CARIBARENA Antigua

The Ministry of Finance expects to meet with representative of the International Monetary Fund in the next few weeks to finalise negotiations and set a date for the start of its IMF-assisted programme.

That was the word from Acting Deputy Financial Secretary Rasona Davis on Sunday evening.  

Antigua & Barbuda approached the IMF last year to revive its flagging economy, while pursuing other reform-driven initiatives and programmes.  

“As you may be aware, we have already implemented a number of the measures of the Fiscal Consolidation Programme, which forms the basis for our engagement with the Fund,” Davis said.

“Over the past several weeks, the ministry and IMF technicians have been in discussions about the numbers that will form the baseline from which Antigua & Barbuda will adjust. Also, we have been in discussions with CARTAC to finalize a programme of support for the revenue administration and expenditure reform initiatives that are a part of the Fiscal Consolidation Programme.”  

Cartac, the Caribbean Regional Technical Assistance Centre, provides technical assistance from its Barbados headquarters in core areas of economic and financial management to countries that request such support.  

Davis said once the Ministry of Finance pins down a date, an announcement will be made about when the IMF team will return.  

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Finance Minister Harold Lovell used the 2010 budget speech to reveal the government’s plans to turn the economy around. He said access to financial resources from various creditors would not be possible without IMF support because of the country’s poor credit rating,

Lovell said during the budget that discussions were underway with the IMF and the Caribbean Development Bank on the fiscal consolidation programme.

“Our intent is to access the maximum amount available from these institutions which together total US$150 million,” he told the nation.

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