IMF has said that Antigua cannot increase its stock debt; it cannot contract for short term debt - it did not address long term debt, but that was intentionally left out, because if you increase long term debt, guess what, you increase the debt stock and violate the agreement; make arrangements to pay all creditors and resume contributions to statutory bodies. This is a very tall order.
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written by fnpsr, April 22, 2010
At the time I wrote that blog the budget deficit was estimated to be over EC$400M. Now the IMF have indicated the the deficit is over EC$600M. Moreover, the government is still on a spending spree, the latest odf which is the intent to purchase a building in the Woods Center. The sad part is that no details of the purchase have been released. Shall we say EC$20M?
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written by fnpsr, April 22, 2010
Without accomplishing the above in 2009, the total FY 2009 deficit was conservatively, well over EC$400 million. Now the IMF will only be disbursing the money on a quarterly basis to the tune of EC$9.3 million per quarter or EC$111.6 per year. So the rest of the deficit offset will have to come from the tax measures and reduced spending. This is the unknown part of the equation.
In order for this to occur everything has to work perfectly as laid out in the plan. I would like to wish them luck, but based upon my observations over the last two budget cycles, I don’t think you have the personnel in place to achieve the fiscal control that is necessary to achieve your goals.
It would have been helpful if the IMF had required the Government to publish quarterly financial statements and to say specifically how the loan amount disbursed was spent. The people of Antigua should be able to know the financial position of its Government!
Good luck!!
In order for this to occur everything has to work perfectly as laid out in the plan. I would like to wish them luck, but based upon my observations over the last two budget cycles, I don’t think you have the personnel in place to achieve the fiscal control that is necessary to achieve your goals.
It would have been helpful if the IMF had required the Government to publish quarterly financial statements and to say specifically how the loan amount disbursed was spent. The people of Antigua should be able to know the financial position of its Government!
Good luck!!
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written by fnpsr, April 22, 2010
Spending in Antigua has been uncontrollable. We did not need the IMF to tell us to control spending. Again, we should have been able to implement measures to control spending. The wage bill for FY 2009, was approximately EC$400 million. While there will be some attrition, you need a lot of separations. Additionally, if these are accomplished through retirements, you just transferred the cost to pensions, albeit at a reduced cost.
It appears to me that the powers that be have not really analyzed the situation. The IMF has said that Antigua cannot increase its stock debt; it cannot contract for short term debt - it did not address long term debt, but that was intentionally left out, because if you increase long term debt, guess what, you increase the debt stock and violate the agreement; make arrangements to pay all creditors and resume contributions to statutory bodies. This is a very tall order.
It appears to me that the powers that be have not really analyzed the situation. The IMF has said that Antigua cannot increase its stock debt; it cannot contract for short term debt - it did not address long term debt, but that was intentionally left out, because if you increase long term debt, guess what, you increase the debt stock and violate the agreement; make arrangements to pay all creditors and resume contributions to statutory bodies. This is a very tall order.
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written by fnpsr, April 22, 2010
Have mercy, I agree with you. Here is what I said at the time the loan was announced.
Congratulations to Antigua in securing a loan of about US$124 million, or EC$334.8 million. With corruption so pervasive in Antigua, I am surprised that the exact about of the loan was not disclosed. Furthermore, the repayment terms of the loan were not disclosed. Additionally, the loan cost was not disclosed, and is the US$124 million, the net amount?
From my perspective, the disclosed agreements tell us nothing that we should not have been doing on our own. In order to obtain the funding, we had to be told that we had to balance the budget and to increase the tax revenue. Balancing the budget should have been a priority and articulated. With the tax compliance rate at about 50 percent, enforce
Congratulations to Antigua in securing a loan of about US$124 million, or EC$334.8 million. With corruption so pervasive in Antigua, I am surprised that the exact about of the loan was not disclosed. Furthermore, the repayment terms of the loan were not disclosed. Additionally, the loan cost was not disclosed, and is the US$124 million, the net amount?
From my perspective, the disclosed agreements tell us nothing that we should not have been doing on our own. In order to obtain the funding, we had to be told that we had to balance the budget and to increase the tax revenue. Balancing the budget should have been a priority and articulated. With the tax compliance rate at about 50 percent, enforce
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written by R. Baptiste, April 22, 2010
"Have Mercy" If you run a country or a business, borrow money and do not repay for 40 years, what do you think will happen? If and when the top management changes; the country/company is still the same. You more collect receivables because of better management, but you have to pay long term obligations. (Salary increases, infrastructure repairs, social programs, etc.)
"Uncommon sense", the interest rates are more favorable than any Bank Rate (< 3.25%) and fiscal management must be adhered to. Some of the obligations that will be paid off have very high interest rates and accrued fees. Plus local creditors will be paid, who in turn will jumpstart the economy.
I really feel sorry for people who cannot or do not understand the basics. I guess if you teach a Donkey how to use a computer, it would say the same things that some people are saying.
Personally, I think the UPP should hold off on the IMF loan(s) until the election problems are resolved.
"Uncommon sense", the interest rates are more favorable than any Bank Rate (< 3.25%) and fiscal management must be adhered to. Some of the obligations that will be paid off have very high interest rates and accrued fees. Plus local creditors will be paid, who in turn will jumpstart the economy.
I really feel sorry for people who cannot or do not understand the basics. I guess if you teach a Donkey how to use a computer, it would say the same things that some people are saying.
Personally, I think the UPP should hold off on the IMF loan(s) until the election problems are resolved.
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written by Have Mercy, April 22, 2010
I would trully love for someone to explain the logic in approaching the IMF and implementing all THEIR stringent guidelines which will put so much more of a strain on your nation and it's people for practically chump change. Because no matter how you try to cut it, that's what it is CHUMP CHANGE! What real benefits could we possibly derive from just over $200million EC over a three year period? Yes the world has been going through a recession but no matter how the UPP may try to use that as a crutch we all know that the vast majority of our financial woes lie squarely at their feet! Before anyone tries to combat me and ask about the AlP's fiscal record, I say everything lies at the feet of the UPP because quite simply how can you collect twice as much in revenue than the previous administration yet still you are able to double your national debt and have absolutely no viable projects to call your own within that time?
SO SOMEONE PLEASE EXPLAIN THAT!
SO SOMEONE PLEASE EXPLAIN THAT!
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written by UncommonSense, April 22, 2010
Because the IMF knows that Antigua is willing to follow its repayment plan to the T. Lovell is a fool. The IMF is not bent on stablizing Antigua economically. It is chiefly concerned about getting maximum interests on its loan. This will eventually bankrupt Antigua and put out alot of people out of work.
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